Billionaire Tony Elumelu has revealed that former President Muhammadu Buhari and his late chief of staff, Abba Kyari, blocked his attempt to purchase an oilfield in 2017.
Elumelu, who leads Heirs Holdings, disclosed in a recent interview with the Financial Times that his firm had raised $2.5 billion for the acquisition but was rejected by the Buhari administration.
The reason cited for the denial was the oilfield’s “strategic importance,” which the administration believed should not fall into private hands.
Elumelu expressed disbelief at the decision, noting that the purchase would have been from a foreign company.
He emphasized that the acquisition could have positively impacted Nigeria’s economy by retaining valuable assets domestically.
In addition to this setback, Elumelu has faced significant challenges in the oil sector, particularly oil theft, which has hindered operations and led to substantial financial losses.
He has publicly called on the government to address the rampant theft and identify those responsible, highlighting the broader issues affecting Nigeria’s oil industry and investment climate.