Nigerian billionaire Femi Otedola has sold his 6.62% stake in Transcorp Corporation Plc to chairman Tony Elumelu, weeks after acquiring a substantial shareholding.

The negotiations leading to the agreement were cordial, and both parties agreed that it was in their mutual best interest to part ways.

 The transaction closed at the prevailing market price of Transcorp Plc on Thursday, which was N3.12 per unit.

Elumelu raised his stake in the company to 25.58% through HH Capital Limited, surpassing Otedola's stake of over 6%, which caused a distraction for the company.

This comes hours after Elumelu and Otedola publicly agreed to work together to promote Transcorp’s interests. Sources also indicate the attention drawn by the jostle for shareholding was a distraction for the company thus paving the way for a decision to part ways.

It was explained that the transaction closed at the prevailing market price of Transcorp Plc as of Thursday. Shares of Transcorp closed at N3.12 per unit on Thursday.

The fight for control of Transcorp began when Otedola acquired a 5.52 per cent stake in the conglomerate, making him the second-largest shareholder in the company. With the purchase of additional shares, Otedola upped his stakes to over six per cent.

However, in a deft move, Elumelu raised his stake in the company from 2.07 per cent to 25.58 per cent on Thursday through HH Capital Limited, where he’s a director, thereby surpassing Otedola’s stake.