Buhari and Kyari Stopped Me from Buying Oilfield Despite $2.5 Billion Offer-Tony Elumelu

Nigerian Business mogul Tony Elumelu has shared his disappointing experience with the Nigerian government’s handling of the oil industry. In a recent interview with the Financial Times, Elumelu revealed that his company, Heir Holdings, was denied the opportunity to purchase an oilfield in 2017 despite offering a substantial $2.5 billion. The former president and his chief of staff cited concerns about the oilfield’s strategic importance, opting to keep it out of private hands.

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Elumelu expressed his confusion and frustration with the decision, especially since the oilfield was already owned by a foreign entity. He further highlighted the challenges he faced after acquiring a 45% stake in another oilfield, including constant attacks by criminal gangs and significant losses due to oil theft. Elumelu’s experiences underscore the difficulties investors encounter in Nigeria’s petroleum industry.

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Elumelu’s tweet in 2022, questioning how oil production could be lost to thieves, remains unanswered. He urged the government to take responsibility and identify those behind the oil theft, emphasizing the need for accountability. However, the former president’s spokesperson has yet to respond to requests for comment on Elumelu’s claims.