Tony Elumelu, the 61-year-old founder of Heirs Holdings, recounted how the previous administration under President Muhammadu Buhari allegedly prevented him from acquiring an oilfield.
He made this known in an interview with Financial Times.
Elumelu revealed that since 2017, Heirs Holdings had been trying to purchase the oilfield, even raising $2.5 billion for a different acquisition.
However, he claimed that former President Buhari, along with his late Chief of Staff, Abba Kyari, blocked the deal.
Elumelu was reportedly told that the Nigerian government could not permit such a strategically important asset to be controlled by a private operator.
He found this reasoning illogical, especially since he was attempting to buy the oilfield from a foreign company.
As someone who built his wealth outside the oil sector, Elumelu explained that his decision to acquire a 45% stake in an oilfield three years ago was motivated by the need to ensure energy security for Nigeria.
At the time, international oil companies like Shell, Total, and Eni were divesting from their shallow water assets in Nigeria. Elumelu emphasized the importance of energy security in a country that struggles to provide sufficient electricity for its approximately 200 million citizens.
His aim was to help position Heirs Holdings as a Fortune 500 company while addressing the nation’s energy needs.
Earlier, he urged the FG to name the individuals behind Oil theft.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.