Sign In
Prime Progress NGPrime Progress NGPrime Progress NG
Notification Show More
  • Home
  • Social Impact
    • Solutions Angle
    • Acts of Kindness
  • Screw Stereotype
  • Religion For Change
  • Repressive Cultures
  • Deep Dive
    • Investigations
    • Perspective
  • Spotlight
  • Prime Woman
  • Climate
  • Double Check
  • News
Reading: My offer to buy Transcorp for N250 billion was rejected- Femi Otedola
Share
Prime Progress NGPrime Progress NG
Search
  • News
  • Perspective
  • Solutions Angle
  • Spotlight
  • Acts of Kindness
  • Climate
  • Double Check
  • Repressive Cultures
  • Religion For Change
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 Prime Progress NG. All Rights Reserved.

Home - News

My offer to buy Transcorp for N250 billion was rejected- Femi Otedola

primeprogress
Last updated: 2023/10/13 at 2:35 PM
By primeprogress
Share
3 Min Read
Femi
SHARE

Nigeria’s billionaire business mogul, Femi Otedola, has revealed that he had offered to buy Transcorp Plc for N250 billion, but his offer was rejected. 

In a statement he made to Premium Times, Otedola revealed that his goal was to maximize the company’s potential as a Nigerian conglomerate. He saw an opportunity to unlock the company’s full potential and create value for everyone involved.

“I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected. My offer was made with the best intentions for Transcorp Plc and its shareholders.

“I believe in healthy competition and market dynamics. Two captains cannot man a ship, and I respect the majority shareholder’s decision to buy me out. This is the nature of the game,” said Otedola. 

Otedola, who became Chairman of Transcorp Hotel in 2007 with a 5% shareholding, explained that Tony Elumelu gradually started buying shares quietly. In 2008, Otedola went bankrupt in Nigeria and Elumelu took over his shares in UBA and Africa Finance Corporation to service the interest on his loans. Otedola later agreed to sell his shares in Transcorp to an American firm, which turned out to be Elumelu. This prompted him to resign as Chairman of the hotel.

“Stakeholders are unfortunately always shortchanged by getting stipends while the owners and managers of the business live a jet-set lifestyle, which is detrimental to the stakeholders,” said Otedola. 

“But let me be clear: I remain committed to the growth and success of Nigerian businesses, and I will always be looking for ways to create value for all stakeholders.”

Otedola emphasised the importance of free entry and free exit in healthy markets. “It’s important for investors to understand that free entry and free exit are crucial to healthy markets. The scramble for shares after my acquisition is a testament to the value that Transcorp Plc can offer, and I hope the company continues to thrive under new leadership.” 

Despite the rejection of his offer, Otedola remains committed to the growth and success of Nigerian businesses, and he will always be looking for ways to create value for all stakeholders.

“My message to Transcorp Plc and its shareholders is this: I remain committed to the growth and success of Nigerian businesses, and I will always be looking for ways to create value for all stakeholders,” said Otedola. 

 

You Might Also Like

Nnamdi Azikiwe University launches Africa’s first Bamboo research institute

#EndGBV: Women groups call for end to violence against women

ICIR train journalists on tackling misinformation

Community stage protest over cult-related killings in Anambra

AFRICA: defeated Liberian president, George Weah tow path of peace

Sign Up For Daily Newsletter

Keep up! Get the latest breaking news delivered straight to your inbox.
Newsletter
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article judiciary 5 Nigeria on the shoulders of the judiciary
Next Article judiciary 9 Just in: Supreme Court affirms election of Adeleke as Osun State Governor
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe to Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Newsletter
Prime Progress NGPrime Progress NG
Follow US
© 2023 Prime Progress NG. All Rights Reserved.
  • About
  • Contact Us
  • Partners and Sponsors
  • My Bookmarks
  • Customize Interests
Join Us!

Subscribe to our newsletter and never miss our latest news, publications etc..

Subscription Form
Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?