Group Chairman of Transnational Corporation Plc (Transcorp), Tony Elumelu said has reacted after Nigerian billionaire businessman, Femi Otedola acquired 6.3 percent stake in Transcorp Plc.
Gatekeepers News reports that Otedola is the biggest shareholder in Transcorp after United Bank for Africa (UBA) Nominees, according to Transcorp’s audited results.
In his reaction on Wednesday, Elumelu commended Otedola for his acquisition of a significant stake in the conglomerate, saying that he looks forward to working with him at Transcorp.
“He’s my very good friend. In fact, I only follow two people on Instagram, my wife and Femi Otedola, which shows the level of friendship we have,” Elumelu said during an Interview on ARISE TV.
“He’s a man I admire and we call ourselves brothers. 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.”
