That Nigeria is losing 95% of crude oil production to crooks, Tony Elumelu asserts.
- Posted on March 18, 2022
- Editors Pick
- By Osinachi Gift
The Chairman of UBA Banking Group and Heirs Holdings, Tony Elumelu, has asserted that the major reason Nigeria cannot convene its crude oil production quota and advantage from high oil rates is because of thievery.
Elumelu revealed this in a progression of tweets on Thursday languishing over thrusting problems that Nigerians encounter daily from electricity and fuel.
However, he persuaded that by 2023, Nigeria must be on an intense path for improvement and advancement.
What is the point Elumelu is making?
He asserted, that he has been eavesdropping to comrades at his bureau lamenting the incredibly thrusting problems that they encounter daily in the country, and how things keep getting hard, stemming from no electricity for 5 days, hikes in the cost of diesel, intimidating sustenance inflation, to mention but a few.
He asserted, “How can a country so wealthy in natural res resources have 90% of its residents dwelling in difficulty and lack? Often I have asserted that permit to electricity is significant for our family development, mitigation of lack and difficulty. And talking of safety, our people are scared.”
Elumelu furthermore announced that companies are grieving and Nigeria is forfeiting 95% of oil production to oil crooks, speaking of the Bonny lethal oil thievery that should be acquired over 200k containers of crude oil every day, rather it acquires slighter than 3,000 containers.
“How can we be forfeiting about 95% of oil production to crooks? Glare at the Bonny Terminal that should be amassing about 200k containers of crude oil every day, rather, it acquires smaller than 3,000 containers, dominating the operator Shell to assert force majeure.
“It is evident that the explanation, Nigeria is inadequate to fulfill its OPEC production proportion is not because of the meager venture but because of thievery, pure and simple!
“Nevertheless, oil-producing nations are glimmering as their foreign resource is growing. What is Nigeria’s issue? We need to wield our administrators extra accountable!” Elumelu asserted.
He asserted that the wicked thrive when honest folks are reserved, persuading Nigerians to solicit and endorse leaders that will deliver in the 2023 elections.
“Nigeria must be on a strong path for advancement and progress,” he expanded.
INVESTOR. ENTREPRENEUR. PHILANTHROPIST.
Anthony Onyemaechi Elumelu
Tony O. Elumelu is an investor, entrepreneur, and philanthropist. He grew up in Jos in a loving family. Today, he is the Founder and Chairman of a family-owned investment company, Heirs Holdings, dedicated to boosting lives and transforming Africa, and founder of the Tony Elumelu Foundation, which is empowering African entrepreneurs.
EARLY LIFE (1963-1993) Education and the Beginning of Entrepreneurship
Tony, a Nigerian-born and Nigerian-trained, began his career as a copier salesman. He finished maximum of his pursuit life in banking, thriving from the stance of an analyst to become the Chief Executive Officer of pan-African financial services group, United Bank for Africa.
In 2010, Tony vacated banking to the successive phase of his life as an investor and a philanthropist, aiming his passion, commitment, and dedication to realizing the growth of the African continent. Tony's ventures traverse a vast spectrum of categories and are dispersed across 20 African nations and beyond. Tony is married to Dr. Awele Vivien Elumelu and their union is honored with seven gorgeous children.
The TurnAround Expert
1 year after obtaining his Master's degree in Economics from the University of Lagos, Tony applied to enroll into Allstates Trust Bank, irrespective of not measuring up to the credentials standards. By a hit of fate, the CEO of the bank got across his application letter, and he was handpicked to interview. He thereafter earned the job.
At 26, Tony was given the chance of a lifetime to become a branch manager at AllStates Trust Bank, earning him the youngest bank branch manager in the nation at the time. This chance impacted his life, urging him to give inexperienced employees the exact chance he was bestowed with. Tony's accomplishment in this role incited his passion for investing in the lives of young people.
Tony's accomplishments became public when he achieved the seemingly impossible. He was relatively unknown in the Nigerian banking industry when he acquired a distressed financial institution, Crystal Bank, and became its CEO; an action that earned him and his circle of peers, the endearing nickname - "the cowboys of banking".
Audacious at 34 – and the country's youngest banking CEO – he renamed the struggling bank Standard Trust Bank (STB) and pursued an aggressive strategy that catapulted STB from obscurity into becoming Nigeria's fifth-largest bank within seven years.
The biggest merger in sub-Saharan Africa
In 2005, Tony made history again when he led the biggest merger in sub-Saharan Africa at the time combining Standard Trust Bank Plc with the older, more established United Bank for Africa (UBA), which at the time was Nigeria's 3rd largest financial services institution. In less than ten years, he transformed UBA from a single-country bank to a pan-African institution with over 1million customers, operations in 20 African countries, and offices in Paris, London, and New York. This action sealed his reputation as a business turnaround expert and one of Africa's most influential business leaders.
The Tony Elumelu Foundation
In 2010, Tony left UBA to replicate his backtracking success across diverse businesses. Equipped with the proficiency, creativity, and knowledge of economic opportun⅞ities that exist in Africa, he founded Heirs Holdings (HH) in 2010. Heirs Holdings is a family-owned African proprietary venture organization dedicated to boosting lives and transforming Africa, through long-term investments in strategic sectors of the African economy including financial services, hospitality, power, energy, technology, and healthcare. Today, HH and its investee companies employ over 30,000 people, while empowering thousands more across Africa.
Tony also set up The Tony Elumelu Foundation (TEF) in the same year as an extension of his unwavering belief in the youth as catalysts for Africa's transformation. The Tony Elumelu Foundation has become the hallmark for Africa's sustainable development and a leading champion of youth entrepreneurship on the landmass. It inhabits its mission, empowering young African entrepreneurs, through its flagship Entrepreneurship Programme, a 10-year $100 million obligation to recognize, parade, educator, and fund 10,000 young African entrepreneurs across 54 African countries. Before its inception, the Foundation has sponsored just about 10,000 entrepreneurs and proposed a digital ecosystem of about one million Africans.
Tony's businesses and Foundation are stimulated by his economic philosophy of Africapitalism, which stances the private sector, and most honorably, entrepreneurs, as the trigger for the social and economic growth of the African continent. He galvanizes support for the Foundation's referendum by dealing with world administrators at public and private convenings, as well as attending to category issue-specific international, regional, and local councils and committees. Some of the boards include the Global Advisory Council of the Harvard Kennedy School's Centre for Public Leadership, World Economic Forum Community of Chairmen, and the Global Board of UNICEF's Generation Unlimited. He was named in the 2020 Time100 Most Influential People in the World and honored with Belgium’s highest national honor recognized for his business leadership and economic empowerment of young Africans.
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