Tony Elumelu also addressed the problem of oil theft, which he believes is the primary reason Nigeria fails to meet its OPEC production quotas. He criticized the lack of accountability among Nigerian leaders and lamented the adverse effects on the nation’s oil industry and foreign reserves.
Tony Elumelu, Chairman of Heirs Holdings, has accused former President Muhammadu Buhari of obstructing his attempt to acquire an oil field.
In an interview with the Financial Times, Elumelu alleged that since 2017, he had been pursuing the purchase of the oil field and had secured $2.5 billion for the deal. However, he claims Buhari, along with his late Chief of Staff Abba Kyari, blocked the transaction.
Elumelu expressed frustration over the rejection, suggesting that Nigeria’s refusal to allow a private operator to handle such a strategically important asset was illogical. He argued that acquiring the oil field from a foreign company should not have posed a problem.
The billionaire businessman, also Chairman of United Bank for Africa (UBA), indicated that his company’s offer was intended to benefit Nigeria’s economy by keeping valuable assets within the country.
He emphasized the potential for significant economic growth and energy security, noting the country’s struggle with electricity shortages.
Regarding the “Japa syndrome,” or the trend of Nigerians seeking opportunities abroad, Elumelu expressed support, stating, “I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’” He highlighted the high levels of joblessness as a significant issue, suggesting that those who leave should not be hindered, while those who stay should strive to make an impact.
Tony Elumelu also addressed the problem of oil theft, which he believes is the primary reason Nigeria fails to meet its OPEC production quotas. He criticized the lack of accountability among Nigerian leaders and lamented the adverse effects on the nation’s oil industry and foreign reserves.
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