<h4>Corporate War</h4>
<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reports that the unending energy war between two Nigerian billionaires, Femi Otedola and Tony Elumelu has resulted into deeper digs in the trenches for deadly onslaughts and dominance.</p>
<p>To demonstrate strength, Otedola has acquired 2.8 million more shares in Geregu power after a surprise exit from Transnational Corporation Plc a few days after he surpassed Tony Elumelu to become the majority shareholder.</p>
<p>Otedola, 60, controls 95.56 per cent or 2,388,922,308 shares in Geregu making him the majority shareholder, according to the company’s books as of 2022.</p>
<p>Geregu’s free float as of December 2022 was 111,073,957 representing 4.44 per cent.</p>
<p>In a swift move to increase his shareholding, the billionaire acquired 2,823,092 additional shares which cost him N817,297,844.4.</p>
<p>Otedola spent N541,687,500 to purchase 1,875,000 shares in his company at N288.9 per share on May 8. He added another 948,092 units at N290.7 per share amounting to N275,610,344.4.</p>
<p>Paul Olurotimi Otedola, brother to the majority shareholder, Otedola invested N86,670,000 to acquire 300,000 units of Geregu shares at the price of N288.9 per unit.</p>
<p>The transaction detail shows that Olurotimi made the acquisition on May 8, 2023. Both brothers spent N903,967,844.4 on the deals.</p>
<p>Otedola had released a lengthy statement on Tuesday accusing Elumelu who he described as his friend of backstabbing.</p>
<p>Otedola said in a statement that “I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected. My goal was to maximize the company’s potential as a Nigerian conglomerate with a market cap of at least N2 trillion instead of the current N40 billion, but it seems some shareholders have a different vision.</p>
<p>“As a businessman, I believe in healthy competition and market dynamics. Two captains cannot man a ship, and I respect the majority shareholder’s decision to buy me out. This is the nature of the game.</p>
<p>“But let me be clear: my offer was made with the best intentions for Transcorp Plc and its shareholders. I saw an opportunity to unlock the company’s full potential and create value for everyone involved.</p>
<p>“It’s important for investors to understand that free entry and free exit are crucial to healthy markets. The scramble for shares after my acquisition is a testament to the value that Transcorp Plc can offer, and I hope the company continues to thrive under new leadership.”</p>
<p>The log ahead started after Otedola was forced out of Transcorp when he bought a whooping 2.6bn shares or 6.3 per cent of Transcorp to became the highest individual shareholder.</p>
<p>But in reaction, Elumelu through HH Capital Limited, a Special Purpose Vehicle (SPV) owned by him had acquired 9,697,189,984 units of shares, bringing its total holdings in Transcorp Incorporated to 9,991,173,177 units, 9,991,173,177 units.</p>
<p>It represents 25.58 per cent of the Company’s total shares.</p>
<p>Both parties entered negotiations for Otedola to exit after a landmark deal.<br />
Besides, the federal government, through the National Council on Privatisation, NCP has approved the acquisition of Abuja Electricity Distribution Company (AEDC), by the Transcorp Group Consortium.</p>
<p>The Vice President, Professor Yemi Osinbajo, disclosed at the inauguration of the 240 megawatts (MW) Afam 3-Fast Power Plant, located in Oyinbo, Rivers State, owned by Transcorp Group.</p>
<p>The 240MW Afam 3-Fast Power plant in Afam operated by Transafam Power Limited, a subsidiary of Transcorp Plc, with an already existing power plant residing in Afam, brings the cumulative generating capacity of the plant to 1,000MW.</p>

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