Otedola made the revelation while speaking on his move to buy Transcorp, a conglomerate whose 5.5 per cent shares he recently acquired.
Days after Otedola’s acquisition, Elumelu increased his own shares in the same company from 2.07 to over 25 per cent.
Otedola said he had wanted to buy the company with a view to unlocking its full potential and creating values for the shareholders, but his offer was rejected.
“I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected,” he said in a statement released to Premium Times.
In the statement, Otedola recalled how he “enthusiastically gave him (Mr Elumelu) $ 20 million, which was N2 billion at that time” to buy the necessary shares for the acquisition of UBA in 2005, alleging that Elumelu betrayed him in the end.