How Buhari, Abba Kyari Blocked My Attempt To Acquire Oil Field – Tony Elumelu

Nigerian businessman Tony Elumelu has  shared how the previous administration under President Muhammadu Buhari blocked his attempt to buy an oil field.

The 61-year-old founder of Heirs Holdings stated this in an interview published by the Financial Times on Friday.

He said that Heirs Holdings had been trying to acquire the oilfield since 2017, having already raised $2.5 billion for a different deal.

However, the businessman claimed that Buhari and his late Chief of Staff, Abba Kyari, prevented the purchase.

Elumelu said he was informed that Nigeria couldn’t let something so strategically important be controlled by a private company.

The billionaire said he found this reasoning illogical, especially since he would have bought the oilfield from a foreign company.

“As one of the few Nigerians who made their fortunes outside of oil, Elumelu revealed that his decision to buy a 45 per cent stake in an oilfield three years ago when international oil companies such as Shell, Total and Eni were selling off their shallow water assets in Nigeria was to give the country energy security in the face of low power supply.

“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 the topic of the “japa syndrome” (the trend of Nigerians leaving the country), Elumelu expressed his support.

Elumelu said he doesn’t have anything against the japa syndrome because unemployment is a significant issue for young people in the country.

He said, “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.”

KanyiDaily recalls that Tony Elumelu also called out President Bola Tinubu’s government over alleged oil theft in the country.