This is my story: Otedola speaks on his failed bid to gain control of Transcorp (businessday.ng)

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.

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.

This is the nature of the game.

Otedola says his offer to take over Transcorp was made in good faith but some analysts have said the bid came as a surprise to current chairman of Transcorp Tony Elumelu, another wealthy businessman who mounted a swift defence to put Otedola at bay.

It is not the first time that the two billionaires have faced off said Otedola who is the majority shareholder in Geregu Power which was listed on the exchange last year and has since seen an astonishing appreciation in share price.

Otedola added, In 2005, while Tony was the Managing Director of Standard Trust Bank, he approached me to get funds to acquire UBA.

I enthusiastically gave him 20 million, which was N2billion at that time to buy the necessary shares in UBA for the acquisition.

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After a short period of time, the share price moved up and I decided it was a good moment to sell and get out of the bank.