Aduragbemi Omiyale
By Aduragbemi Omiyale
The leadership tussle in Transcorp Plc between Mr Tony Elumelu and Mr Femi Otedola, triggered by the latter, may have been put to rest as the former has taken full control of the organisation.
Mr Elumelu was caught unawares when his close friend bought a 6.3 per cent stake in the conglomerate, which has a power-generating subsidiary.
The former Chairman of the defunct Forte Oil had first acquired a 5.52 per cent stake in Transcorp and later increased it to 6.3 per cent, making him the individual with the highest shares in the firm.
It was speculated that Mr Otedola was mainly interested in the power segment of the company and was considering adding it to his Geregu Power Plc to increase his control of the sector.
However, Mr Elumelu responded by buying more stocks of Transcorp and as of Thursday, he had acquired over 25 per cent stake.
The latest information is that he has bought over the shares of his friend, who he described as a “brother”, at a premium value.
According to reports, a mutual friend of the duo, Mr Aliko Dangote, intervened and persuaded Mr Otedola to give up his stake in Transcorp to Mr Elumelu.
However, this cost the chairman of UBA Group some millions of dollars.
Recall that in 2021, Mr Otedola triggered a leadership tussle in FBN Holdings when he acquired about a 5 per cent stake in the financial services company.
It was alleged that he wanted a similar situation at Transcorp until he was reportedly pacified to let sleeping dog lie.
In an interview with Arise TV, Mr Elumelu said he was not threatened by the interest of his friend in the organisation, saying the sky was wide enough for birds to fly without an issue.
According to him, the decision of Mr Otedola to invest in Transcorp was a testament to the value he has brought to the company since he acquired it in 2012.
“About 10 years ago, before we took over Transcorp, people were not interested [in the company]. 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,” he said.
“I am happy that Femi Odetola is investing locally, and he should be commended for that, and I also welcome him for that,” Mr Elumelu stated.
“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,” said, adding that, “I like my friend (Otedola) coming on board, and I look forward to working with him to take Transcorp to greater heights.”
