Connect with us

Business

Tony Elumelu Reveals How Buhari, Abba Kyari Blocked His 2017 Oil Field Acquisition

Published

on

Tony Elumelu

 

Tony Elumelu says Buhari and Abba Kyari blocked his 2017 oil field purchase, despite raising $2.5bn for the deal.

The Chairman of Heirs Holdings, Mr. Tony Elumelu, 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.

Elumelu, who is also the Chairman of the United Bank for Africa Plc, said this in an interview in The Financial Times. According to him, Heirs Holdings was looking to purchase an oilfield since 2017, and had raised $2.5 billion to purchase one.

But he alleged that in a twist, Buhari and the late Abba Kyari, blocked the deal.

He said he was told that Nigeria couldn’t allow something of such strategic importance to fall into the hands of a private operator. This, according to Elumelu, defied logic since he would have been purchasing it from a foreign company.

However, Elumelu’s decision to buy a 45 per cent stake in an oilfield three years ago surprised many. International oil companies such as Shell, Total and Eni were selling off their shallow water assets in Nigeria, with local companies taking charge. In 2021, his Heirs Holdings acquired OML 17, an onshore oilfield as part of a deal that included $1.1 billion in financing from a consortium of global and regional banks and investors.

Shell, Total and Eni each had sold stakes in the OML 17 field, which has production capacity of 27,000 barrels of oil equivalent per day and estimated reserves of 1.2 billion barrels of oil equivalent, Heirs said.

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.

He said 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, according to the newspaper, 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?”

The proponent of Africapitalism stressed the need for Africa’s private sector to actively contribute to the continent’s growth.

“We need to run government like a business,” is his formulation of how African governments should work, with administrations held accountable by legislatures as shareholders do chief executives.

Speaking about his career trajectory, Elumelu whose father was a builder and mother a caterer said: “I had a very fast career.”

At 26, having earned a masters in economics at the University of Lagos, he became a branch manager of the bank where he began his career. “It was unheard of. I like to take my destiny in my hands.”

Elumelu was at the helm of UBA for another five years until a central bank edict that turfed out long-serving bank bosses put him out of a job.

“2010 was a pivotal year for me,” he said while speaking about his ouster as UBA boss.

“The central bank ruling was a complete surprise . .Was it fair? Look, as someone who believes in governance, it probably makes sense, but it was a shock. But it was also liberating, catalysing,” he added.

By the end of that year, he had formed Heirs Holdings, the investment engine that launched the second act of his career and turned him from a banker to a multi-sector magnate.

“I don’t live for myself or my family alone, I know people look up to me,” he said of his fame outside of the boardroom.

“I try to make sure I don’t disappoint people. Young Africans need role models, they want people they can look up to,” he added.

If Elumelu is thriving, his country decidedly is not. Nigeria is in the grip of its worst economic crisis in a generation, with growth stalling and inflation at levels not seen in almost three decades.

Elumelu’s philosophy of “Africapitalism” is based on the premise that the continent cannot grow solely through the government, and that the private sector should actively invest even when — especially when — socio-economic conditions are tough.

“We can sit here today and the easiest part of the conversation would be to talk about all the things that have gone wrong, all the things that people have failed to do.

“But therein lies the philosophy of Africapitalism. For far too long, we have blamed foreign powers. We have blamed our own leaders. But what are we as the private sector doing to make things better? It’s a call on the private sector to stand up and show the way. Let us show the way through what is in our own power. We have the power to make investment decisions.”

With investments in 20 African countries and thousands of employees, he believes he is playing his own part. And through grants from his eponymous foundation, he says he is “democratising luck” for young entrepreneurs.

“I have my frustrations across the continent but I also have my wins . . . what I’m saying is we need to do something to have a better society.”

As a member of President Bola Tinubu’s presidential economic advisory committee, he is one of a handful of business leaders close to the administration. The reforms that Tinubu — whose “courage” Elumelu likes — has embarked on are necessary for long-term growth, Elumelu said, but he wonders if the sequencing of removing costly but popular fuel subsidies and a sharp devaluation of the naira currency could have been implemented better to first provide a social safety net for the most vulnerable in society.

“I support it, totally,” he says of skilled young Nigerians emigrating. “I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’

“Joblessness is the betrayal of a generation. You’ve gone to school and come back with your dreams and aspirations and you don’t have the opportunity . . . People who decide to find solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to create an impact and build a legacy.”

Be sure to follow ekwutosblog  for confirmed updates

Business

Soludo takes over Onitsha main market as IPOB declares compulsory sit-at-home

Published

on

The Governor of Anambra State, Prof Chukwuma Soludo has announced that his government will take over the running of Onitsha Main Market.

The governor had last Monday visited the market and also announced a one week closure over the continued adherence to sit at home protest by traders in the market.

The closure had generated a lot of tension, leading to protests by the traders, while the governor stuck to his gone, insisting that the market will remain closed for one week. He also held a meeting with the leaders of the market yesterday, where he presented them with two options.

Though it was a closed door meeting, which held at the Light House, Awka, a source in the meeting told THISDAY that the traders chose to open their shops on Monday, against an earlier option of demolishing and remodelling the market.

The source said: “The governor gave them two options. The first included; they will resume full trading activities on Mondays, mark attendance as required, while he regenerate and reorganise the market, demolish all illegal structures and plazas and create proper spaces and car parks. The second includes; To continue with Sit-at-Home on Mondays and risk the demolition of the market and use two-years for its reconstruction to restore it to its original master plan.

