NEWS
Renaissance Boss Backs Domestic Refining, Against Crude Exports
It has come to the fore that the continued export of crude oil while refined petroleum products are imported contradicts Nigeria’s local content goals and limits value creation within the country.
This view was shared on Thursday at an online lecture organised by the Nigerian Content Academy of the Nigerian Content Development and Monitoring Board on, ‘Finding Funds For Effective & Efficient Local Content Initiatives – IPPG Perspective’, by the Managing Director/Chief Executive Officer of Renaissance Africa Energy, Tony Attah.
He frowned at the traditional model adopted by international oil companies, noting that crude oil is produced in Nigeria and exported, while the value from refining is created in other countries.
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According to him, the prevailing system reflects the characteristics of an extractive industry, where resources are taken out without building domestic capacity for processing and industrial development.
“But what do we do today with the business model that the IOC has had? They produce and take the crude out. That’s why it’s called an extractive industry. But they take the crude out and create value in their respective countries,” he said.
Attah said the adoption of a similar model by independent oil producers undermines local content policy. Attah explained that the practice of exporting crude for foreign refineries to process is inconsistent with the objectives of Nigerian content development, which seeks to build capacity and encourage in-country value addition.
Attah said there is a transformation as local firms gradually take over the nation’s energy sector. He recalled how Renaissance Africa lowered Shell’s flag to fly its own after the divestment that took place in 2024. He also commended the Dangote refinery, saying the plant has led to the shutdown of various refineries in Europe.
“So, to expect the transformation that I referred to with Nigerian independence taking over, to continue with that model of — ‘produce and take the barrels out for someone else to create value’ — is not consistent with the Nigerian content where we are looking to create capacity and domestication in-country. That is why I feel very proud of Aradel and Waltersmith refineries and, in fact, even more so with the one Dangote has built.
“The Dangote refinery has disrupted the entire world. If you Google it, you will see how many refineries are shut down in Europe just because of one man’s dream, one man’s ambition, which, when you speak to him, he tells you about the belief. But he will tell you that there were several times in the course of pushing that ambition that he doubted himself, but he just had the courage to keep going,” he said.
He noted that local refining offers a more sustainable path for economic growth, as it enables Nigeria to capture greater value from its resources and strengthens domestic industrial capabilities.
Attah also expressed pride in emerging local refining initiatives, which he said demonstrate the benefits of processing crude domestically rather than exporting it in raw form.
Beyond refining, he emphasised the need for a balanced energy mix, stating that while renewable energy is important, it cannot alone meet Africa’s growing energy demand. He noted that global events, including geopolitical conflicts, have exposed the fragility of energy systems and highlighted the continued relevance of fossil fuels in ensuring energy security.
Attah said energy has always been in transition, evolving from manpower to kerosene, crude oil, gas, and now renewables, stressing that Africa must adopt a pragmatic approach that incorporates multiple energy sources.
He warned that Nigeria’s rapidly growing population would significantly increase energy demand, noting that the country’s population is projected to rise from over 200 million to more than 400 million by 2050.
The Renaissance Africa Energy chief also highlighted the gap between Nigeria’s population and power generation, observing that more than 200 million people rely on roughly 5,000 megawatts of electricity. He suggested that distributed energy solutions such as solar panels, batteries and inverters at the household level could help bridge supply gaps over time.
On financing local content initiatives, Attah stressed that investors prioritise governance structure, clarity of business model, and risk management. He explained that financiers typically require equity contributions, strong collateral, and credible project structures before committing funds.
According to him, Africa must also develop its own financing capacity, as reliance on external funding often leaves projects vulnerable during global economic shocks. He pointed to the creation of an African energy financing institution as a step towards addressing funding challenges on the continent.
Attah added that companies seeking investment must demonstrate bankability, cost efficiency, and strong governance to attract capital. He also urged African countries to strengthen intra-continental trade, noting that the continent often does more business with external markets than within itself.
Attah said building domestic refining capacity and strengthening local content initiatives would help Africa retain value, create jobs, and enhance energy security.
The Cross River State Signage and Advertisement Agency (CRISSAA) has fixed N150 million as the tariff for outdoor campaign advertisements by presidential candidates ahead of the 2027 general elections.
Under the new tariff, governorship candidates will pay N100 million, while senatorial candidates, House of Representatives candidates and State House of Assembly candidates are expected to pay N50 million, N25 million and N5 million, respectively.
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The Director-General of CRISSAA, Ubong Sam, disclosed the rates during an interactive session with the Inter-Party Advisory Council (IPAC) in Calabar.
Sam said the tariffs were moderate compared with what obtains in neighbouring states, adding that CRISSAA had introduced measures to regulate advertising spaces and ensure fairness among political parties and candidates.
“We have tried to regulate advert space, by not allowing anybody to insult the integrity of anybody or party, by being fair in all ramifications, by giving advertisers opportunity to either dialogue or arbitration and not necessarily by litigation,” he said.
The CRISSAA boss also directed political parties to remove their campaign billboards and other advertising materials within 30 days after the announcement of election results.
According to him, campaign materials left beyond the 30-day period would be considered a nuisance.
