Nigerian businessman Femi Otedola has accused Tony Elumelu, chairman of Transcorp, of continually betraying him when he was at his most vulnerable in the marketplace.
The disclosure was made by Mr. Otedola in a statement, his first public involvement in the current struggle for Transcorp's existence.
The billionaire just ended the competition for control of the organization by selling Mr. Elumelu his freshly acquired interest in Transnational Corporation of Nigeria (Transcorp)
In his speech on Tuesday, Mr. Otedola detailed how Mr. Elumelu misled him and caused him to go bankrupt in 2008.
The businessman further claimed that after informing Mr. Elumelu of his interest in the Ughelli power plant in 2012, the chair of Transcorp "quietly went ahead" to outbid him for the project.
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