Femi Otedola, a multibillionaire businessman, has recently acquired 6.3% of Transnational Corporation Plc, or Transcorp, making him the company’s second-largest stakeholder. The development has stirred up the Nigerian financial market and sparked debate about the friendship between Otedola and his friend Tony Elumelu as they compete for control of Transcorp’s ownership stake.
The group chairman of Tanscorp, Tony Elumelu, expressed happiness that his friend is investing in the company, despite the worries that Otedola’s purchase of 6.3% of Transcorp’s shares would lead to a takeover due to his past.
Otedola is Elumelu’s extremely close buddy, and he expressed excitement about working with him at Transcorp in an interview with Arise on Thursday.