Cold War: Elumelu Keeps Mum On Otedola’s Betrayal Allegations

The Chairman of Transnational Corporation Plc (Transcorp), Tony Elumelu, has kept mum over the allegation of betrayal made by billionaire businessman, Femi Otedola.

Naija News reported that Otedola had in a statement on Tuesday accused Elumelu of betrayal and idea theft on different occasions, and also revealed the reason for the sale of his shares in Transcorp.

Recall that Otedola recently acquired 5.5 percent shares of Transcorp, but later sold the shares to Heirs Holding Ltd, owned by Elumelu, for N30 billion naira.

The Chairman of Geregu Power Plant said he had wanted to buy the company with a view to unlocking its full potential and creating value for the shareholders, but his offer was rejected.

Otedola also recalled how he “enthusiastically gave Elumelu $ 20 million, which was N2 billion at that time” to buy the necessary shares for the acquisition of UBA in 2005, alleging that Elumelu betrayed him in the end.

The billionaire said years later in 2012, he told Elumelu about his interest in Ughelli Power Plant, and the Transcorp chairman “quietly went ahead” to outbid him in the acquisition of the plant.

Otedola said his goal was to maximize Transcorp’s potential as a Nigerian conglomerate with a market cap of at least N2 trillion instead of the current N40 billion, but it seems some shareholders have a different vision.

However, hours after Otedola’s allegations, Elumelu, who was in Rivers State for the unveiling of the Afam 3 Fast Power 240-megawatt turbine, has kept mum over the controversy.