“Immediately after each election, at the expiration when results are announced, political parties are given 30 days to take off their campaign materials. Once it’s beyond 30 days, the advert materials become a nuisance,” Sam said.
He warned that defaulters could have their campaign materials removed, pay fines or face prosecution before the Advertising Regulatory Council of Nigeria (ARCON).
While IPAC state chairman, Effiom Edet, backed the tariffs and described them as fair, some political parties rejected the charges.
The state chairman of the Action Democratic Party and the Publicity Secretary of the Peoples Democratic Party (PDP) described the tariffs as outrageous and exorbitant, arguing that they could prevent less financially buoyant parties from using billboards to publicise their campaigns.
PDP spokesman, Mike Ojisi, said he was not part of any IPAC meeting where the tariffs were agreed.
“The tariff is outrageous, exorbitant and a ploy to prevent other political parties from carrying out massive publicity through billboards. The tariff is totally unacceptable,” he said.
The new charges are expected to fuel further debate among political parties and stakeholders as preparations intensify ahead of the 2027 general elections.
Pelumi Olajengbesi, spokesman for Osun State Governor Ademola Adeleke’s re-election campaign, has threatened to institute a ₦10 billion defamation suit against Senator Francis Fadahunsi over alleged defamatory statements.
Olajengbesi, through his lawyer, Hammed Lasisi, Esq., issued the threat in a letter dated August 12, 2026, demanding that the senator retract the statements and issue an unequivocal public apology within 24 hours.
The lawyer said the statements were made by Fadahunsi during television interviews on Viable TV on July 2 and Channels Television’s Politics Today on August 11.
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According to the letter, Fadahunsi allegedly questioned Olajengbesi’s identity and origin, stating that he was “not even from the same Ijebu-Jesha” and was “from somewhere in Ogun State.”
The senator also allegedly accused the campaign spokesman of “using thugs, Eiye and Aye.”
Olajengbesi’s lawyer argued that the remarks suggested that his client sponsored, associated with or deployed thugs and members of the Eiye and Aye cult groups for political activities.
The letter further cited Fadahunsi’s appearance on Politics Today, where he allegedly said of the late Ajayi Aderogba, popularly known as Rogba: “Rogba is an Eiye man sponsored by Barr. Olajengbesi terrorising the whole … my own territory up and down through all these Eiye and Aye.”
Olajengbesi denied the allegations, describing them as false, defamatory and injurious to his personal, professional and political reputation.
He maintained that he had never sponsored, financed, supported or patronised any cult group or its members for criminal, political or unlawful activities.
He also denied authorising anyone to terrorise, intimidate or attack members of the public on his behalf.
According to his lawyer, the allegation of sponsoring cultists and persons involved in acts of terror amounted to an accusation of criminal conduct and was particularly damaging to Olajengbesi as a legal practitioner and public figure.
The campaign spokesman has therefore demanded that Fadahunsi retract the alleged defamatory statements through the same media and social media platforms where they were published or disseminated.
He also demanded an “unequivocal and unreserved public apology” through appropriate national and social media platforms.
The lawyer warned that failure to comply within 24 hours would prompt Olajengbesi to approach the court to seek ₦10 billion in general and aggravated damages for defamation and injurious falsehood.
The dispute comes amid heightened political activities ahead of the 2026 Osun governorship election.
At least 44 people have died after an overcrowded ferry capsized on Zimbabwe’s Lake Kariba, with authorities continuing the search for possible survivors and missing passengers.
The ferry, operated by the Rural Infrastructure Development Agency, overturned on Tuesday while carrying 114 adult passengers, five crew members and an unspecified number of children.
According to Zimbabwe’s Civil Protection Unit, the vessel had a capacity of 90 people, indicating that it was carrying more passengers than its stated limit.
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Authorities initially reported that 77 people had been rescued and 15 bodies recovered. However, the Zimbabwe Republic Police later announced on Wednesday that the death toll had risen to 44.
“The ZRP informs the public that the death toll in the Kariba RIDA boat accident is now 44,” the police said in a statement posted on X.
A witness, Maxton Kanhema, told AFP that the ferry had departed in bad weather and may have been hit by a strong wave, causing its engines to switch off.
He said rescuers responded after a distress signal was seen and that bodies could be seen in the water.
“People were in distress… There were bodies in the water, and it was a sad situation to witness. Those that could be rescued were rescued,” Kanhema said.
A national park provided a helicopter to support the rescue operation, while larger boats, local divers and soldiers also joined the search.
The Civil Protection Unit said a specialised aquatic rescue team had been airlifted to the area. The 77 rescued passengers were taken to Long Island, located in the middle of the lake.
Two funeral parlours were also engaged to collect the recovered bodies as the search continued for anyone still unaccounted for.
The ferry serves communities between the northern town of Kariba and several islands and fishing villages around Lake Kariba.
Lake Kariba, which lies along the border between Zimbabwe and Zambia, is more than 300 kilometres northeast of Zimbabwe’s capital, Harare. It is the world’s largest man-made lake by volume.
The incident is one of the worst recorded passenger boat disasters on Lake Kariba.
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