How Buhari, Abba Kyari stopped me from buying oil field — Elumelu

Business mogul and chairman of United Bank for Africa, Mr Tony Elumelu has revealed how former President Muhammadu Buhari frustrated his attempt to acquire an oil field.

Elumelu said this during an interview with The Financial Times Newspaper. According to him, Heirs Holdings was preparing to purchase an oilfield since 2017, and had raised $2.5 billion to purchase one.

His decision to buy a 45 per cent stake in an oilfield three years ago surprised many. International oil companies such as Shell, Total and Eni were selling off their shallow water assets in Nigeria, with local companies taking charge

But Buhari and his late Chief of Staff, Abba Kyari thwarted the acquisition, citing concerns over the important nature of the asset being controlled by a private organisation.

This according to Elumelu, defied common sense since he would have been purchasing it from a foreign company.

He explained to the Financial Times that the acquisition was intended to enhance Nigeria’s energy security amidst its ongoing power supply challenges.

Elumelu told the paper that his objective was to help Nigeria secure its energy resources while expanding his business interests.

According to the bank Chief, such investments are pivotal for a nation with a significant electricity shortfall.

Speaking on the issue of ongoing “Japa syndrome”—the trend of Nigerians seeking greener pastures abroad, Elumelu expressed support for individuals pursuing opportunities outside the shores of Nigeria.

He stressed the need for those who stay in Nigeria to strive to make a meaningful impact and build a legacy.

While reflecting on Nigeria’s oil sector challenges, Elumelu recalled a 2022 incident where he highlighted the severe impact of oil theft on production.

He criticized the situation where Nigeria failed to meet its OPEC production targets due to rampant theft, urging greater accountability from Nigerian leaders.

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