The Chairman of Geregu Power, Femi Otedola, has revealed that he offered to buy Transnational Corporation (Transcorp) Plc for N250 billion.

Otedola, on Tuesday, said his offer was rejected despite planning to help unlock Transcorp’s full potential and create value for shareholders of the company.

Recall that Prime Business Africa reported that Otedola acquired a 6 per cent stake in Transcorp Plc in a bid to take control of the firm from the majority single investor, Tony Elumelu, who also doubles as the majority shareholder of United Bank for Africa (UBA), the company that started the rift between the two billionaires.

Following his acquisition, Elumelu also bought more Transcorp shares to increase his stake from 2.05 per cent to over 25 per cent controlling stake.

This gave him control of Transcorp again, resulting in Otedola selling his shares to Elumelu, to avoid two captains in a ship.

According to Otedola, he had plans to increase Transcorp’s https://www.primebusiness.africa/tony-elumelu-rejects-femi-otedolas-n250-billion-to-buy-transcorp-plc/