Serial investor and billionaire, Femi Otedola has exited his stake in Transcorp Plc, Nairametrics can confirm.
Otedola had acquired a 6% stake in Transcorp over a series of carefully orchestrated purchases going almost unnoticed until the acquisition was announced. Nairametrics first announced the acquisition.
Reliable sources with knowledge of the transaction inform Nairametrics that the billionaire investor reached a deal with Elumelu to exit the company.
The decision effectively staves off a possible greenmail situation for Transcorp which may have turned out murky.
Both parties entered negotiations about a possible exit in the early hours of Thursday after both had declared willingness to work together in an apparent bromance.
The negotiations leading to the agreement were said to be swift yet cordial as both parties opined it was in their mutual best interest to part ways. Elumelu and Otedola publicly agreed to work together to promote Transcorp’s interests.
Sources also indicate the attention drawn by the jostle for shareholding was a distraction for the company thus paving the way for a decision to part ways. It is understood that both parties will continue to explore other forms of collaboration over their common interest in the power sector.