Heirs Holdings Chairman Tony Elumelu has accused former President Muhammadu Buhari and his late Chief of Staff Abba Kyari of obstructing his bid to purchase an oil field since 2017 after he raised $2.5 billion for it.
Elumelu disclosed this in a Financial Times interview, highlighting a controversial decision made by the previous administration.
He stated in the interview that he was advised Nigeria could not permit something of such strategic importance to be handled by a private operator.
“The rejection defied logic,” Elumelu expressed in the interview, highlighting his disbelief at the administration’s decision.
READ ALSO: Nigeria Sitting On A Keg Of Gunpowder, Obasanjo Claims
“We would have been purchasing it from a foreign company, so why was it such an issue?”
Elumelu stressed that his company’s offer was more than just a business deal and that it might strengthen Nigeria’s economy by keeping significant assets in the nation. Elumelu is also the chairman of United Bank for Africa (UBA).
“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.
Elumelu also talked about his experiences with oil theft, a problem that has plagued Nigeria’s petroleum sector for a long time.
He declared, “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!”
