In the Transcorp shares drama, billionaire Otedola accused Elumelu of backstabbing

Nigerian millionaire and businessman Femi Otedola has spoken out about his ties with Tony Elumelu and his stake in Transnational Corporation of Nigeria (Transcorp). Otedola's recent sale of his 6.3% holding in Transcorp to Elumelu has sparked much conjecture in the Nigerian business sector, but he has finally provided some clarity.Otedola told Premium Times that he had offered to buy Transcorp for N250 billion, but that his bid had been refused. He added that he was interested in the company because he wanted to see it reach its full potential and create value for shareholders. He did, however, respect the majority shareholder's choice to buy him out.Otedola claimed that years later, in 2012, he had disclosed his interest in the Ughelli Power Plant to Elumelu, but that Elumelu had quietly gone ahead and outbid him for the plant. He alleged that Elumelu had stabbed him in the back several times in the past. Some Nigerians expressed their concerns on Twitter in response to the development, with one user questioning the veracity of Otedola's allegations. Another user claimed that there was a clear schism between the two guys, and others expressed concern that the situation could develop if not handled appropriately. Otedola's statement is expected to stir more speculation regarding his relationship with Elumelu and Transcorp's future path. However, the Nigerian business sector is likely to applaud his commitment to healthy competition and market dynamics, as well as his determination to produce value for all stakeholders.