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Elumelu<\/p>\n
By Amah<\/span><\/p>\n Kindly share:<\/span><\/p>\n Chairman of Heirs Holdings and UBA Group Plc, Mr Tony Elumelu, has disclosed how Former President Muhammadu Buhari and his late Chief of Staff, Abba Kyari hindered him from purchasing a $2.5bn oilfield.<\/span><\/p>\n According to Nigerian News Direct, Elumelu made this known in a chat with Financial Times.<\/span><\/p>\n Addressing why he decided to venture into the oil sector, Elumelu said the decision was influenced by his vision to make Heirs Holding a Fortune 500 company.<\/span><\/p>\n \u201cWe wanted to become a Fortune 500 company and we estimated what we needed. It\u2019s not naira, it\u2019s huge dollars. Energy security is crucial for a country that doesn\u2019t produce enough electricity for its roughly 200mn citizens,\u201d he explained.<\/span><\/p>\n \u201cHeirs Holdings had been looking to purchase an oilfield since 2017. We raised $2.5bn to purchase a different one. But in a twist, never previously disclosed, former president Muhammadu Buhari and his chief of staff, the late Abba Kyari, blocked the deal,\u201d Elumelu disclosed.<\/span><\/p>\n He added that that he was told Nigeria couldn\u2019t allow something of such strategic importance to fall into the hands of a private operator.<\/span><\/p>\n This defied logic, he adds, since he would have been purchasing it from a foreign company.<\/span><\/p>\n Elumelu, however, dislodged his frustration on the losses being incurred to crude theft.<\/span><\/p>\n He disclosed that the field managed by Heirs Energies produces 42,000 barrels of crude pumped out daily with about 18 percent of production being stolen by oil thieves.<\/span><\/p>\n \u201cThis is oil theft; we\u2019re not talking about stealing a bottle of Coke you can put in your pocket. The government should know; they should tell us. Look at America \u2014 Donald Trump was shot at and quickly they knew the background of who shot him. Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters and we don\u2019t know?\u201d He lamented.<\/span><\/p>\n <\/p>\n \u00a0<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Elumelu By Amah Kindly share: Chairman of Heirs Holdings and UBA Group Plc, Mr Tony Elumelu, has disclosed how Former…<\/p>\n","protected":false},"author":1,"featured_media":1556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[457,458],"class_list":["post-1555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-heirs-holdings","tag-tony-elumelu"],"yoast_head":"\n