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Famous Nigerian businessman Femi Otedola claimed that his interest in Transcorp, also known as the Transnational Corporation of Nigeria, was sparked by the need to maximize the firm's earnings.
In light of the current competition between Tony Elumelu, the chairman of United Bank of Africa, and Otedola for ownership of Transcorp, the former revealed this in his most recent statement.
He said that his N250 billion offer to purchase Transcorp had been turned down.
Recall that Otedola recently sold his Transcorp stock.
Elumelu now owns a majority of the company after HH Capital Limited, a special-purpose vehicle, increased its shareholding to 25.58% as a result of the development.
The statement says:
"Unfortunately, my bid to purchase Transcorp Plc for N250 billion was turned down. By growing the business to a Nigerian conglomerate with a market cap of at least N2 trillion rather than the existing N40 billion, I hoped to maximize its potential. However, it appears that certain stockholders have a different perspective."
