"Femi Otedola Shares Insight on His Relationship with Tony Elumelu and Transcorp"

Nigerian business magnate Femi Otedola has revealed that he was motivated to show interest in Transnational Corporation of Nigeria (Transcorp) with the aim of unlocking its potential for revenue growth. 

Otedola made this statement in response to the recent ownership struggle for the company with Tony Elumelu, the Chairman of United Bank of Africa. 

Otedola stated that his bid to acquire Transcorp for N250 billion was rejected. He had recently divested his stake in the company, making Elumelu the majority shareholder, with HH Capital Limited increasing its shares to 25.58%. 

In his statement, Otedola expressed his intention to maximize the company's potential as a Nigerian conglomerate, with a market capitalization of at least N2 trillion instead of the current N40 billion.