‘How Buhari, Kyari Blocked My Attempt to Purchase Oilfield’, Tony Elumelu Opens Up …C0NTINUE READING HERE >>>
Tony Elumelu disclosed that former president, Muhammadu Buhari, and deceased former chief of staff, Abba Kyari, rejected his company’s request to buy an oilfield despite raising billions of dollars to fund the dealThe wealthy banker was bemused because, according to him, the decision of Nigerian authorities at the time ‘defied logic’Henzodaily.ng recalls that in 2015, Buhari appointed himself as minister of petroleum resources, a position he held concurrently with the presidential role until the completion of his second term in May 2023
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Henzodaily.ng journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering public affairs.
FCT, Abuja – Tony Elumelu, the chairman of Heirs Holdings Oil and Gas Limited, has said Muhammadu Buhari, former president of Nigeria, blocked him from purchasing an oilfield.
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Speaking in an interview with the Financial Times published on Friday, August 9, Elumelu stated that the late Abba Kyari (Buhari’s chief of staff), also hampered his initial objective vis-à-vis the oil business.
Through Heirs Holdings, Tony Elumelu (right) is exploring Nigeria’s oil business.
Photo credits: Pius Utomi Ekpei, Eric Piermont
Source: Getty Images
This is despite raising billions of dollars to fund the deal.
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He said he was told Nigeria could not allow something of such strategic importance to fall into the hands of a private operator. But according to him, this defied logic, considering he would have been purchasing it from a foreign company.
Notwithstanding, in 2021, Elumelu eventually got deeper into the oil sector with oil mining lease (OML) 17.
Heirs Holding decided to buy a 45% stake in an onshore oilfield as part of a deal that it said included $1.1 billion in financing from a consortium of global and regional banks and investors.
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At the time, Total, Shell, and Eni each sold stakes in the OML 17 field in Port Harcourt, Rivers state, which has a production capacity of 27,000 barrels of oil equivalent per day and estimated reserves of 1.2 billion barrels of oil equivalent.
TNOG Oil and Gas Limited, which Heirs owns alongside Transnational Corporation of Nigeria Plc, officially took the stake.
One year later, Elumelu was apparently frustrated with operations that he famously lamented 95% of oil production loss to theft.
Although business seems to have improved, theft still reportedly takes away about 18 percent of the production, according to Financial Times.
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Elumelu responds to question on possible presidential desire
Earlier, Henzodaily.ng reported that as Nigerians look forward to the 2027 elections, Elumelu said he is ready to unite with “people we believe are providing good leadership”.
Although frustrated with Nigeria’s past leaders, Elumelu asserted that everyone does not necessarily have to be president.
Source: Henzodaily.ng
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