One of the country’s most successful businessmen, Tony Elumelu, has accused former President Muhammadu Buhari of blocking his bid to acquire an oil field.
Elumelu, whose business interests span banking, power, and hospitality, disclosed that his company, Heirs Holdings, had been seeking to purchase the oil field since 2017 and had raised $2.5 billion for the deal. However, he said, Buhari and his late Chief of Staff, Abba Kyari, allegedly blocked the transaction.
Elumelu told the Financial Times that he was informed that Nigeria could not allow a private operator to control something of such strategic importance.
“This defied logic,” Elumelu said, adding that he would have been purchasing it from a foreign company.
As one of the few Nigerians who made their fortunes outside of oil, Elumelu revealed that his decision to buy a 45% stake in an oil field three years ago was to provide energy security for Nigeria, which faces a low power supply.
“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.
Speaking on the Japa syndrome, Elumelu declared, “I support it, totally. “I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’
“Joblessness is the betrayal of a generation. You’ve gone to school and come back with your dreams and aspirations and you don’t have the opportunity . For people who decide to find solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to create an impact and build a legacy.”
