Femi Otedola and Tony Elumelu two of Nigeria’s most powerful billionaires

have dominated business headlines in the first week of January 2026 with "mirror-image" mega-deals that have reshaped the Nigerian energy and banking sectors.

After their famous 2023 power struggle over Transcorp, the two men appear to have moved into a phase of strategic separation and "masterclass" deal-making

1. The "Exit vs. Entry" Paradox (Jan 2026)

In a striking reversal of roles, the two billionaires closed landmark deals just 48 hours apart:

• Femi Otedola's Massive Exit: On December 29, 2025, Otedola finalized the sale of his 77% controlling stake in Geregu Power Plc for approximately ₦1.08 trillion ($750 million). He is reportedly pivoting more heavily into the banking sector, deepening his control as the undisputed largest shareholder of First Bank (FBN Holdings).
• Tony Elumelu's Strategic Entry: On December 31, 2025, Elumelu’s Heirs Energies acquired a commanding 20.07% stake in Seplat Energy for roughly $500 million. This move cements Elumelu as a dominant force in Nigeria's upstream oil and gas sector, moving "in" to energy just as Otedola moves "out."

2. The Transcorp "Peace Treaty"

The drama from 2023, where Otedola attempted a hostile takeover of Elumelu’s Transcorp, has settled into a "gentleman's agreement."

• The Result: Elumelu retained control of Transcorp by increasing his stake to over 25% (now reportedly as high as 68%), while Otedola walked away with a significant profit after Elumelu bought back his shares.
• Current Relationship: They are described as "corporate rivals who respect each other." Wale Tinubu (CEO of Oando) recently praised both men on January 8, 2026, for their "exceptional investment foresight," signaling that the Nigerian business elite view their moves as healthy for the market

3. Comparison of Wealth & Influence (Early 2026)

FeatureFemi OtedolaTony ElumeluPrimary FocusBanking (FBN Holdings)Conglomerate (Transcorp, UBA, Seplat)Recent WinSold Geregu Power for ₦1.08 TrillionAcquired 20% of Seplat EnergyMarket Style"The Exit Master" (Tactical Divestment)"The Builder" (Long-term Acquisition)Net Worth TrendSpiking due to Geregu cash-outRising due to Seplat and UBA growth

4. Why This Matters Now

Analysts say these moves signal that indigenous billionaires are now powerful enough to buy out foreign interests (like Elumelu buying out French firm Maurel & Prom) and recycle capital internally. Otedola’s cash-out from power is expected to fund a massive "battle for the soul" of the Nigerian banking sector throughout 2026.