Femi Otedola, a billionaire businessman, has received praise from Tony Elumelu, group chairman of Transnational Corporation Plc (Transcorp), for acquiring a sizeable share in the conglomerate.
Otedola recently increased his ownership of Transcorp Plc by 5.52 percent, moving up to the position of second-largest stakeholder.
According to reports, the billionaire increased his ownership to 6.3 percent.
Elumelu said he welcomed Otedola’s involvement in Transcorp and was looking forward to working with him in an interview with Arise TV on Wednesday.
“He’s my very good friend. In fact I only follow two people on instagram, my wife and Femi Otedola, that shows the level of friendship we have,” Elumelu said.
Femi Otedola is a friend and brother and I welcome his investment into Transcorp. I'm happy to see an indigenous active investor community, Otedola should be commended for investing locally. His investment in Transcorp is a validation of the success and management capacity pic.twitter.com/TmIm1UhQrs
— ARISE NEWS (@ARISEtv) April 27, 2023
He’s a man i admire and we call ourselves bothers. I welcome Femi, I call him FO or Ote-Dollar. I welcome his investment in Transcorp.
We go on international roadshows and talk to investors to invest in our companies. I am happy to see an active indigenous investors community.
I am happy that Femi Odetola is investing locally and he should be commended for that and I also welcome him for that.
That is because the more people show interest in the activities, and performance of the company, the better for shareholders. You want to make your stock investors’ toast and I am happy that Transcorp is becoming investors’ toast.
About 10 years ago before we took over Transcorp, people were not interested. People lost confidence in the company. Today under our leadership, Transcorp has consistently paid dividends in the last five years. There is a capital appreciation for the company.
When friends and investing public invest in a public company like this, it is a validation and tells you they believe in your story, vision, management, leadership and competence.
I like my friend (Otedola) coming on board and I look forward to working with him to take Transcorp to greater heights.
Elumele also denied reports of planning to list Transcorp Power, a subsidiary of Transcorp Plc, on the Nigerian Exchange Limited (NGX) “anytime soon”.
No (we are not listing), I hear that rumor from time to time, especially after some competing institutions were listed on the exchange. We are long-term players. We wanted to grow more and more significantly.
