Chairman of Transcorp Tony Elumelu has welcomed the interest of his billionaire friend Femi Otedola in Transcorp, noting that it validates the excellent work he is doing at the company.
Mr Otedola has been in the news for his purchase of 6.3 per cent of the company. The businessman is now the second largest shareholder after UBA Nominees Ltd while Elumelu follows as the third largest.
Speaking with Arise TV on Wednesday, Elumelu said Otedola’s investment should be welcomed despite the fact that the latter is a competitor in the power business with Geregu Power Plc.
He said, “Femi Otedola is my very good friend. There are only two people I follow on Instagram. My wife and Femi Otedola, that tells you the level of friendship that we have. He is a man I admire and respect. We are friends, in fact, we actually call ourselves brothers. I welcome Femi’s investment in Transcorp, that is what we want.
“I’m happy to see an indigenous active investor community. I am happy that Femi is investing locally, he should be commended for that. I welcome his investment because the more people show interest in the activities and performance of the company the better for our shareholders.”
Elumelu highlighted how he has been able to transform Transcorp into a conglomerate.
“About 10 years ago before we took over Transcorp people were not interested in the company even people who owned shares. When I wanted to buy over Transcorp people who owned shares in Transcorp could not find their certificates because they lost confidence in the company.
“Today, under our leadership, Transcorp has consistently for five years now paid dividends every year. It never happened in the history of the company before. There’s capital appreciation for the company. So when friends and investing public come to invest in companies like this, it’s validation, it tells you that they believe in your story, vision, management, leadership, and competence.
“That’s what I have demonstrated and I like the fact that my friend is on board and I look forward to working with him for us to take Transcorp to greater heights,” he said.
