How Buhari Blocked My Bid To Purchase Oil Field – Elumelu

Chairman of Heirs Holdings, Tony Elumelu, has accused former President Muhammadu Buhari of blocking his bid to acquire an oil field.

He revealed this in an interview with the Financial Times, highlighting a contentious decision made by the previous administration.

Elumelu alleged that he had been looking to purchase the oilfield since 2017 and raised $2.5bn for it, but Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.

He stated that he was advised Nigeria could not permit something of such strategic importance to be handled by a private operator.

“The rejection defied logic,” Elumelu expressed in the interview, highlighting his disbelief at the administration’s decision. 

“We would have been purchasing it from a foreign company, so why was it such an issue?”

Elumelu, also the chairman of United Bank for Africa (UBA), emphasized that his company’s offer was not merely a business transaction but a potential boost to Nigeria’s economy by retaining valuable assets within the country.

“We wanted to become a Fortune 500 company and we estimated what we needed. It’s not naira, it’s huge dollars. Energy security is crucial for a country that doesn’t produce enough electricity for its roughly 200 million citizens,” he added.

On  Japa syndrome, Elumelu declared, “I support it, totally. “I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’

“Joblessness is the betrayal of a generation. You’ve gone to school and come back with your dreams and aspirations and you don’t have the opportunity . For people who decide to find solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to create an impact and build a legacy.”

Elumelu also recounted his struggles with oil theft, which has been a persistent issue plaguing the Nigerian petroleum industry.

He said, “The reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple! Meanwhile, oil-producing countries are smiling as their foreign reserves are rising. What is Nigeria’s problem? We need to hold our leaders more accountable!”

Vanguard