How Tony Elumelu Takes It Back

Business has a human face. This fact, so often overlooked, is the reason behind the success of so many top executives all over the world. It is also one of the reasons that Tony Elumelu, super businessman and leading capitalist, has been able to dominate virtually every industry his business fingers have touched. Recently, with his reacquisition of Transcorp stocks from his friend, the equally mind-stirring business boss, Femi Otedola, Elumelu has reestablished himself as a force to be reckoned with.

At present, very few people have a perfect grasp of what went down this past week in Transcorp. First came the news that Otedola had his eyes on Transcorp shares. This was not altogether surprising because the company had reported strong numbers of profit in their last quarterly report. That would attract any sensible investor, not to mention an experienced sage investor like Otedola. So that was the first news – that Otedola had his eyes on Transcorp.

Following that first news in rapid procession was the one that Otedola had acquired a 6.3 per cent stake in Transcorp. How did Otedola go from wanting to own Transcorp shares to owning over six per cent? But while onlookers were still hyperventilating in shock, the third news bit came: Otedola had sold the stakes he purchased to Elumelu.

For the experienced observer, it is clear that there is much more going on in the background than ordinary eyes can catch. This became apparent when Elumelu announced that his company, HH Capital Limited, had increased its stake in Transcorp to 25.58 per cent. In other words, due to Otedola’s quick-in-then-out action, Elumelu had increased his control over the Transcorp stakes.

The question of whether Elumelu lost control in the first place is no longer valid, although some analysts still like to bring it up. What is important now is that he is back in charge – and his Transcorp executive cup is bigger than ever.