Details: Elumelu “Takes Higher Ground” Against Otedola’s Claims

Tony Elumleu, the Chairman of Transnational Corporation Plc (Transcorp Group) has chosen to take the “higher ground” in the face of claims by billionaire Femi Otedola – his “friend”

Otedola revealed alleged details of business and personal transactions with Elumelu which has generated a bit of excitement.

The revelations were made barely hours after Elumelu made history with Transcorp power as the first power-generating company (GENCO) to fulfill all post-privatization conditions since the process started in 2013.

Vice President Yemi Osinbajo at the presentation of the post-privatization discharge certificate that delists Transcorp Power from the list of routine evaluations and monitoring by the Bureau of Public Enterprises (BPE). declared that the GENCO ensured compliance with all conditions and surpassed expectations.

Otedola’s claims surfaced when the historic event was starting to gain traction and accolades.

Inside information indicates that Elumelu found the claims and timing odd, but has chosen to take the higher ground by not engaging the person he openly called a good friend just days ago.

Before Otedola exited Transcorp in the last week of April 2023 in a buy-out, Elumelu had publicly acknowledged him as a very good friend going as far as disclosing Otedola is one of the two persons he follows on Instagram.

“Elumelu can’t publicly call him a friend and days later starts engaging in brickbats with the same person in the same space. Elumelu is not like that. He would look away for the sake of whatever bond there was and take the higher ground by ignoring and focusing on initiatives that add value to investors and society at large. And that is what he has chosen to do” SocietyNow.Ng learned.

The information available revealed that Elumelu whose Transcorp power “increased the generation capacity of the plant by 227% from the operational status as at handover in 2013” according to the Director General of the Bureau of Public Enterprises, Alex Okoh during the presentation of Discharge Certificate at the Presidential Villa on Monday, May 8, 2023, is focusing on adding 2000 megawatts (MW) to the nation’s electricity supply through the companies under his watch.

The serial entrepreneur plans to leverage the combined resources of Transcorp Afam Power described by Vice President Yemi Osinbajo as “an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories, and businesses that provide their livelihoods” at its commissioning in Rivers state on Tuesday, May 9, 2023, history-making Transcorp Power and the newly acquired AEDC (Abuja Electricity Distribution Company to achieve this feat.

SocietyNow.Ng gathered he is taking giant steps to achieve this.

Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo on Tuesday commissioned Transafam Power – a subsidiary of Transnational Corporation Plc’s 240MW Afam Three Fast Power plant in Afam, Rivers State.

With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the Genco’s plant to 1,000MW.

While Transcorp Power has increased the available capacity to 680.83MW (being a 227% increase) within 4 years of the takeover, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises at the time of acquisition.

“So, Elumelu’s focus and goals within and outside the power sector are clear to those close to him and, taking on those he openly branded friends in public space is not one of them” SocietyNow.Ng gathered.