Elumelu Repays Otedola’s 20-Year-Old Gesture

Elumelu Repays Otedola’s 20-Year-Old Gesture

Tony Onyemaechi Elumelu is certainly not one that forgets gestures – especially kind ones.

Elumelu believes strongly in the saying, ‘a good deed is never lost as he who sows courtesy reaps friendship, and he who plants kindness gathers love.’

A social bird recently chirped about one good gesture from a serial investor and billionaire, Femi Otedola went on to change the luck of Elumelu in 2003. The bird squeaked further about Otedola’s support and role in Elumelu’s emergence as chairman of United Bank for Africa Plc before going on to become the chairman of Transcorp Nigeria Plc, and later Heirs Holdings.

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Though the tale of support between the two billionaires dates back to their days of humble beginnings, it is said not to be a new gist in their circle of friends.

Hence, when Otedola was announced to have purchased a 5.52% stake in Transcorp, making him the company’s second-largest stakeholder, it came as little or no surprise to the close-knit circle of billionaires both Otedola and Elumelu belong to.

Interestingly, the purchase by Otedola isn’t strange to close aides and associates, who know the history of his foray into business acquisition as the Chairman of Geregu Power Plc has been at the top of the acquisition game for two decades and has seen him preside over multi-billion Naira oil firms that include African Petroleum and Forte Oil Plc.