by Niyi Jacobs
Nigerian businessman and chairman of Heirs Holdings, Tony Elumelu, has criticized the government for not doing enough to address oil theft and corruption in the oil sector.In an interview with the Financial Times, Elumelu revealed that his attempt to purchase an oil field in 2017 was thwarted by former President Muhammadu Buhari and his chief of staff, Abba Kyari
Elumelu emphasized the need for the government to expose those involved in oil theft, which he estimates has resulted in a loss of around 18% of oil production. He also expressed frustration that multinational oil firms are selling off their onshore holdings due to the theft problem.
Elumelu’s firm was forced to halt production in 2022 due to oil theft, and he took to social media to express his concerns. He tweeted that Nigeria’s inability to meet its OPEC production quota was due to theft, not low investment.
The businessman also disclosed that his attempt to purchase an oil field in 2017 was blocked by the government, which he found illogical. He claimed that he was told that Nigeria could not permit a private operator to have control over a strategic asset, despite his intention to buy it from a foreign corporation.
Elumelu’s comments highlight the ongoing challenges in Nigeria’s oil sector, including corruption, theft, and government inaction. His call for greater transparency and accountability is likely to resonate with many Nigerians who are frustrated with the status quo.
