Tony Elumelu Back Stabbed Me And I Went Bankruptcy – Femi Otedola

Nigerian businessman Femi Otedola has accused Tony Elumelu, chairman of Transcorp, of continually betraying him when he was at his most vulnerable in the marketplace.

The information was revealed by Mr. Otedola in a statement that was received exclusively by PREMIUM TIMES and represents his first public participation in the current struggle for Transcorp’s survival.

The billionaire just ended the competition for control of the organization by selling Mr. Elumelu his freshly acquired stake in Transnational Corporation of Nigeria (Transcorp).

In his intervention Tuesday, Mr. Otedola opened up on how he went bankrupt in 2008 and was betrayed by Mr. Elumelu.

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

“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.

“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.”

The businessman also alleged that in 2012, he told Mr. Elumelu about his interest in the Ughelli power plant, and the Transcorp chair “quietly went ahead” to outbid him in the acquisition of the plant.

“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,” he explained.

“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 outbid me by offering to buy the plant for $300 million.

“And as some would say: the rest is history.”

PREMIUM TIMES could not immediately reach Mr. Elumelu as of press time Tuesday morning.

Multiple telephone calls were placed to Rahmon Nosir, the head of external and media relations at UBA, but were not responded to.

Mr. Elumelu, as chair of Transcorp Power Limited, on Monday, received the discharge certificate of the Ughelli power plant from the Bureau of Public Enterprise (BPE).

The discharge came one month after the National Council on Privatisation approved the recommendations of the BPE that Ughelli Power Plc be delisted from routine monitoring, having satisfied five core post-acquisition requirements.

The requirements include available capacity, capital expenditure, human resources, health, safety and environment, and corporate social responsibility.

Commissioned in 1966 with an installed capacity of 972MW, the Ughelli Power Plant, whose capacity had dropped to 300MW, became an asset of Transnational Corporation of Nigeria Plc in 2013 under the company’s power subsidiary, Transcorp Ughelli Power Limited.