Otedola speaks on relationship with Tony Elumelu, Transcorp

Femi Otedola, a famous Nigerian businessman, said his interest in Transnational Corporation of Nigeria, Transcorp, was spurred on the ground to unlock the company’s revenue potential.

Otetodola disclosed this in his latest statement amid the recent scramble for the ownership of Transcorp with Tony Elumelu, the Chairman of United Bank of Africa.

He stated that his N250 billion bid to buy Transcorp was rejected.

Recall that Otedola had recently divested his stake in Transcorp.

The development made Elumelu the majority stakeholder in the company, with HH Capital Limited, a special-purpose vehicle, increasing its shares to 25.58 per cent.

“I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected. I aimed to maximize the company’s potential as a Nigerian conglomerate with a market cap of at least N2 trillion instead of the current N40 billion. Still, it seems some shareholders have a different vision”, the statement partly reads.