This fight for dominance began when Otedola acquired a 5.52% stake in Transcorp, making him the second-largest shareholder in the company. The move was followed by a significant transaction involving the sale of approximately 1.5 billion units of Transcorp shares valued at N2.1 billion ($5.14 million), reportedly consummated between an entity owned by Otedola and an unnamed seller.
Nigeria’s business landscape has been rocked by a fierce battle for control of Transcorp, one of the country’s largest conglomerates, between two of its most prominent billionaires, Femi Otedola and Tony Elumelu.
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