….Supports Japa Syndrome with Good Legacy
Leyoo Ajeokun
Chairman of Heirs Holdings, Tony Elumelu, said former President Muhammadu Buhari frustrated his efforts to own an oil field.
Elumelu disclosed this in an interview with the Financial Times, highlighting a contentious decision made by the previous administration.
The Chairman of United Bank for Africa,UBA alleged that he had been looking to purchase the oilfield since 2017 and raised $2.5bn for it, but Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.
He stated that he was advised Nigeria could not permit something of such strategic importance to be handled by a private operator.
βThe rejection defied logic,β Elumelu expressed in the interview, highlighting his disbelief at the administrationβs decision.
βWe would have been purchasing it from a foreign company, so why was it such an issue?β
Elumelu, also emphasized that his companyβs offer was not merely a business transaction but a potential boost to Nigeriaβs economy by retaining valuable assets within the country.
βWe wanted to become a Fortune 500 company and we estimated what we needed. Itβs not naira, itβs huge dollars. Energy security is crucial for a country that doesnβt produce enough electricity for its roughly 200 million citizens,β he added.
On Japa syndrome, Elumelu declared, βI support it, totally. βI donβt have a problem with people saying βIβm going to Canada, UK or US.β
βJoblessness is the betrayal of a generation. Youβve gone to school and come back with your dreams and aspirations and you donβt have the opportunityβ. For 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.β
Elumelu who also recounted his struggles with oil theft, which has been a persistent issue plaguing the Nigerian petroleum industry. said, βThe reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple! Meanwhile, oil-producing countries are smiling as their foreign reserves are rising. What is Nigeriaβs problem? We need to hold our leaders more accountable!β