Billionaire investor, Femi Otedola, has disclosed that the Chairman of United Bank for Africa (UBA), Tony Elumelu, betrayed his trust after going into business with him in 2005.
Otedola said Elumelu took over his investment in UBA and Africa Finance Corporation (AFC), went through the backdoor to acquire his shares in Transnational Corporation (Transcorp), as well as hijacked his investment idea to buy the Ughelli Power Plant.
The revelation was made on Tuesday in a statement addressing his recent powerplay with Elumelu as regards the control of Transcorp.
