Battle For Transcorp: Femi Otedola At War With Tony Elumelu

Nigerian businessman Femi Otedola is not happy with his business partner Tony Elumelu for being secretive in business transactions they both are billionaires.

Femi is accussing the chairman of Transnational Corporation of Nigeria (Transcorp), Tony Elumelu, of allegedly backstabbing him repeatedly at his most vulnerable moments in business.

Mr Otedola reportedly made the revelation in a statement that marked his first public intervention in the recent battle for the soul of Transcorp.

Mr Otedola recently diverted his newly acquired stake in Transnational Corporation of Nigeria (Transcorp) to Mr Elumelu, pulling the plug on the scramble for the top ownership of the group.

According to media reports, Mr Otedola had revealed how he went bankrupt in 2008 and was betrayed by Mr Elumelu.

“I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly,” Otedola was quoted as saying.

Through capital market, sources said the battle for the ownership of Nigeria’s biggest conglomerate between two of Nigeria’s finest business tycoons, Tony Elumelu and Femi Otedola, was finally brought to an end a couple of weeks past, as Femi Otedola eventually sold his Transcorp shares with a premium to Elumelu.

The accord was reached after mutual friends led by a popular Nigerian billionaire had intervened in the battle, putting an end to an intriguing corporate drama that had shocked, rocked, and rolled Nigeria’s capital markets over the past several days.