News
Elumelu Opens Up On Buhari’s Blockade, Oil Theft, And His Vision For Africa’s Growth
In a shocking revelation, Tony Elumelu, Chairman of Heirs Holdings and United Bank for Africa Plc, has disclosed how former President Muhammadu Buhari and his chief of staff, the late Abba Kyari, blocked his initial move to acquire an oil field in 2017.
In an interview with, Elumelu revealed that Heirs Holdings had raised $2.5 billion to purchase an oil field in 2017 but was prevented from doing so by former Nigeria President, Muhammadu Buhari and Kyari. He claimed that he was told that Nigeria couldn’t allow something of such strategic importance to fall into the hands of a private operator, despite the fact that he would have been purchasing it from a foreign company.
However, Elumelu’s persistence paid off, as Heirs Holdings acquired OML 17, an onshore oilfield, in 2021, as part of a deal that included $1.1 billion in financing from a consortium of global and regional banks and investors. The OML 17 field has a production capacity of 27,000 barrels of oil equivalent per day and estimated reserves of 1.2 billion barrels of oil equivalent.
When asked if he felt like getting in at the end of the party by buying an oil asset in the age of energy transition and environmental, social, and governance investing, Elumelu said: “We wanted to become a Fortune 500 company and we estimated what we needed. It’s not naira, it’s huge dollars.” Energy security is crucial for a country that doesn’t produce enough electricity for its roughly 200 million citizens, he added.
Elumelu also shared his experience with oil theft, which has been a major challenge for his company. He discovered first-hand why international oil companies were partly divesting from onshore assets, after criminal gangs began stealing crude from his pipelines. In 2022, when things got to a point where his company had to shut down production, Elumelu vented his frustration on social media, tweeting: “How can we be losing over 95 per cent of oil production to thieves?”
Today, though, business is looking up. Elumelu showed the status updates he received on his phone from the field: 42,000 barrels of crude pumped out daily. Theft still takes away about 18 per cent of production, he said. When asked who was behind oil theft in the country, he said: “This is oil theft, we’re 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 — 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’t know?”
Elumelu also stressed the need for Africa’s private sector to actively contribute to the continent’s growth, a principle he has termed “Africapitalism”. He praised President Bola Tinubu’s “courage” in embarking on necessary reforms and expressed support for skilled young Nigerians emigrating, stating that “joblessness is the betrayal of a generation” and that those who decide to stay should try to create an impact and build a legacy
In a bid to reduce the country’s planet-warming emissions, the UK government has announced a £180 million investment in solar panels for hundreds of schools and hospitals across the country.
This move is part of the government’s efforts to achieve its long-term climate goals and reduce reliance on fossil fuels.
The investment, which is the first major project from Great British Energy, the government’s new state owned energy company, is expected to provide solar panels for 200 schools and 200 hospitals.
This will not only help reduce energy bills but also cut carbon emissions and promote sustainability.
According to Energy Secretary Ed Miliband, “Great British Energy’s first major project will be to help our vital public institutions save hundreds of millions on bills to reinvest on the frontline.”
He added that the project will help reduce the financial pressure of energy bills on schools and hospitals.
The announcement has been welcomed by schools, unions, and NHS estate managers, who have long been advocating for measures to reduce energy costs.
Paul Whiteman, NAHT general secretary, said that the investment is a “step in the right direction” and will help schools manage energy bills, which have been a significant financial burden in recent years.
However, not everyone is optimistic about the investment.
Andrew Bowie, shadow energy secretary, argued that the government’s net zero plans will make the country “poorer.”
He claimed that the investment will lead to increased reliance on foreign powers like Russia.
In contrast, energy experts believe that investing in renewable energy will reduce the UK’s reliance on imports.
Jess Ralston, energy analyst at the Energy and Climate Intelligence Unit, said that the investment in solar panels will improve energy security and reduce the amount of gas imported from countries like Russia.
The first solar panels are expected to be installed by the end of the summer, with a focus on areas of “highest need.”
Get ready for the most explosive edition yet! Diaspora Watch 39th edition is packed with breaking news, shocking revelations, and heartwarming stories that will leave you breathless!
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DIASPORA WATCH 39TH EDITION: GLOBAL NEWS EXPLOSION!
Putin and Trump hold the fate of Ukraine in the balance as they engage in high-stakes talks! What will be the outcome? Find out inside!
Mark Carney sworn in as Canadian Prime Minister! A new era begins in Canadian politics, but what does the future hold?
Trump drops a bombshell, declaring Biden’s last-minute pardons “null and void”! The implications are staggering – get the full story inside!
Global growth set to slow down in 2025 and 2026, warns OECD report! What does this mean for the global economy?
SpaceX capsule delivers four astronauts to International Space Station! A historic achievement in space exploration that will leave you starstruck!
Your WhatsApp account can be compromised in minutes – find out how to stay safe online!
African Union rejects parallel government in Sudan, warns of country’s partition! The AU takes a firm stance on Sudan’s political crisis – get the latest inside!
Nigeria set to appoint new envoys as vetting process begins! Who will make the cut?
Nnamdi Kanu expresses gratitude as Chief Justice reassigned terrorism case! A significant development in the Nnamdi Kanu case – find out more!
ECOWAS Parliament intervenes in Guinea-Bissau, Liberia crises! Regional leaders work towards a peaceful resolution – get the full story!
And in a heartwarming turn of events, Asake reconciles with ailing father, promises new house and responsibility for 11-year-old daughter!
Diaspora Watch Unveils 38th Edition: Get ready for the most anticipated edition yet!
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Diaspora Watch is proud to present its 38th edition, packed with the latest news, trends, and analysis from around the world.
Our cover headlines are buzzing with hot topics: the mass trial of opposition figures in Tunisia, the UK government’s refusal to pay Rwanda over a canceled migrant deal, and Trump’s address to a joint session of Congress, outlining his vision for a second term.
But that’s not all – we’re also diving into the world of sports, with a special feature on Nigeria’s first Super Bowl winner, Moro Ojomo, who received a hero’s welcome at Aso Villa. And, meet the 35-year-old Nigerian man who’s making waves with his incredible talent for building helicopters and guns from rubber!
In our lifestyle section, we’re exploring the devastating consequences of procrastination and how to overcome it. Plus, find out why Nigerian celebrities are caught up in Lamborghini fever!
As always, Diaspora Watch is your premier source for compelling stories, analysis, and perspectives that matter to Africans everywhere.
So, grab your copy now and stay informed, inspired, and connected to the global African community!
