He Betrayed And Backstabbed Me – Otedola Opens Up On Friendship With Elumelu

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Billionaire investor, Femi Otedola, has dismissed friendship with the Chairman of United Bank for Africa (UBA), Tony Elumelu, saying he betrayed his trust after going into business with him in 2005.

Otedola said Elumelu took over his investment in UBA and Africa Finance Corporation (AFC), went through the backdoor to acquire his shares in Transnational Corporation (Transcorp), as well as hijacked his investment idea to buy the Ughelli Power Plant.

He Betrayed And Backstabbed Me – Otedola Opens Up On Friendship With Elumelu

The revelation was made on Tuesday, May 9, 2023, in a statement addressing his recent powerplay with Elumelu as regards the control of Transcorp.

It was reported in April that Otedola bought about 6 percent of Transcorp shares to take control of Transcorp shares, but Elumelu responded by increasing his stake from 2 percent to 25.5 percent to take back control of the company.

Reports later circulated in late April that Otedola had agreed to sell his stake to Elumelu after the intervention of mutual friends.