How Buhari blocked my bid to purchase oil field – Elumelu

One of Nigeria’s most successful businessmen, Tony Elemelu, has accused former President Muhammadu Buhari of blocking his bid to acquire an oil field.

Elumelu whose business interest spans across banking, power, hospitality, among others, disclosed that Heirs Holdings, his company, had been looking to purchase the oilfield since 2017 and raised $2.5bn for this, but Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.

He said he was told Nigeria could not allow something of such strategic importance to fall into the hands of a private operator.

“This defied logic,” Elumelu told Financial Times, saying he would have been purchasing it from a foreign company.

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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.

Speaking on the 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.”

Recall that in 2022, when Elumelu was forced to shut down production, he took to social media, tweeting: “How can we be losing over 95 per cent 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 the operator Shell to declare force majeure.

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!”