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Billionaire Businessman Femi Otedola Opens Up On Relationship With Tony Elumelu, His Transcorp Shares Deal, And Why He Offered N250bn To Buy The Company

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Billionaire businessman Femi Otedola opens up on relationship with Tony Elumelu, his Transcorp shares deal, and why he offered N250bn to buy the company

Billionaire businessman Femi Otedola opens up on his relationship with businessman Tony Elumelu, his Transcorp shares deal, and why he offered N250bn to buy the company, which he says was rejected.

Billionaire businessman Femi Otedola opens up on relationship with Tony Elumelu, his Transcorp shares deal, and why he offered N250bn to buy the company

 

Read his statement below…

In 2005, while Tony was the Managing Director of Standard Trust Bank he approached me to get funds to acquire UBA. I enthusiastically gave him $20million, which was N2 billion at that time to buy the necessary shares in UBA for the acquisition. After a short period of time the share price moved up and I decided it is was a good moment to sell and get out of the bank. However, Tony appealed to me to hold on to the shares as he was convinced that there were future prospects – so I kept the shares.

 

I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly.

 

By the following year in 2008 I went bankrupt in Nigeria. Tony proceeded to take my shares in UBA to service the interest on my loans and he also took over my shares in Africa Finance Corporation, where I was the largest shareholder.

 

Billionaire businessman Femi Otedola opens up on relationship with Tony Elumelu, his Transcorp shares deal, and why he offered N250bn to buy the company

 

 

Shortly after, Albert Okumagba informed me that an American firm wanted to acquire my shares in Transcorp, which I then agreed to sell. However, this supposed American firm turned out to be Tony Elumelu. The revelation of this prompted me to resign as Chairman of the hotel.

 

Years later in 2012 Tony said he wanted to see me so we met in my office where I had previously had a meeting with foreign investors who had not yet departed the premises. Curious to know, he asked what sort of meeting I had had and I disclosed that I wanted to go into the power business, specifically Ughelli Power Plant. Tony quietly went ahead to bid for Ughelli and he outbidded me by offering to buy the plant for $300m.

 

And as a some would say: the rest is history.

Billionaire businessman Femi Otedola opens up on relationship with Tony Elumelu, his Transcorp shares deal, and why he offered N250bn to buy the company

Fast forward to the present..

 

I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected. My goal was to maximize the company’s potential as a Nigerian conglomerate with a market cap of at least N2 trillion instead of the current N40 billion, but it seems some shareholders have a different vision.

As a businessman, I believe in healthy competition and market dynamics. Two captains cannot man a ship, and I respect the majority shareholder’s decision to buy me out. This is the nature of the game.

But let me be clear: my offer was made with the best intentions for Transcorp Plc and its shareholders. I saw an opportunity to unlock the company’s full potential and create value for everyone involved.

It’s important for investors to understand that free entry and free exit are crucial to healthy markets. The scramble for shares after my acquisition is a testament to the value that Transcorp Plc can offer, and I hope the company continues to thrive under new leadership.

My message to Transcorp Plc and its shareholders is this: I remain committed to the growth and success of Nigerian businesses, and I will always be looking for ways to create value for all stakeholders. Stakeholders are unfortunately always shortchanged by getting stipends while the owners and managers of the business live a jet set lifestyle, which is detrimental to the stakeholders. Thank you for the opportunity to engage in this exciting chapter of Transcorp’s history.

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Obeena Delivers Show-Stopping Performance at Igbotic Game Night in East London

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East Ham, East London — 8 August 2026: The vibrant Igbo community in the UK came together for an unforgettable evening of entertainment, culture and social connection at Igbotic Game Night, one of the biggest social gatherings celebrating the Igbo community in the United Kingdom.

Among the night’s standout moments was an electrifying performance by Afrobeats artist Obeena, who took the stage and immediately captured the attention of the crowd.

Obeena delivered performances of two of his hit songs, “Wara Wara” and “Banging,” bringing his energetic sound and distinctive stage presence to the event. From the opening moments of his set, fans responded with excitement, singing along, dancing and enthusiastically supporting the artist.

His performance of “Wara Wara” created an instant connection with the audience, while “Banging” took the energy to another level. Obeena’s ability to engage the crowd transformed his set into one of the most memorable entertainment moments of the evening.

Held in East Ham, East London, on 8 August 2026, Igbotic Game Night provided a unique platform for members of the Igbo community to celebrate their heritage while enjoying music, games and social interaction. Events such as this continue to play an important role in bringing together Nigerians and the wider African diaspora in the UK.

For Obeena, the performance was another opportunity to showcase his growing artistry and connect directly with fans. His energetic delivery, stage confidence and ability to command the audience demonstrated why his live performances continue to attract attention.

By the end of his set, Obeena had left the crowd amazed and added another memorable chapter to his journey as an Afrobeats artist. His appearance at Igbotic Game Night was not simply a performance—it was a celebration of Nigerian music, culture and community.

 

With performances like this, Obeena continues to demonstrate his ambition to take his sound beyond the studio and onto major stages, connecting with audiences through music, energy and an unmistakable African identity.

Igbotic Game Night brought the Igbo community together. Obeena gave them a performance to remember.

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Afrocentric Music Festival Invites 1,000 Music Artists!

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Are you a rising African artist ready to take your career to the next level? Showcase your talent on a massive stage at the AFROCENTRIC Music Festival in Abuja, running from November 7–18, 2026! Presented by NICOCUSA’s AFROCENTRIC Cultural Expo, this premier platform is inviting 1,000 up-and-coming artists to perform live before tens of thousands of music lovers, industry insiders, and energetic fans. Don’t miss this life-changing opportunity to launch your music career on a global stage—slots are limited, so visit afrocentricculturalexpo.com to register today, and follow us on social media for live updates!

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KenryWhite Releases “Kilometers” & “The King” A Powerful Double Release Celebrating Faith, Purpose, and the Journey to Greatness

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Nigerian Afrofusion artist KenryWhite unveils his compelling two-track release, “Kilometers & The King,” a project that explores the realities of life’s journey while affirming identity, faith, and purpose.

Leading the release is “Kilometers,” an uplifting anthem that reflects on the distance between dreams and fulfillment. Through heartfelt lyrics, captivating melodies, and vibrant Afrobeats production, KenryWhite encourages listeners to embrace the process, remain resilient, and keep moving forward despite life’s challenges.

Complementing the project is “The King,” featuring Wonder J. The record is a bold declaration of confidence, royalty, and divine purpose, blending infectious Afrobeats rhythms with inspiring lyricism. Together, the duo delivers a record that celebrates self-belief, leadership, and the mindset required to overcome every obstacle.

With rich storytelling, memorable melodies, and contemporary African sounds, “Kilometers & The King” showcases KenryWhite’s artistic growth while delivering music that inspires, motivates, and connects with audiences across the globe.

Now available on all major streaming platforms, “Kilometers & The King” invites listeners to embrace the journey, recognize their worth, and walk confidently into their purpose.

 

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