How Buhari, Emefiele rejected my bid to own an oilfield – Tony Elumelu

Renowned business mogul Tony Elumelu has shared details about how former President Muhammadu Buhari and the late Chief of Staff Abba Kyari turned down his company’s proposal to purchase an oilfield, despite securing billions of dollars to finance the deal.

In an interview with the Financial Times, Elumelu explained that in 2017, his investment firm, Heirs Holdings, made an offer of approximately $2.5 billion to the Buhari administration to acquire an oilfield. However, the proposal was rejected. According to Elumelu, both the former president and his chief aide declined the offer, insisting that the oilfield was of such “strategic importance” that it could not be allowed to pass into private ownership.

Elumelu expressed his bewilderment at the decision, noting that the acquisition would have involved purchasing the oilfield from a foreign entity. He also highlighted his experiences within the oil industry, particularly the pervasive issue of oil theft, which has driven international oil companies to sell their onshore assets.

About three years ago, Elumelu acquired a 45% stake in an oilfield, only to face severe setbacks due to criminal activities. Thieves frequently targeted his pipelines, stealing enough crude oil to force his company to halt production.

The frustration prompted him to tweet in 2022, “How can we be losing over 95 per cent of oil production to thieves?”

Mr Elumelu said, “The government should know, they should tell us” the masterminds behind the oil theft. “Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters, and we don’t know?”

Mr Buhari’s spokesperson, Garba Shehu, did not immediately respond to Peoples Gazette’s request for comments on Mr Elumelu’s claim, as SMS and WhatsApp messages sent to him were unanswered.