'How Buhari, Kyari Blocked My Attempt to Purchase Oilfield', Tony Elumelu Opens Up

• 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 deal
• The wealthy banker was bemused because, according to him, the decision of Nigerian authorities at the time 'defied logic'
• Legit.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

Legit.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.

Read also

LIST: Locations one million man protest will take place as hunger protesters hold grand finale

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.

This is despite raising billions of dollars to fund the deal.

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.

Read also

Hardship: Shehu Sani reacts as Nigerian governors get N570 billion to support citizens

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.

Read more on Tony Elumelu

• Nasboi overjoyed as Tony Elumelu grooves to his song small money in Italy in sweet video
• Tony Elumelu’s unexpected link up with ASAP rocky, Rema in Paris leaves people talking, video trends
• Tony Elumelu explains why Nigeria lacks proper electricity, gives solutions
• Meet Awele Elumelu, the visionary powerhouse behind Tony Elumelu's success

Read also

“We’ll tell Tinubu”: Bauchi gov makes urgent demand as flood cuts off major highway, video trends

Elumelu responds to question on possible presidential desire

Earlier, Legit.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: Legit.ng