Renaissance MD, Attah at Nigerian Content Lecture, Predicts Merger of Operators, Outlines Funding Instruments for Projects

By David Owei,Bayelsa

Managing Director of Renaissance Africa Energy Company Limited, Engr. Tony Attah has predicted that many indigenous oil and gas operators in Nigeria will within the next decade consolidate strategically and form consortiums to take advantage of emerging opportunities.
He delivered a presentation at the Nigerian Content Academy Lecture on Thursday, entitled “Finding Funds for Effective and Efficient Local Content Initiatives – IPPG Perspective,” and projected that “five big Nigerian independent oil companies will emerge in the next 10 years in Nigeria. The future of this industry and business in the world is about collaboration.”
He lauded the significant growth in the operational and funding capacities of indigenous operating companies, resulting in their successful acquisition and operation of fields recently divested by some international operating companies (IOCs).
He observed that “when IOCs leave matured basins in other climes, international independents take over from them. But Nigerian independents take over in Nigeria. That transition is showing value today. More than 50 percent of Nigerian crude oil production is associated with independents. I see a future where more Nigerian independents would have to consolidate. Renaissance here, Seplat is here. The consolidation would have to be among the others to create the other three or five.”
He shared insight on the successful formation of Renaissance Energy by a consortium of four Nigerian, and one international companies, namely ND Western Limited; Aradel Energy Limited; Waltersmith Petroleum Development Company Limited; First Exploration and Petroleum Development Limited; and Petrolin Trading Limited. He attributed the success of the deal to enduring collaboration, tenacity and ambition among the founding companies.
Engr. Attah, a former Managing Director of Nigeria LNG Limited and Shell Nigeria Exploration and Production Company (SNEPCo) also outlined veritable funding mechanisms which players in the African energy sector could deploy to navigate global funding and operational challenges.
He dwelt exhaustively on Capital Markets/Stock Exchange Listing; Private Equity and Eurobond; Strategic Partnerships/Joint Venture Structures and International Oil Company (IOC) Carry Arrangements; Prepayment/Offtake Financing, and Bank Facility.
He underscored the need for “Bankability Criteria,” under which he listed proven reserves, financial covenant (minimum coverage ratio over the loan life), governance and transparency, stable production profile, hedging strategy (robust hedging to protect against downside price risk), operator track record, and proven Health Safety and Environment (HSE), uptime, and production execution track record.
He disclosed that industry players need an operational mindset anchored on a creedal mantra – ABC (Ambition, Belief (in that Ambition) and Courage) – as they set about exploring the different funding mechanisms available. He noted that “finding a solution to funding gaps is a big opportunity in itself,” while encouraging industry players to ensure that their organisations have structure, guarantee, and system.
He advised all indigenous players to guard against weak business models, excessive focus on projected profits, and weak balance sheets. “Without structure, governance and ambition, nobody will finance you,” he stated.
The Renaissance CEO expressed appreciation for the emergence of the African Energy Bank, established by the African Petroleum Producers’ Organisation (APPO) and the African Export-Import Bank (Afreximbank), with significant financial backing by the Nigerian Content Development and Monitoring Board (NCDMB), but called for more of similar initiatives, stating that the Bank is yet to attain the level of financial capability to meet the continent’s industry funding requirements.
“Accelerating Africa’s energy financing is a challenge,” he noted, pointing out that “equity financing is not everything,” and that the industry operator has to be clear about what he is also bringing into the business. His belief is that Africa needs to do business with Africa.
Engr. Attah declared that local content in Nigeria is “no longer a policy aspiration; it is a capital execution challenge,” while urging indigenous players to embrace the ABC creed and work toward achieving targets for growth and expansion, bearing in mind that “without adequate funding, newly acquired assets will under-invest.” According to him, “You need the mindset of creating value; money will come,” as “capital follows value.”
In the Question-and-Answer segment, the former Director of the Nigerian Content Academy, Dr. Ama Ikuru, remarked that independents (indigenous upstream operators) have been remiss in fulfilling their obligations to their vendors, repeatedly failing to pay them when due. To that, Engr. Attah responded by advising independents against acts that would diminish their brand. He urged them to always fulfill contractual obligations. “Your business will not grow if you keep owing,” he warned.
The former Vice Chairman of the Petroleum Technology Association of Nigeria (PETAN) and Executive Chairman of Radial Circle Group, Engr. Ranti Omole, inquired what Renaissance and other successful Independents could do to boost prospects of growth among service companies. The Guest Lecturer assured of rewarding business engagements.
Professor Babs Oyeniyi, who participated from Edinburgh, United Kingdom, wondered why Nigeria’s oil and gas industry appears stuck with old, retired industry employees, continually inviting them to provide critical services. Engr. Attah attributed the trend, which he described as worldwide, to shifting interests and attention as youths today are moving into areas of Artificial Intelligence/Robotics, and fewer and fewer technically competent hands in the country.
Earlier in her opening remarks, the General Manager, Nigerian Content Academy, NCDMB, Ms. Doris Opuwari, had noted that funding constraints have for so long constituted barriers to growth and expansion among indigenous players in the industry, expressing hope that the Guest Lecturer of the day, Engr. Attah was eminently qualified to point the way forward.
In a goodwill message/closing remarks, the Director, Corporate Services, NCDMB, Dr. Abdulmalik Halilu, thanked Engr. Attah for a thoroughly researched and exhaustive work on the subject which he believed would be most beneficial to industry players. He also thanked the nearly 200 participants at the zoom event for their interest and sustained attention.

