“I Am Happy Transcorp Is Investors’ Toast” – Elumelu Speaks On Otedola’s Buy-In

The chairman of Transcorp Group, Tony Elumelu has say’s he is happy with the purchase of the company’s shares by Femi Otedola.

Oteolda who is the chief promoter of Geregu Power PLC recently acquired a reported 5.1% stake in Transcorp Group – which is also an emerging top player in the power sector with Transcorp Power.

“I am happy that Transcorp is becoming investors’ toast” – Elumelu spoke on the development for the first time.

The extraordinary entrepreneur who spoke in a chat with Arise TV Monitored by SocietyNow.Ng insisted that “I welcome his investment in Transcorp, that is what we want” and added “People get sentimental and emotional for no reason” in what appeared to be a subtle response to a rash of reports of the supposed takeover of Transcorp Group by Otedola with the purchase of about 2billion shares of the company.

Checks by SocietyNow.Ng revealed that despite the huge purchase by Otedola, the Transcorp Group chairman remains firmly in charge.

“Otedola is nowhere near Elumelu in terms of influence and control when you combine Elumelu’s direct and indirect stakes in Transcorp” those in the known maintain.

Among others, UBA Nominees LTD where Elumelu holds strong influence owns about 9.25per cent stake in the company that has grown its assets to N442.7 billion.

However, away from these talks, Elumelu who labeled Otedola as a “very good friend” and “brother” further declared that Otedola’s buy into Transcorp is a validation of how well the administrators and the company are doing.

“When friends and investing company come to invest in a company like this, it is a validation. It tells you that they believe in your story, theY believe in your vision, they believe in your management, they believe in your leadership, they believe in your competence. That is what has been demonstrated and I like my friend to come on board, I like the fact that he is on board and I look forward to working with him to take Transcorp to greater heights” the business turnaround king asserted.

Pointing out that the recent development at the company with nearly 300,000 shareholders, which just groomed revenue to N135billion and paid a 150% increase in dividend payments, is a win-win situation for all, Elumelu pointed out that ” I am happy to see an indigenous active investor community. Femi is investing locally and should be commended for that and I also welcome his investment in Transcorp because, the more people show interest in the activities, and performance of the company the more people invest in the company, the better for our shareholders.”

Providing a tie-back to what was before his management took over Transcorp and made strategic investments in the power, hospitality, and oil and gas sectors, the Group Chairman stated ” About 10 years ago before we took over Transcorp, people were not interested in Transcorp, people who held shares. When I wanted to buy Transcorp, people who owned shares of Transcorp couldn’t even find their share certificates because they had lost confidence in the company. Today, under our leadership Transcorp has consistently, 5 years over now paid dividends every year. It did not happen in the company before, there is market capital appreciation for the company.”