Nigerian business mogul Tony Elumelu has accused former President Muhammadu Buhari and his late chief of staff, Abba Kyari, of obstructing his company’s attempt to purchase an oilfield despite raising substantial funds for the deal.
Elumelu, who heads Heirs Holdings, disclosed this during an interview with the Financial Times, shedding light on a contentious decision made by the previous administration.
According to Elumelu, his investment firm had approached the Buhari administration around 2017 with a proposal to acquire an oilfield, offering a substantial sum of approximately $2.5 billion.
Despite the significant financial commitment, the offer was turned down by Buhari and Kyari, who reportedly cited the oilfield’s “strategic importance” as a reason for refusing to allow it to fall into private hands.
“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, who is also the chairman of the United Bank for Africa (UBA), further emphasized that his company’s offer was not just a business transaction but a potential boost to Nigeria’s economy by keeping valuable assets within the country.
However, the former administration’s decision thwarted these plans, leaving the oilfield’s future in limbo.
The business magnate’s experience in the oil sector has not been without its challenges.
Elumelu recounted his struggles with oil theft, which has been a persistent issue plaguing the Nigerian petroleum industry.
He revealed that after acquiring a 45 percent stake in an oilfield approximately three years ago, his company was severely impacted by criminal activities.
“Our pipeline was constantly targeted by criminal gangs who stole enough crude to force us to shut down production,” Elumelu lamented.
The continuous theft led to a significant disruption in operations, causing frustration and financial losses for his company.
Elumelu’s frustration reached a peak in 2022, prompting him to take to social media to voice his concerns. In a widely circulated tweet, he questioned the government’s ability to address the issue of oil theft.
“How can we be losing over 95 percent of oil production to thieves?” he tweeted.
“The government should know, they should tell us who the masterminds behind the oil theft are. Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters, and we don’t know?”
The business tycoon’s plea underscores the ongoing challenges faced by investors in Nigeria’s oil sector, where insecurity and theft have become major deterrents to growth and investment.
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