'One love bro' - Femi Otedola react to rumors of powerplay with Tony Elumelu after Transcorp acquisition

Nigerian billionaires Femi Otedola and Tony Elumelu

Nigerian billionaire, Femi Otedola has responded to recent comments made by another billionaire, Tony Elumelu, group chairman of Transnational Corporation Plc (Transcorp) on the nature of their relationship.

This comes after Elumelu described Otedola as 'his very good friend" following the former's acquisition of the significant stake in Transcorp.

Reacting in a post via his Instagram page, Otedola wrote: "Well done @tonyoelumelu, my friend and astute investor. The admiration and respect is mutual. One love bro… F.Ote"

Recall that the acquisition by Otedola cast aspersions of a powerplay between both men. However, speaking in an exclusive interview on Arise TV, Elumelu says he welcomed the investment of Otedola.

He said: “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,” 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 to invest in our companies. I am happy to see an active indigenous investors community.

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

“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 investing public 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.”

Recently, Otedola acquired a 5.52 percent stake in Transcorp Plc to become the second largest shareholder of the company.

There have been reports that the billionaire has upped his stake to 6.3 percent.