Nigerian businessman Femi Otedola and chairman of Transnational Corporation of Nigeria (Transcorp), Tony Elumelu
Nigerian businessman Femi Otedola and chairman of Transnational Corporation of Nigeria (Transcorp), Tony Elumelu
Nigerian businessman Femi Otedola has accused the chairman of Transnational Corporation of Nigeria (Transcorp), Tony Elumelu, of repeatedly exploiting him.
In his first public statement over the tussle for Transcorp, Otedola made the claim about Elumelu who pulled the plug on the scramble for Transcorp.
Otedola claimed that while he was chairman of Transcorp in 2007 with a shareholding of 5%, Elumelu was stealthily racking up shares.
Otedola added that he went bankrupt in 2008 and Elumelu took his shares in UBA to service the interest on his loans.
Otedola also claimed Elumelu took over his shares in Africa Finance Corporation, where he was the largest shareholder.
The Nigerian mogul also alleged that in 2012, he told Elumelu about his interest in the Ughelli power plant. Elemelu then outbade Otedola in the acquisition of the plant.
Elumelu is yet to respond to media enquiries on his take.
Elumelu, as chair of Transcorp Power Limited, on Monday, received the discharge certificate of the Ughelli power plant from the Bureau of Public Enterprise (BPE).
The discharge came one month after the National Council on Privatisation approved the recommendations of the BPE that Ughelli Power Plc be delisted from routine monitoring, having satisfied five core post-acquisition requirements.
