Elumelu Accuses Buhari, Kyari Of Thwarting Oil Field Acquisition

Tony Elumelu, a prominent Nigerian businessman, has alleged that former President Muhammadu Buhari and his late Chief of Staff, Abba Kyari, blocked his attempt to acquire an oil field in 2017.

According to Elumelu, his company, Heirs Holdings, had secured $2.5 billion for the deal, but Buhari and Kyari cited concerns over the strategic nature of the asset being controlled by a private entity.

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Elumelu criticized the decision, stating that the acquisition would have involved buying from a foreign company and would have bolstered Nigeria’s energy security amidst its ongoing power supply challenges.

He expressed support for individuals pursuing opportunities outside the country, but emphasized the need for those who stay in Nigeria to strive to make a meaningful impact and build a legacy.

Elumelu also reflected on Nigeria’s oil sector challenges, recalling a 2022 incident where he highlighted the severe impact of oil theft on production.