How Tony Elumelu Made $123 million In 3 weeks From The “Cheap” Purchase Of Nigeria’s PHCN

Elumelu's Transcorp purchased PHCN assets

Nov. 23, 2013

NewsRescueForbes has described how Tony O. Elumelu, former United Bank of Africa’s MD’s Transcorp just made millions with him personally raking $123 million on his 22.26% shares, thanks to increased purchase of their Transcorp shares after he acquired Nigeria’s Ughelli Power plant. His stock jumped from N1.87 ($0.01), before purchase of the national public asset to N5.35 ($0.03).

We have recently published several stories that explain how Nigerian government makes its friends wealthy by selling or giving them Nigeria’s public assets at cheap prices. The power plants sold to Obasanjo’s Transcorp boys was refurbished by the Nigerian government for over N3 Trillion and then sold to Transcorp for just N404 billion. The jump in the value of his shares is predictable and it is expected that gains will be tremendous because the people in government are privately invested with the cabal who are literally dashed assets and then supported to milk the populace with exorbitantly priced sale. Dangote cement is one such example we have published on.

Nigeria is again in the process refurbishing its refineries for trillions to sell them again to these government friends for paltry figures, so as to shoot up their stock value and guarantee immense wealth status for all in bed together in these deals.

Image: Abusidiqu