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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
CARICOM pushes unified response to global shifts, backs Guyana’s COP35 bid
The Caribbean Community, CARICOM has called for urgent and coordinated action to confront mounting global uncertainties, as it concluded its 50th Regular Meeting of the Conference of Heads of Government in Basseterre, Basseterre, St Kitts and Nevis.
The four-day summit, held from February 24 to 27 under the chairmanship of St Kitts and Nevis Prime Minister, Dr Terrance Drew, brought together regional leaders to deliberate on security, economic integration, external trade, reparations and the situation in Haiti.
In her opening remarks, CARICOM Secretary-General, Dr Carla Barnett, urged member states to take advantage of opportunities presented by the shifting global order.
She said as new markets emerge and strategic alliances are recalibrated, the Region must engage with clarity and cohesion in areas such as energy transition, digital infrastructure, climate resilience and technology to attract investments aligned with its development priorities.
Outgoing Chairman and Jamaica’s Prime Minister, Andrew Holness, said the speed of global change was outpacing regional coordination, warning that climate shocks, criminal networks and technological disruption were evolving faster than existing policy and regulatory frameworks.
“The question before us is not whether CARICOM can endure, but whether it can deliver for our people with urgency and relevance in a rapidly changing world,” he said.
President of Suriname, Jennifer Geerlings-Simons, and Prime Minister of Trinidad and Tobago, Kamla Persad-Bissessar, also stressed the need for regional unity, describing it as a necessity in the face of economic volatility, climate insecurity and geopolitical shifts.
During the meeting, Heads of Government held discussions with the United States Secretary of State, Marco Rubio, and agreed on the need to establish a 21st-century cooperation framework covering migration, security cooperation, trade and investment, disaster recovery and technical assistance.
Leaders noted that the US remains a valued partner and welcomed Washington’s commitment to reinvigorate traditional ties within the Western Hemisphere.
The Conference also engaged Saudi Arabia and the United Arab Emirates on expanded economic collaboration, including structured mechanisms to unlock opportunities in the digital economy, climate resilience, water security and infrastructure development.
In a major financial boost, Afreximbank announced an increase in its global limit for CARICOM initiatives from $3bn to $5bn, as the Region seeks to strengthen economic ties with Africa and expand trade and investment flows.
On Haiti, the Conference reaffirmed its commitment to supporting stability and free and fair elections, and expressed appreciation to Kenya for leading the Multinational Security Support mission, now transitioned to a Gang Suppression Force authorised by the United Nations Security Council.
The Bahamas and Jamaica were also commended for contributing personnel and operational support.
Heads of Government reiterated their steadfast backing for the sovereignty and territorial integrity of Belize and Guyana in border matters before the International Court of Justice, calling on all parties to respect and implement the court’s decisions when delivered.
On regional security, leaders welcomed progress on model legislation for criminal justice reform and the offer by the United Nations Development Programme to support the expansion of a Police Record Management Information System across member states.
On economic integration, the Conference approved the inclusion of additional professions under the free movement of skilled nationals within the CARICOM Single Market and Economy and adopted amendments to the Revised Treaty of Chaguaramas to streamline Rules of Origin adjustments.
Heads of Government also approved a CARICOM Industrial Policy and Strategy Framework aimed at fostering competitive and sustainable industries across the Region.
In a significant climate development, the Conference agreed to support Guyana’s bid to host COP35 in 2030.
The leaders expressed appreciation to the Government and people of St Kitts and Nevis for hosting the landmark 50th meeting and accepted Saint Lucia’s invitation to host the 51st Regular Meeting from July 5 to 8, 2026.
Over 200 Killed in DR Congo Coltan Mine Landslide
More than 200 people, including 70 children, have died following a landslide at a coltan mining site in Rubaya, eastern Democratic Republic of Congo, the government said on Wednesday.
The tragedy struck on Tuesday after heavy rains in the rebel-controlled area, with authorities blaming the M23 rebels for allowing unsafe, illegal mining.
Rescue operations were hampered by dangerous conditions, officials added.
Rubaya, the country’s largest source of coltan, holds about 15% of the world’s supply of the mineral used in electronics. Many injured miners have been evacuated to hospitals in Goma.
The toll could not be independently verified due to restricted access, disrupted communications, and ongoing insecurity in the region.
Ethiopia Launches First ‘Smart’ Police Station in Addis Ababa
Ethiopia has opened its first “smart” or unmanned police station in Bole, a pilot project aimed at modernising law enforcement and expanding access to citizens.
Inside the new station, visitors report crimes, traffic incidents, or general concerns via computer tablets.
A remote officer responds in real time, reducing the need for face-to-face interaction.
Commander Demissie Yilma, head of the police technology expansion department, said the system is still in its early stages, with just three reports logged in its first week. “The future police service should be near the citizens,” he noted.
The station forms part of the government’s broader Digital Ethiopia 2030 strategy, which seeks to digitise public services including identity systems, payments, and court processes.
Experts say while digital reforms could boost efficiency and convenience, challenges remain.
Internet access is still low, and older, rural, and low-income populations risk being excluded.
For now, the Bole station is a controlled pilot, with traditional police stations continuing to serve most of the population. Expansion will depend on citizen adoption and digital literacy levels.
CARICOM pushes unified response to global shifts, backs Guyana’s COP35 bid
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Diaspora Watch 20th Edition (October 14-20, 2024): Your Trusted Source for Global News and Insights
