Elumelu, also a major investor in the Nigerian oil and gas industry with substantial stakes in Heirs Oil and Gas, operators of Oil Mining Lease (OML) 17 joint venture, based his rallying call on the rapid depletion of Nigeria’s foreign reserves which has dropped to below $40 billion dollars in recent time, amid the price of brent in the international oil market rising to a high of around $100 per barrel in the last few days.
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