Buhari, Kyari Blocked My Oil Bid- Elumelu

(iexclusivenews) – Nigerian business magnate Tony Elumelu has made startling revelations about his failed attempt to purchase an oilfield in Nigeria.

The Chairman of UBA Group claimed that the former administration, led by President Muhammadu Buhari, and his influential Chief of Staff, Abba Kyari, thwarted his company’s bid.

Elumelu’s investment firm, Heir Holdings, had expressed keen interest in acquiring an oilfield around 2017.

With a substantial investment of approximately $2.5 billion at their disposal, the company approached the Buhari government for approval.

However, the proposal was met with a resounding no.

According to Elumelu, the former president and his right-hand man justified the decision by citing the oilfield’s “strategic importance,” deeming it unsuitable for private ownership.

This explanation, the businessman argued, was illogical considering the fact that the asset would be acquired from a foreign company.

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Oil Theft: Nigeria’s Open Wound

The challenges faced by the oil industry in Nigeria became apparent to Elumelu shortly after acquiring a 45% stake in an oilfield.

The menace of oil theft, a persistent issue crippling the sector, had a devastating impact on his operations.

His company suffered significant losses due to rampant pipeline vandalism and crude oil theft.

The businessman expressed frustration over the government’s apparent inability to curb the escalating crisis.

In a public outcry, Elumelu questioned the government’s knowledge of the masterminds behind the oil theft, demanding answers to the perplexing issue of foreign vessels operating freely within Nigerian territorial waters.

A Call for Accountability

Elumelu’s allegations have ignited a fresh debate on the challenges facing Nigeria’s oil industry and the role of government in addressing these issues.

As the nation grapples with economic difficulties, the revelation of blocked investment opportunities and the persistent threat of oil theft underscores the urgent need for reforms and effective governance.

The claims made by Elumelu demand a thorough investigation to ascertain the veracity of the allegations and to hold those responsible accountable.