Tony Elumelu opens up as Otedola becomes Second Largest shareholder in Transcorp

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: Otedola is my brother — he should be commended for investing in

Tony Elumelu, group chairman of Transnational Corporation Plc (Transcorp), praised billionaire businessman for acquiring a substantial stake in the conglomerate.

Recently, Otedola purchased a 5.52 percent stake in Transcorp Plc, making him the company’s second-largest shareholder.

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According to reports, the billionaire has increased his stake to 6.3%.

Elumelu stated in a Wednesday interview with Arise TV that he welcomed Otedola’s investment in Transcorp and looked forward to working with him.

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“He is my closest friend. In fact, I only follow my wife and Femi Otedola on Instagram, which demonstrates our level of friendship,” Elumelu said.

“I admire him and we are considered brothers. I greet Femi, whom I refer to as  Ote-Dollar. I applaud his decision to invest in Transcorp.

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“We participate in international roadshows and speak with investors about investing in our businesses. I am pleased to see an active community of indigenous investors.

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“I am pleased that Femi Odetola is investing locally, for which he deserves praise, and which I also applaud.

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This is because the greater the interest in the company’s activities and performance, the better it is for shareholders. You want your stock to be the toast of investors, and I am pleased that Transcorp is becoming the toast of investors.

Before we took over Transcorp a decade ago, there was little interest. People lost faith in the organisation. In the last five years, Transcorp has consistently paid dividends under our management. The value of the company’s assets has increased.

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“When friends and the investing public invest in a public company like this, it is a sign that they believe in your company’s story, vision, management, leadership, and competence.

“I welcome the addition of my friend (Otedola) and look forward to working with him to take Transcorp to new heights.”

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