Ibrahim Lajada, a famous Nigerian-American businessman and Presidential Aspirant on the platform of the All Progressive Congress, APC, at the just concluded 2023 election has shared how his interest in Transnational Corporation of Nigeria Transcorp was recently rejected. He made this statement in a media chat recently on some of his investment moves in Nigeria following his decision to withdraw from the race.

According to the investor “My team and I were looking for alternatives Ways to invest in the Nigerian project and Transcorp transformation was top of our list. The process happened sometimes in Q4 of 2022.”

He said, “I believe that the business potentials of Transcorp is being underutilized and I believe with a clear cut diversification vision it can be better run under a new management.”

Lajada further disclosed that Transcorp is one of the faces of Nigeria and that as a believer in the diversification agenda, he decided to make an offer which was rejected without any clear reason for such decision by the owners of Transcorp led by Mr Tony Elumelu, who also doubles as the Chairman of the United Bank of Africa.

“My N150B was rejected without any clear reason for such decision”

Recall that recently Elumelu the majority stakeholder in the company, with HH Capital Limited, a special-purpose vehicle, increasing its shares to 25.58 per cent. This was as result of Femi Otedolas interest in Transcorp following the shares he bought.

We don’t know why our offer was rejected but we believe that Transcorp can be more profitable with a better management and vision.

The development of Nigeria does not rest on the hands of the President alone. We all, especially those of us in the private sector must be seen to play vital role in the development of Nigeria using our network and resources.