One of Nigeria’s most prominent businessmen, Tony Elumelu, has accused former President Muhammadu Buhari of obstructing his attempt to acquire an oil field,Daily Trust reports.
Elumelu, whose business interests include banking, power, and hospitality, revealed that his company, Heirs Holdings, had been pursuing the purchase of the oil field since 2017 and had raised $2.5 billion for the acquisition. However, Buhari and his late Chief of Staff, Abba Kyari, allegedly blocked the deal.
He stated that he was informed that Nigeria could not allow such a strategically important asset to be controlled by a private operator.
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“This defied logic,” Elumelu told the Financial Times, noting that he would have been buying the asset from a foreign company.
As one of the few Nigerians who have built their wealth outside the oil industry, Elumelu explained that his decision to acquire a 45 percent stake in the oil field three years ago was motivated by a desire to ensure energy security for the country. At the time, international oil companies like Shell, Total, and Eni were divesting their shallow water assets in Nigeria, and Elumelu saw an opportunity to help secure the country’s energy future in the face of power shortages.
“We wanted to become a Fortune 500 company, and we calculated what we needed. It wasn’t in naira; it was in huge dollars. Energy security is vital for a country that doesn’t produce enough electricity for its approximately 200 million citizens,” he added.
Addressing the “Japa syndrome,” Elumelu expressed his support for those seeking opportunities abroad, saying, “I support it, totally. I don’t have a problem with people saying they’re going to Canada, the UK, or the US.”
“Joblessness is a betrayal of a generation. You’ve gone to school and returned with dreams and aspirations, but there’s no opportunity. For those who choose to find solutions elsewhere, no one should stop them. But for those who stay, they should strive to create an impact and build a legacy.”
In 2022, when Elumelu was forced to halt production, he took to social media to express his frustration, tweeting: “How can we be losing over 95 percent of oil production to thieves? Look at the Bonny Terminal, which should be receiving over 200,000 barrels of crude oil daily; instead, it receives less than 3,000 barrels, leading Shell to declare force majeure.”
He added, “The reason Nigeria is unable to meet its OPEC production quota is not due to low investment but because of theft, plain and simple! Meanwhile, other oil-producing countries are enjoying rising foreign reserves. What is Nigeria’s problem? We need to hold our leaders more accountable!”
