I Believe In Healthy Competition And Market Dynamics But Tony Back Stabbed Me – Otedola Speaks On How He Went Bankrupt In Nigeria

Billionaire businessman, Femi Otedola has spoken about how he was allegedly betrayed by his friend, Tony Elumelu in their business dealings, according to a report by Premium Times. Speaking on Tuesday morning for the first time since acquiring and selling off his Transcorp shares, the businessman went down memory lane on his relationship with Tony Elumelu. Otedola noted that he offered to acquire Transcorp Plc for N250 billion and take the company’s market capitalization to N2 trillion but his bid was rejected.

Recall that 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 said he welcomed Otedola’s investment in the company 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.”

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