Tony Elumelu, a prominent Nigerian businessman and philanthropist, has voiced his concerns regarding the rampant theft of crude oil in Nigeria and the obstacles he faced in acquiring an oilfield. He disclosed that Heirs Holdings, his investment company, has been pursuing the purchase of an oilfield since 2017, raising $2.5 billion for the acquisition. However, he claimed that the deal was blocked by former President Muhammadu Buhari and his late Chief of Staff, Abba Kyari, who deemed the acquisition of such a strategically important asset by a private operator unacceptable.
Elumelu emphasized the critical need for energy security in Nigeria, especially given the country’s ongoing electricity supply challenges. He explained that his decision to invest in an oilfield was driven by a desire to bolster the nation’s energy resources, particularly as international oil companies were divesting from shallow water assets in Nigeria.
In addressing the “japa syndrome,” which refers to the trend of young Nigerians seeking opportunities abroad, Elumelu expressed his support for those who choose to leave the country in search of better prospects. He acknowledged the disappointment faced by many graduates who return home with dreams and aspirations but find limited job opportunities. He encouraged those who decide to remain in Nigeria to focus on creating a positive impact and building a legacy for future generations.
