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.
Hundreds of pensioners in Benue State on Wednesday took to the streets of Makurdi to protest the non-payment of gratuities, pension arrears and the failure of the government to harmonise pension payments, lamenting that many retirees are dying due to hardship and lack of access to healthcare.
The protesters, under the umbrella of the Concerned Pensioners Association of Benue State, staged a peaceful demonstration and threatened to occupy the Benue State Government House if their demands continue to be ignored.
Carrying placards with inscriptions such as “Pay Us Our Pension, Our Members Are Dying” and other messages demanding justice, the retirees expressed frustration over what they described as years of neglect and broken promises.
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Speaking during the protest, the association’s chairman, Akosu Orban, said pensioners had exhausted all avenues of dialogue with the state government without achieving any meaningful result.
“We have exhausted all avenues for dialogue and resolution with the Benue State Government over our demands without success. That is why we have decided to embark on this peaceful protest,” he said.
According to Orban, gratuities dating back to the year 2000 remain unpaid, while pension arrears owed to state retirees stand at 38 months and those owed to local government retirees have accumulated to 62 months.
He also raised concerns over the non-harmonisation of pensions, claiming that some retirees still receive as little as N2,000 monthly despite existing provisions for improved pension payments.
“It may interest you to know that some pensioners who retired many years ago are still being paid N2,000 monthly pension. If pensions were properly harmonised, they should be receiving up to N40,000 per month,” he stated.
The pensioners lamented that the prolonged delay in settling their entitlements has pushed many retirees into extreme poverty.
“Pensioners are dying on a daily basis because they cannot afford drugs and special diets required for age-related ailments. We have become scavengers, beggars and destitute in the land we served diligently,” Orban added.
The association accused the administration of Governor Hyacinth Alia of failing to fulfil promises allegedly made during the 2023 election campaign to clear pension arrears and gratuities within 100 days of assuming office.
The retirees further alleged that they withdrew several court cases against the government after receiving assurances that outstanding payments would be settled on a first-retired, first-paid basis, only for those promises to remain unfulfilled.
Warning that their patience was running out, the protesters vowed to escalate their action if their demands were not addressed.
“We are hungry and angry. If our concerns are not addressed, we will have no option than to occupy the Benue State Government House until justice is done to pensioners,” Orban declared.
Responding to the protest, Benue State Commissioner for Finance, Michael Oglegba, said the current administration inherited pension and gratuity liabilities estimated at N300 billion.
He noted that the government was making efforts to settle the obligations despite limited resources.
“That is what we inherited, but we are doing our very best to pay what we can. They have the right to demonstrate, but government, in its wisdom, is doing its best,” Oglegba said.
The commissioner added that the administration had fully paid gratuities of workers who retired since it assumed office in 2023, while also working to reduce the backlog inherited from previous administrations.
The protest highlights the growing frustration among pensioners in Benue State, many of whom say years of unpaid entitlements have left them struggling to survive.
A total of 268 Nigerians evacuated from South Africa following recent xenophobic attacks are expected to arrive in Lagos today as the Federal Government intensifies efforts to protect its citizens abroad.
The returnees, who form the first batch of those seeking voluntary repatriation, are being transported aboard an Air Peace evacuation flight scheduled to land at the Murtala Muhammed International Airport, Lagos, at about 5:00 a.m.
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, is expected to receive the evacuees on behalf of the Federal Government upon their arrival.
This was disclosed in a statement issued by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, who said the Acting High Commissioner of Nigeria in Pretoria, Ambassador Alexander Ajayi, would accompany the returnees and formally hand them over to Nigerian authorities.
The evacuation follows renewed xenophobic attacks in South Africa, which have left many foreign nationals, including Nigerians, fearful for their safety and seeking a return to their home countries.
According to the ministry, the ongoing screening exercise for Nigerians willing to return home voluntarily has been extended until Sunday, June 14, 2026, to enable more affected citizens to participate in the evacuation programme.
The ministry said the extension underscores the Federal Government’s commitment to the welfare, safety and protection of Nigerians living overseas.
It also assured that relevant Ministries, Departments and Agencies (MDAs) have made adequate arrangements for the reception, documentation and support of the returnees upon arrival.
The latest evacuation marks another chapter in the long-standing concerns over xenophobic violence in South Africa, where Nigerians and other African migrants have periodically faced hostility, attacks and displacement.
Federal authorities have reiterated their commitment to safeguarding the interests of Nigerians abroad while continuing diplomatic engagements aimed at addressing the situation and ensuring the safety of affected citizens.
A coalition of civil society organisations, activists, labour groups and youth movements has declared June 12, 2026, a day of nationwide protest against worsening insecurity, economic hardship and deteriorating living conditions across Nigeria.
The protest, scheduled to coincide with the country’s Democracy Day celebration, is being championed by prominent human rights lawyer Femi Falana and popular musician-turned-activist Falz, alongside several civil society leaders and advocacy groups.
In a joint statement released ahead of the demonstration, the coalition expressed concern over what it described as the growing suffering of Nigerians amid rising insecurity, inflation and poverty.
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According to the group, millions of citizens have little reason to celebrate Democracy Day as many communities continue to battle terrorism, banditry, kidnapping and other violent crimes.
The statement was jointly endorsed by Falana, National Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB); Hassan Taiwo Soweto of the #EndBadGovernance Movement; Yinka Folarin of the Committee for the Defence of Human Rights (CDHR); Falz and several other civil society advocates.
The coalition lamented that innocent Nigerians are being killed, abducted and displaced while many families continue to live in fear due to the worsening security situation across the country.
“The Nigerian people deserve a government that places the protection of lives and property at the centre of governance,” the coalition stated.
The group further demanded the immediate release of citizens currently being held captive by kidnappers and criminal groups in various parts of the country.
It also criticised what it described as inadequate responses to insecurity despite repeated assurances by authorities that the situation was improving.
According to the coalition, schools remain vulnerable to attacks, farmers face challenges accessing their farmlands and many major highways are still considered unsafe for travellers.
Beyond security concerns, the coalition highlighted the growing economic hardship facing Nigerians, citing rising fuel prices, currency devaluation, increased electricity tariffs and the soaring cost of essential goods and services.
The statement noted that food prices have continued to rise sharply, making it increasingly difficult for families to meet their basic needs.
It added that transportation costs have become unbearable for many citizens, while small and medium-sized businesses are struggling to survive due to high operating costs, unstable electricity supply and declining consumer purchasing power.
The coalition also expressed concern over stagnant wages and persistent inflation, arguing that workers’ incomes can no longer adequately support their households.
Explaining the purpose of the June 12 protest, the organisers said the nationwide action is intended to compel the government to take urgent and practical steps to tackle insecurity and implement policies that will ease the economic burden on citizens.
The coalition called on workers, students, traders, artisans, market women, professionals, unemployed youths, religious organisations and labour unions to mobilise and participate peacefully in the demonstration.
“The time has come for Nigerians to speak with one voice and demand security, dignity and a decent standard of living. Enough of the killings. Enough of the kidnappings. Enough of the hunger. Enough of the suffering,” the statement added.
The organisers described the planned protest as a democratic expression of citizens’ frustrations and a collective demand for a safer and more prosperous Nigeria.
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