By Charles Adingupu
Amicable truce has been reached after long drawn titanic financial battle over ownership of the conglomerate, Transcorp Group between two Nigeria’s business moguls, Oil magnate, Femi Otedola and consummate banker, Tony Elemelu.
Indications to this effect came to light after mutual friends reportedly led by African Richest man, Aliko Dangote prevailed on the two Nigerian business giants to sheath their swords.
The intervention puts an end to the intriguing corporate war that shook the foundation of the Nigeria’s capital markets as investors were held spell bound by the unfolding events that ensued each passing day.
As a fall out of the truce meeting, Otedola reportedly sold his Transcorp shares with a premium to his former rival, Tony Elemelu.
An impeccable source disclosed that Elemelu paid a whooping sum of about ₦32.5 billion cash out, which represents 400% premium at 12.5 per Share as a way of settlement to Otedola.
This has put paid to Otedola’s quest to acquire the near moribund power sector of Transcorp.
It would be recalled that Otedola bought the underperforming State owned Power asset in 2013, with an effective capacity of less than 100 megawatts, and increased its capacity to 435 megawatts with 70, 80% of the power generated being supplied into the grid.
