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Elumelu Opens Up On Buhari’s Blockade, Oil Theft, And His Vision For Africa’s Growth

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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

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US Threatens New Tariffs on UK, EU, China, 57 Others

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Trump Requests Postponement Of Sentencing In Hush Money Case Until After Presidential Election

US Threatens New Tariffs on UK, EU, China, 57 Others

 

The United States has announced plans to impose fresh tariffs of between 10 and 12.5 per cent on imports from dozens of countries over concerns that they have failed to do enough to curb the trade in goods produced through forced labour.

 

The move marks the second major tariff initiative by the administration of President Donald Trump since the US Supreme Court struck down a significant portion of his earlier import duties in February.

 

According to the US Trade Department, the proposed tariffs would affect 60 trading partners that collectively account for almost all goods imported into the United States.

 

The department said the measures were aimed at countries that have either failed to prohibit the importation of goods made with forced labour or have not effectively enforced existing restrictions.

 

Announcing the proposal, US Trade Representative Jamieson Greer said the continued trade in goods linked to forced labour created unfair competition for American workers.

 

“It creates a dynamic where American workers are forced to compete globally on an unlevel playing field,” Greer stated.

 

The proposed tariffs have yet to take effect, as the Trump administration is expected to complete the necessary legal and regulatory processes before implementation.

 

The action follows an investigation launched in March by Greer into whether major US trading partners had taken adequate measures to prevent the importation of products made wholly or partly through forced labour.

 

Findings from the investigation indicated that 54 countries had “failed to impose a legal prohibition on the importation of goods produced wholly or in part with forced labour and to effectively enforce such a prohibition.”

 

The report further stated that six trading partners — the European Union, Canada, Ecuador, Indonesia, Mexico and Pakistan — had failed to effectively enforce existing bans on imports linked to forced labour.

 

Under the proposal, a 10 per cent tariff would be imposed on imports from countries and blocs including the European Union, United Kingdom, Canada, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, Guatemala, Malaysia and Taiwan.

 

The remaining 45 countries, including China and India, would face higher duties of 12.5 per cent.

 

Reacting to the announcement, the British government maintained that it was taking steps to address forced labour concerns within supply chains, while China rejected allegations that goods produced through forced labour were entering global markets.

 

The European Union, however, described the proposed tariffs as unjustified.

 

An Indian trade analyst characterised the move as a pressure tactic aimed at strengthening Washington’s position in ongoing trade negotiations with New Delhi.

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Israeli Airstrikes Hit Beirut, Kill Two Despite Fragile Ceasefire

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Israeli Airstrikes Hit Beirut, Kill Two Despite Fragile Ceasefire

 

Israel on Sunday launched airstrikes on southern Beirut, marking the first attack on the Lebanese capital since a ceasefire brokered by the United States last week, as tensions between Israel, Hezbollah and Iran continued to escalate.

 

Lebanon’s Ministry of Health said two people were killed and at least 20 others injured, including women and children, after Israeli warplanes struck two apartment buildings in Beirut’s southern suburb of Dahieh, a stronghold of the Iran-backed Hezbollah movement.

 

The strikes came amid renewed hostilities following a wave of missile attacks launched by Iran against Israel on Sunday night, which Tehran said was retaliation for increasing Israeli military operations in southern Lebanon and the outskirts of Beirut.

 

Israeli Prime Minister Benjamin Netanyahu defended the attacks, saying the targets were Hezbollah facilities operating within the Lebanese capital.

 

“We struck terrorist headquarters in the Dahieh district of Beirut in response to Hezbollah’s firing at Israeli territory,” Netanyahu said.

 

The latest bombardment shattered the lower floors of a residential building, leaving apartments exposed and scattering debris, concrete and twisted metal across nearby streets.

 

Videos circulating on social media showed residents and emergency responders rushing to the scene to rescue victims trapped beneath the rubble.

 

Health officials in Lebanon confirmed that four women and four children were among those injured in the attack.

 

An Arabic-language statement issued by an Israeli military spokesman on X indicated that the operation could continue, describing the targeted sites as Hezbollah military infrastructure.

 

“To be continued,” the spokesman wrote.

 

The Israeli military also announced that it intercepted two projectiles fired from Lebanon into Israeli territory earlier on Sunday.

 

Hezbollah later claimed responsibility for rocket attacks targeting Israeli artillery positions at Yiftah Barracks and troops stationed near al-Marj Pond.

 

The group said the attacks were carried out in response to what it described as repeated Israeli violations of the ceasefire and continued assaults on villages in southern Lebanon.

 

Reacting to the Beirut strikes, Iranian lawmaker and foreign policy committee spokesman Ebrahim Rezaie warned that Israel would face consequences.

 

He said Iran would deliver a “decisive and painful response” to the attack.

 

The renewed violence threatens a fragile truce reached on June 3 after intense diplomatic efforts led by Washington and supported by Qatar.

 

Prior to the ceasefire, Israel had threatened a major offensive in Dahieh, prompting thousands of residents to flee the area and triggering urgent diplomatic interventions aimed at preventing a wider regional conflict.

 

United States President Donald Trump had previously announced that there would be “no troops going to Beirut” following discussions with Netanyahu, while Washington reportedly urged Israel to exercise restraint.

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Iran Launches Fresh Missile Barrage on Israel, Vows “Full Week of Continuous Strikes”

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Iran Launches Fresh Missile Barrage on Israel, Vows “Full Week of Continuous Strikes”

 

Iran has fired multiple waves of missiles towards northern Israel in a sharp escalation of regional tensions, with Tehran warning that the attacks mark “the beginning of a full week of continuous strikes.”

 

The Islamic Revolutionary Guard Corps (IRGC) said the operation would continue in waves, signalling a prolonged confrontation as fears grow of a wider Middle East conflict.

 

However, most of the incoming missiles were reportedly intercepted by Israel’s air defence systems, with authorities later allowing residents to leave shelters. No immediate casualties were reported.

 

The Israeli military said it is prepared for a forceful response, with its chief of staff warning that the country would “strike the enemy with determination as soon as the order is given.”

 

A military spokesman also described Iran’s action as a “grave mistake,” amid mounting pressure on Israel’s leadership to respond decisively.

 

The latest exchange follows earlier Israeli strikes on Hezbollah-linked targets in southern Beirut, a move that further inflamed regional tensions and raised expectations of retaliation from Iran and its allies.

 

The developments have intensified concerns over the widening scope of the conflict across multiple fronts in the Middle East.

 

According to reports from Fox News, United States President Donald Trump urged Iran to de-escalate, saying: “That’s enough. Get back to the table.”

 

He was also quoted as expressing displeasure over Israel’s strikes in Beirut, telling the network he was “not happy” about the escalation.

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