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HomeBusinessTony Elumelu reacts to Otedola's acquisition of 5.52% in Transcorp

Tony Elumelu reacts to Otedola’s acquisition of 5.52% in Transcorp

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The group chairman of Transnational Corporation Plc (Transcorp), Tony Elumelu, has welcomed the significant investment of a fellow billionaire, Femi Otedola, in the shares of Transcorp.

Otedola acquired 5.52 shares in Transcorp Plc last week, putting him ahead of Elumelu as the second-largest shareholder of the company.

In an interview with Arise TV on Wednesday, Elumelu said he is looking forward to working with Otedola, whom he calls his ‘friend and brother.”

“He’s my very good friend. In fact, I only follow two people on Instagram: my wife and Femi Otedola, which shows the level of friendship we have,” Elumelu said.

“He’s a man I admire, and we call ourselves brothers. I welcome Femi; I call him FO, or Ote-Dollar. I welcome his investment in Transcorp.

“We go on international roadshows and talk to investors about investing in our companies. I am happy to see an active indigenous investor community.

“I am happy that Femi Odetola is investing locally, and he should be commended for that, and I also welcome him for that.

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“That is because the more people show interest in the activities and performance of the company, the better for shareholders. You want to make your stock investors’ toast, and I am happy that Transcorp is becoming investors’ toast.

“About 10 years ago, before we took over Transcorp, people were not interested. People lost confidence in the company. Today, under our leadership, Transcorp has consistently paid dividends in the last five years. There is a capital appreciation for the company.

“When friends and investors invest in a public company like this, it is a validation and tells you they believe in your story, vision, management, leadership, and competence.

“I like my friend (Otedola) coming on board, and I look forward to working with him to take Transcorp to greater heights.”

On Monday, Otedola expressed his readiness to work with the board and management of Transcorp Plc in his first direct confirmation of the acquisition of a large stake in the company.

“Following this acquisition, I look forward to working with the board and management of Transcorp to realize the amazing future potential of the corporation,” the tweet reads.

The 5.52 percent stake acquired by Otedola in Transcorp Plc has placed him ahead of Elumelu and behind UBA nominees among the top shareholders of the company.

UBA nominees hold 9.25 percent of the company, now followed by Otedola with the acquisition of 5.52 percent, while Elumelu holds 2.06 percent.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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