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“A ruthless shark” – Reactions as Nigerian billionaire businessmen Femi Otedola and Tony Elumelu go to war

Published

12 months ago

2023/05/09

Nigerian billionaire businessman, Femi Otedola has accused his colleague, Tony Elumelu of backstabbing to buy his Transcorp Plc shares when he (Otedola) was bankrupt.

Otedola said this in a press statement on Tuesday, saying he proposed to buy Transcorp Plc for N250billion, bringing the company’s market value to N2trillion, but his bid was rejected.
Recall that Otedola bought a 5.52 percent stake in Transcorp Plc to become the company’s second-largest stakeholder, but subsequently sold his whole investment to Tony Elumelu, the group’s chairman.

Elumelu had previously stated that he welcomed Otedola’s investment and looked forward to working with him, adding, “He’s my very good friend. In fact, I only follow two people on Instagram, my wife and Femi Otedola… that shows the level of friendship we have.”

Businessman Femi Otedola accuses Tony Elumelu of backstabbing him

Elumelu has yet to officially react to the allegations levelled against him but read some of the reactions from Nigerians below.

One thing I’ve been able to gather from this Otedola and Elumelu story so far is that billionaires don’t fight dirty.

They whine & dine at events and laugh under each others’ posts on social media while plotting the biggest evil behind each other’s back.

To be a billionaire is…
— LERRY (@_AsiwajuLerry) May 9, 2023

Lol.. Make dem no turn this Tony Elumelu and Femi Otedola matter into tribal war sha, becos e no dey hard una. ???

When dem dey make their $$$s, dem no call you. As kasala burst between them now, you wan carry your chest face their fight.
Never go receive sense.
— Esteem ??? ? (@Esteembehemoth) May 9, 2023

Otedola is accusing Tony Elumelu of living large at the expense of Transcorp Shareholders.

Sources also say that the two men don’t see eyeball to eyeball. This man went bankrupt, fought his way back to the top and held the grudge till he was liquid enough to strike back.

He… pic.twitter.com/wrYyDPhlwo
— Mikael C Bernard (@MikaelCBernard) May 9, 2023

Otedola accuses Tony Elumelu of backstabbing him in a series of ruthless takeovers of his shares in UBA, Transcorp, Ughelli Power, and AFC.

I'll wait till Tony reacts, but I need these billionaires to keep talking. We all can learn a thing or two.

NOLLYWOOD, be on standby pls. pic.twitter.com/LN6F3tSnUZ
— Spotlight on #PeterObi #Obidatti023 (@Spotlight_Abby) May 9, 2023

We got some back-end details per the Otedola-Elumelu Transcorp deal from FO, here:

– FO was Chairman of Transcorp Hotel in 2007 with a shareholding of 5%
– FO says, unknown to him, Tony gradually started buying shares quietly

– By 2008, FO went bankrupt in Nigeria and Tony…
— Oladeinde Olawoyin (@Ola_deinde) May 9, 2023

I think I disagree with those who say Tony Elumelu was smart in his dealings with Otedola, that isn't smartness, it was a clear case of treachery and nothing. Such acts should be condemned by all and sundry.
— Dike Vincent Amadi Esq. (@dykamadi) May 9, 2023

That information released by Femi Otedola shows how cold Tony Elumelu is.

Strictly business, no emotions, no kindness. Don't pay back good with good. Just go for what you can get and get.

Keep adding and keep blowing. Cold men.
— DISTINGUISHED Everest (@novieverest) May 9, 2023

I am here for Elumelu and Otedola war. ????? We are now waiting for Elumelu to respond to Otedola
— Ada Idemmili Ada Jesus (@adaigbo_2022) May 9, 2023

Otedola has accused Elumelu of past acts of treachery and ingratitude.
He believes his failed 250billion bid for Transcorp was in the interest of suffering shareholders ?

Let’s hear your take.
— Persian Queen ? (@teeana_world) May 9, 2023

I think we peasants should just learn a thing or two from how billionaires become and stay billionaires in this Femi Otedola and Tony Elumelu saga instead of advising them.

FOte didn’t call Tony a betrayer or a bad friend but you peasants on twitter court are already…
— Mavis Ikpeme (@mavisikpeme) May 9, 2023

Damn Tony Elumelu is ruthless

I expect a comment from Elumelu to counter what Otedola just said. https://t.co/JbltK2nlxc pic.twitter.com/t0MIWJ8g8F
— Mo-Mo (@Morris_Monye) May 9, 2023

There’s always two sides to a story, Otedola was not the bad guy after all. ????? “In 2005, while Tony Elumelu 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 N2 billion at that time… https://t.co/XuRL0bYMc9
— roqzee (@roqzee) May 9, 2023

I don’t know how many of you read Femi Ote$ allegation against Tony Elumelu on different occasions and called it “ruthless & smart”. It is a shame to see so many people glorify these bad behaviors & a thorough betrayal of friendship, including one that came when he went bankrupt. pic.twitter.com/xVJrs5qqmA
— Aziz Bakare (@Backarray) May 9, 2023

That information released by Femi Otedola shows how cold Tony Elumelu is.

Strictly business, no emotions, no kindness. Don't pay back good with good. Just go for what you can get and get.

Keep adding and keep blowing. Cold men.
— DISTINGUISHED Everest (@novieverest) May 9, 2023

I am beginning to love Tony Elumelu because of this. I was thinking he is an overhyped businessman, but with this revelation, he's a smart businessman. Very ruthless. ?
— Godwins (@GodwinsNduka1) May 9, 2023