“The governor told them that restoring parking facilities in Main Market is an emergency, and any illegal structure erected at the park would be demolished soonest.”

It was gathered that the traders choose the first option, which will involve them opening on Monday, and giving the governor the go ahead to remove illegal structures to make way for wider roads in the market and restoring its packing space.

During the meeting, the governor told the traders that a committee will be set up to rectify all occupants of shops in the market, and that this will commence work soon, insisting that the government needs to know those who are trading in its market.

The governor was also said to have rejected a plea for the market to be opened on Saturday, insisting it can only be opened on Monday, when their compliance will again be re-accessed.

“The traders agreed to the terms, and will on Monday reopen the market to recommence business,” the source said.

Meanwhile, secessionist group, Indigenous People of Biafra (IPOB) has declared what it called Biafra-wide solidarity lockdown which is to hold on Monday in solidarity with Onitsha traders and to demand for Mazi Nnamdi Kanu’s immediate release.

A press release by the group’s publicity secretary, Mr Emma Powerful said the total shutdown across Biafraland is a direct, peaceful, and unified response to the shutting down of Onitsha Main Market for one week by Soludo.

The release said: “We remind Governor Soludo and his Abuja sponsors that the Monday sit-at-home originated as a peaceful protest demanding the unconditional release of Mazi Nnamdi Kanu, the very cause that has galvanized global attention to Biafra’s quest for self-determination.

“Attempts to twist this into “economic sabotage” or “criminality” will fail. The markets thrived during Christmas Mondays without incident, proving that voluntary compliance stems from genuine solidarity, not fear. Soludo’s escalation only exposes his desperation to provoke confrontation at a time when Biafra’s international profile is rising and diplomatic efforts are gaining traction.

“On Monday, February 2, 2026, we call on all Biafrans traders, transporters, banks, schools, civil servants, and every sector across Anambra, Abia, Imo, Enugu, Ebonyi, and beyond to observe this solidarity strike peacefully.

“Remain indoors, refrain from all commercial and public activities, and demonstrate to the world our disciplined resolve. This is not about disruption for its own sake; it is about standing with Onitsha traders who are being punished for demanding justice, and reaffirming that no governor can coerce free citizens into abandoning their rights or their solidarity.”

Continue Reading

Business

BUA Chairman Is My Ex-Husband – Tinubu’s Minister Opens Up On Past Secret With Abdul Samad Rabiu

Published

on

Nigeria’s Minister of Art, Culture and the Creative Economy, Hannatu Musawa has opened up about her former marriage to BUA Group chairman Abdul Samad Rabiu, describing it as a meaningful and life-shaping experience.

In a conversation on the MIC On Podcast with Channels Television journalist Seun Okinbaloye, Musawa reflected on her bond with Rabiu, saying their connection has remained strong despite their separation.

She explained that their relationship has evolved into one grounded in family ties, mutual respect, and continued support.

Musawa shared that although they are no longer married, they remain close and involved in each other’s lives.

She also pointed out the lasting connection between their families, noting that her daughter, Khadija, was named after Rabiu’s grandmother, showing the enduring link between them.

The minister described her time with Rabiu as one of the most memorable periods of her life.

She stated that there is no bitterness between them and that she will continue to support him in his endeavors, maintaining respect and care for their shared history.

She said: “We love each other because you love your family, obviously. But Samad is my brother. He’s my family. That’s what he is. And I’m his sister and his family, too. The marriage of the greatest experiences I’ve ever had.

“He is my ex-husband, but we are still family. We juggle coming from a background where, once you’re joined together, you continue to participate in each other’s lives. And so, we were married, and now we are just family.

“My daughter Khadija was named after Samad’s grandmother.

“We continue to share a deep respect and a love, and more than anything, support for each other. I’ll continue to be his greatest cheerleader.”

Abdul Samad Rabiu leads BUA Group, a Nigerian conglomerate with investments in cement, sugar, and other industries, and is regarded as one of the country’s leading business figures.

Continue Reading

Business

LIRS reiterates January 31st deadline for employers’ Annual Tax returns filing

Published

on

 

The Lagos State Internal Revenue Service (LIRS) has reiterated the statutory deadline of 31st January 2026 for all employers of labour in Lagos State to fulfil their statutory obligation to file their annual tax returns for the 2025 financial year.

In a statement issued on Thursday, January 19, the Executive Chairman of LIRS, Dr Ayodele Subair, reminded employers that the obligation to file annual returns is in accordance with the provisions of the Nigeria Tax Administration Act 2025 (NTAA).

Dr Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to their service providers, vendors and consultants, and to ensure that all applicable taxes due for the year 2025 are fully remitted. He emphasised that filing of annual returns is a mandatory legal obligation, and warned that failure to comply will result in statutory sanctions, including administrative penalties, as prescribed under the new tax law.

According to Section 14 of the Nigeria Tax Administration Act 2025 (NTAA), employers are required to file detailed annual returns of all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. Such returns must be filed and submitted not later than January 31 each year.

Dr Subair stated

“Employers must prioritise the timely filing of their annual income tax returns. Compliance should be part of our everyday business practice. Early and accurate filing not only ensures adherence to the law as required by the Nigerian Constitution, but also supports effective revenue tracking, which is important to Lagos State’s fiscal planning and sustainability.”

He further noted that in Lagos State, electronic filing via the LIRS eTax platform remains the only approved and acceptable mode of filing, as manual submissions have been completely phased out. This measure, he said, is aimed at simplifying and standardising tax administration processes in the State.

Read more in comments section

Continue Reading

Trending