Billionaire Businessman, Femi Otedola Accuses Tony Elumelu Of B@ckstabbing Him To Buy His Transcorp Shares During His Bankruptcy

Femi Otedola, billionaire businessman, on Tuesday morning, went down memory lane on his relationship with Tony Elumelu and his plans for Transcorp before he opted out because his bid was rejected.

Otedola noted that he offered to acquire Transcorp Plc for N250 billion and take the company’s market capitalisation to N2 trillion but his bid was rejected.

Recently, Otedola acquired a 5.52 percent stake in Transcorp Plc to become the second largest shareholder of the company, but then sold out his entire holding to Tony Elumelu, the chairman of the group.

Elumelu had previously stated that he welcomed Otedola’s investment and looked forward to working with him, adding, “He’s my very good friend. In fact, I only follow two people on Instagram, my wife and Femi Otedola… that shows the level of friendship we have.”

Elumelu has yet to officially react to the allegations levelled against him.

Read the full statement as obtained by nairametrics below: