In a stunning revelation, Tony Elumelu, founder of Heirs Holdings, has disclosed that his company's bid to acquire an oilfield was rejected by former President Muhammadu Buhari and his late chief of staff, Abba Kyari, despite securing billions of dollars in funding.

"We raised the funds, but surprisingly, our request was turned down by the president and his chief of staff," Elumelu said in a recent interview. "It was a shocking decision, considering the potential economic benefits of the deal."

Elumelu's company, Transcorp, had reportedly secured $2.5 billion in funding from international investors to acquire the oilfield, but the deal was rejected without explanation.

"I was disappointed, but not surprised," Elumelu added. "We have seen cases where political considerations override economic sense in our country."

This revelation has sparked debate about the role of politics in Nigeria's oil industry and the need for transparency in decision-making.

"Elumelu's experience highlights the challenges faced by investors in Nigeria," said an industry expert. "The government must create a more conducive environment for businesses to thrive."

Source: Shegzeblog