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 move to strengthen regional stability and provide humanitarian support, Guyana’s National Assembly has approved $123 million (approximately $587,940 USD) for CARICOM nations, Diaspora Watch can report. This decision was made during the 89th Sitting of the National Assembly, where Minister of Foreign Affairs and International Cooperation, Hugh Todd, emphasized the government’s commitment to supporting its neighbors in need.
Diaspora Watch was told the funds will primarily support Haiti, which has been plagued by severe gang violence, resulting in over 2,500 people killed or wounded between January and March this year. Recall that the violence has led to a shortage of food, water, and other essential items, further exacerbating the humanitarian crisis. Minister Todd highlighted Guyana’s history of providing support to its Caribbean neighbors, citing the recent example of Hurricane Beryl, which devastated several Small Islands Developing States (SIDS) in the region.
Guyana provided contributions in kind to affected OECS countries, demonstrating its commitment to regional solidarity. The approval of these funds comes on the heels of a recent meeting between Heads of Government of Caribbean nations in Guyana, where they discussed the pressing issues of crime and gang violence in the region. The meeting highlighted the need for collective action to address these challenges, which have resulted in a 154% increase in regional security budgets between 2019 and 2024. In July, Guyana provided its first shipment of relief aid to Grenada, comprising vital items such as generators, water purification tablets, and hygiene products. This donation demonstrates Guyana’s commitment to providing tangible support to its neighbors in need.
Kimma Wreh (CIO, Excel Global Media Group Inc) provided keynote address on Cybersecurity and Data Protection in Africa at the Innovate Africa Conference 2024. The conference was held at George Washington University in Washington DC in September 2024.
To book Kimma, send email to exceltekay@gmail.com or call 832-483-4864.
The Olojo Festival, an ancient and vibrant Yoruba festival, is a grand celebration held annually in Ile-Ife, Nigeria, to honor Ogun, the god of iron and war, and the rich heritage of the Yoruba people. This deeply spiritual festival brings thousands of people together, showcasing traditional customs, colorful attire, music, and rituals that highlight Yoruba history and mythology.
The highlight of the event is the appearance of the Ooni of Ife, who dons the sacred Are Crown, believed to hold immense spiritual power. Through processions, sacrifices, and community gatherings, the Olojo Festival strengthens cultural identity, unites people, and pays homage to the gods. As an enduring celebration of Yoruba pride, it captivates locals and visitors alike, reminding all of the deep cultural legacy of Ile-Ife.
Welcome to the highly anticipated 23rd volume of Diaspora Watch, your indispensable source connecting the vibrant African diaspora around the world! This edition is packed with captivating stories and in-depth analysis.
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