Group chairman of Transcorp Corporation Plc (Transcorp), Tony Elumelu, has lauded Femi Otedola’s acquisition of a significant stake in the conglomerate.
Otedola, a billionaire businessman, recently bought a 5.52 percent stake in Transcorp Plc to become the second largest shareholder of the company.
There were speculations that Otedola increased his stake to 6.3 percent. Elumelu during an interview with Arise Television on Wednesday welcomed Otedola’s investment in Transcorp and looked forward to working with him.
Elumelu said, “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.
“He’s a man I admire and we call ourselves brothers. I welcome Femi, I call him FO or Ote-Dollar. I welcome his investment in Transcorp.
”We go on international roadshows and talk to investors to invest in our companies. I am happy to see an active indigenous investors community.
“I am happy that Femi Odetola is investing locally and he should be commended for that and I also welcome him for that.
“That is because the more people show interest in the activities, and performance of the company, the better for shareholders. You want to make your stock investors’ toast and I am happy that Transcorp is becoming investors’ toast.
“About 10 years ago before we took over Transcorp, people were not interested. People lost confidence in the company. Today under our leadership, Transcorp has consistently paid dividends in the last five years. There is a capital appreciation for the company.
“When friends and investing public invest in a public company like this, it is a validation and tells you they believe in your story, vision, management, leadership and competence.
“I like my friend (Otedola) coming on board and I look forward to working with him to take Transcorp to greater heights.”
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