Otedola gives up top ownership race in Transcorp, sells stake to Elumelu

Transcorp shares slumped 9.9 per cent on the Nigerian Exchange (NGX) in Lagos

to Chairman Tony Elumelu, sources told PREMIUM TIMES Friday, pulling the plug on the scramble for the top ownership of the group.

Earlier, within days of his acquisition of a substantial shareholding, Mr Elumelu had racked up his interest from 2.07 to 25.9 per cent. Sources with details of the matter told PREMIUM TIMES that Mr Otedola’s move to take the peak spot in the conglomerate’s ownership upset the Transcorp chair, prompting him to open talks. He eventually agreed to compensate the businessman with millions of dollars, sources said.

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