Insiders Insist Elumelu Won’t Speak On Otedola As Transcorp Afam 3 Fast Power Plant Becomes Operational
Those who are familiar with how African business leader, Tony Elumelu, operates have insisted he will not speak on the reported rift with fellow businessman, Femi Otedola.
At least, not any time soon, an insider said.
According to those that are privy to his activities, Mr. Elumelu presently has his eyes fixed on the strategy that will further transform the conglomerates he oversees – especially the newly commissioned Afam Three Fast Power Plant, acquisition of Abuja Electricity Distribution Company (AEDC), issuance of Discharge Certificate by the federal government and meeting set target of delivering all of 2000MW in no time.
Mr. Otedola, who is the chairman of Geregu Power, in a communication he made available to the media recently, had revealed how his bid to buy over Trancorp Group for N250billion was rejected. He also went ahead to accuse his fellow billionaire (Elumelu) of wrongdoing at one time or the other.
Before the said communication, Mr. Otedola had pulled out of the arrangement that reportedly saw him emerging as one of the major investors in Transcorp with the acquisition of a 6.2 percent stake in the enterprise that has Mr. Elumelu as chairman.
But despite all these, Mr. Elemelu appears unshaken. He has continued to consolidate on successes recorded by his power companies and more, highstreet.ng understands.
Just yesterday, Trancorp Afam 3 Fast Power plant, a 240 MW station located in Oyingbo Local Government Area of Rivers State was commissioned by Vice President Yemi Osinbajo.
Interestingly, the day before the commissioning of the power plant, Transcorp Power was presented with Discharge Certificate by the federal government of Nigeria. As a matter of fact, the development transformed Transcorp Power the first power Generation Company (GENCO) to be given such.
Mr. Elumelu and his power companies crowned the investment drive with the acquisition of Abuja Electricity Distribution Company (AEDC). This, highstreet.ng pieced together, was perfected through Transcorp Consortium.
