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
Diaspora Watch – Vol. 44 (April 28 – May 4, 2025)
Stay Ahead of the Curve as Diaspora Watch Releases 44th Edition
FREE Digital View:
https://diasporawatch.com/wp-content/uploads/2025/04/flipbookvol44/index.html
Print on Demand:
https://www.magcloud.com/browse/issue/3064232?__r=1069759
SUBSCRIBE TO DIASPORA WATCH NOW ON THE BELOW LINK !!!
https://diasporawatch.com/subscribe-to-diaspora-watch-newspaper/
The world is abuzz with breaking news, and the 44th edition of Diaspora Watch is your passport to the most critical global developments. From the hallowed halls of the Vatican to the bustling streets of Geneva, our spotlight shines bright on the stories that matter most.
Witness the high-stakes diplomatic dance between the US and Iran, as they hold new talks in Oman amid a push for a nuclear deal. Meanwhile, in Rome, hundreds of thousands pay their respects to Pope Francis, while Trump and Zelensky hold a pivotal meeting at the Vatican.
In Sudan, the crisis deepens as displaced people resort to eating leaves and charcoal to survive. The world watches with bated breath as the situation unfolds.
California has overtaken Japan as the world’s fourth-largest economy, while the threat of crypto investment scams looms large, with $5.8 billion lost in 2024 alone.
Oluwatobiloba Amusan returns to action in the Xiamen Diamond League, and the world waits with anticipation for the selection of a new Pope. Who will be the next leader of the Catholic Church?
The Caribbean Investment Summit in Antigua brings together leaders and investors, while Qatar’s aviation scholarships and training opportunities are a beacon of hope for CARICOM citizens.
These and many more are for your reading pleasure. Dive into the 44th edition of Diaspora Watch and stay informed about the stories shaping our world.
Top negotiators from the United States and Iran are set to meet again in Oman on Saturday, aiming to make progress towards a new agreement that would curb Tehran’s rapidly advancing nuclear programme.
The meeting will involve Iran’s Foreign Minister, Abbas Araqchi, and Trump’s Middle East envoy, Steve Witkoff, who will negotiate indirectly through Omani mediators.
The talks follow a productive round of discussions in Rome last week, which both sides described as constructive.
The new discussions are expected to begin at expert level, with the aim of setting the stage for direct talks between the two lead negotiators.
US President Donald Trump expressed confidence in securing a deal, saying: “I think we’re going to make a deal with Iran.”
However, significant differences remain over the nuclear dispute, which has persisted for over two decades.
The US has withdrawn from the 2015 nuclear deal between Iran and six world powers and imposed a stringent “maximum pressure” campaign on Tehran, reimposing crippling sanctions. In response, Iran has breached the terms of the pact, particularly in its nuclear activities.
Iran has accelerated its uranium enrichment, reaching up to 60% purity, a significant step towards the 90% purity required for weapons-grade uranium.
US Secretary of State Marco Rubio has said that a new deal would require Iran to cease all uranium enrichment and import any enriched uranium it needs for its Bushehr nuclear power plant.
However, Tehran is unwilling to make such concessions, insisting that ending its enrichment programme or surrendering its enriched uranium stockpiles are “red lines” that cannot be crossed.
Iranian officials have stated that their country will consider negotiating some limits on its nuclear programme in exchange for the lifting of sanctions.
The talks have also highlighted concerns over Iran’s missile programme, which Tehran insists is non-negotiable.
An Iranian official said that Tehran views its missile programme as an even greater obstacle to reaching an agreement than its nuclear work.
The outcome of these talks will have significant implications for regional and global security, and it remains to be seen whether the two sides can find common ground.
A successful deal would not only benefit the two countries but also contribute to regional and global stability.
Prime Minister of Grenada, Honourable Dickon Mitchell, attended the 2025 Caribbean Investment Summit (CIS25) in Antigua and Barbuda.
The summit, themed “Integrity. Stability. Sustainability — CBI Pathway to Economic Prosperity,” provided a platform for regional leaders to discuss investment strategies and economic development.
During the Stakeholder Impact Session, “Adapting to the New Regulatory Era,” the Prime Minister engaged with other Caribbean leaders, Heads of Citizenship by Investment Units (CIUs), and senior officials on strengthening the region’s investment ecosystem.
The session focused on advancing the summit’s core pillars of integrity, stability, sustainability, and economic prosperity.
A closed-door meeting followed, where Prime Ministers, CIU Heads, and the Joint Regional Communications Centre (JRCC) deliberated on regional investment and development strategies.
The summit aimed to foster collaboration and drive economic growth in the Caribbean region.
Diaspora Watch – Vol. 44
US, Iran to Hold New Talks in Oman Amid Nuclear Deal Push
Grenada PM Attends Caribbean Investment Summit in Antigua
Diaspora Watch 20th Edition (October 14-20, 2024): Your Trusted Source for Global News and Insights
Revolutionary mRNA Lung Cancer Vaccine Trial Offers New Hope To Thousands
Nigeria Ranked 5th Globally, 3rd In Africa As Most Generous Country In World Giving Index 2024
-
News1 week agoDiaspora Watch – Vol. 43
-
Trending1 week agoVatican Announces Funeral Details for Pope Francis
-
Diaspora1 day agoUS, Iran to Hold New Talks in Oman Amid Nuclear Deal Push
-
News1 week agoPrayers offered for Repose of Pope Francis Soul
-
Business2 days ago$5.8 Billion Lost to Crypto Investment Scams in 2024: FBI Warns of Growing Threat
-
News2 days agoGrenada PM Attends Caribbean Investment Summit in Antigua