In a shocking revelation, Nigerian entrepreneur Tony Elumelu has accused former President Muhammadu Buhari of blocking his bid to acquire an oil field in 2017. Elumelu, whose business empire spans banking, power, and hospitality.
According to Elumelu, his company, Heirs Holdings, had raised $2.5 billion to purchase the oil field, but the deal was thwarted by Buhari and his late Chief of Staff, Abba Kyari. Elumelu expressed frustration, stating that he was told Nigeria couldn’t allow a private operator to control something of such strategic importance.
Elumelu emphasized that this decision defied logic, as he would have been purchasing the oil field from a foreign company. He argued that his acquisition of the oil field would have provided energy security for Nigeria, which struggles with low power supply.
The businessman also discussed the “Japa syndrome,” where young Nigerians are leaving the country in search of better opportunities. Elumelu expressed support for those seeking solutions elsewhere, citing joblessness as a betrayal of a generation. However, he encouraged those who choose to stay to create an impact and build a legacy.
In 2022, Elumelu drew attention to the issue of oil theft in Nigeria, highlighting the significant loss of oil production and revenue. He emphasized the need for accountability and urged leaders to address this pressing issue.
Elumelu’s allegations have sparked controversy, with many calling for further investigation into the matter. The former president’s administration has yet to respond to the allegations.
