Femi Otedola has accused Tony Elumelu of double-crossing him in deals involving United Bank for Africa (UBA) and Transnational Corporation (Transcorp).

He disclosed that Elumelu betrayed him on multiple occasions. Otedola explained that he financially assisted Elumelu to acquire UBA in 2005.

But after Otedola went bankrupt in 2008, Elumelu used Otedola’s shares in UBA to service the loan the latter owed to UBA, as well as taking over his investment in Africa Finance Corporation (AFC).

This was disclosed in a statement on Tuesday, 9 May, which alleged that Elumelu also tricked Otedola into selling his shares in Transcorp to him by using an American firm.

Furthermore, Otedola said he once revealed to Elumelu during a meeting that he planned to buy Ughelli Power Plant, only for Elumelu to go ahead of him to bid for the same power asset, buying it for $300 million.

His allegations against Elumelu followed their recent public bromance and tussle to control Transcorp Plc.

Revealing details of their fallout, Otedola said... https://www.primebusiness.africa/femi-otedola-reveals-tony-elumelu-backstabbed-him-took-over-his-uba-transcorp-investments-stole-business-idea/