By George Mgbeleke

The Human Rights Writers Association of Nigeria (HURIWA) has raised grave concerns over what it describes as a troubling and prolonged case of alleged injustice involving WINHOMES Global Services Limited and diaspora investors affected by the Lagos–Calabar Coastal Road project, warning that the situation poses a direct threat to Nigeria’s credibility as a lawful and investment-friendly nation.

Addressing a press conference on Monday, in Abuja, HURIWA stated that after over two years of consistent monitoring, engagements, and independent reviews, it has become evident that the matter has been left unresolved for far too long, thereby undermining public trust in governance and the rule of law.

HURIWA noted that available records and interactions with concerned parties reveal that despite repeated submissions of documents and multiple engagements with relevant authorities, including invitations extended to affected diaspora investors to return to Nigeria for dialogue, there has been no conclusive resolution or payment of compensation to WINHOMES Global Services Limited.

The association expressed deep concern that what should have been a straightforward administrative and legal matter has lingered for over 24 months without closure, raising questions about whether the delay is a result of bureaucratic inefficiency or indicative of deeper systemic issues that must be urgently addressed.

HURIWA further drew attention to a widely circulated video in which the Honourable Minister of Works, Senator David Umahi, reportedly stated publicly that he personally ordered the demolition of the WINHOMES Estate, clarifying that the directive did not emanate from the President. According to HURIWA, this revelation introduces serious constitutional and administrative questions regarding the exercise of authority and adherence to due process in matters affecting private investments.

The association stressed that such a public admission, if accurately represented, necessitates immediate clarification from the highest levels of government to determine whether due process was followed, and whether the actions taken were consistent with established legal and institutional frameworks.

HURIWA emphasized that the case also highlights a broader and deeply concerning pattern in which a Nigerian diaspora investor (reported to be a woman who mobilized significant foreign direct investment into the country) has allegedly faced demolition of her investment, reputational damage, and prolonged delays in obtaining redress. The association warned that any perception of targeted victimization, whether real or inferred, would significantly erode investor confidence and damage Nigeria’s global standing.

The civil rights body stated that the implications of the unresolved dispute extend far beyond the immediate parties involved, noting that Nigeria’s ability to attract and retain both local and foreign investments depends heavily on the assurance of legal protection, transparency, and timely dispute resolution.

HURIWA cautioned that investors will be reluctant to commit resources to an environment where due process appears uncertain, where executive powers may override established legal safeguards, and where compensation for government actions is perceived as discretionary rather than obligatory.

The association underscored that the facts surrounding the case are already in the public domain, with video evidence, official statements, and eyewitness accounts widely accessible, thereby attracting both national and international attention. It warned that continued inaction risks reinforcing negative perceptions about governance and accountability in Nigeria.

In light of these developments, HURIWA called on the President of the Federal Republic of Nigeria to immediately intervene in the matter to ensure a fair, transparent, and timely resolution. The association urged the President to clarify the extent of authorization granted for the demolition, determine whether proper procedures were followed, and ensure that all affected parties receive full and just compensation without further delay.

HURIWA also called on the Federal Ministry of Works to provide a comprehensive and transparent account of the circumstances surrounding the demolition, including the legal basis for the action and the processes undertaken prior to its execution.

Furthermore, the association urged relevant anti-corruption and oversight agencies to initiate an independent investigation into the case to ascertain whether there was any abuse of office, conflict of interest, or violation of constitutional provisions.

HURIWA reiterated that Nigeria cannot afford to project an image of a nation where investments can be destroyed without accountability and where prolonged silence follows actions with far-reaching economic consequences. It stressed that leadership must be demonstrated through decisive action that upholds justice, protects investors, and reinforces the supremacy of the rule of law.

The association also called on the international community and Nigerians in the diaspora to remain engaged and vigilant, noting that issues of this nature have far-reaching implications for global investment flows and the perception of Nigeria as a viable destination for business.

HURIWA affirmed its commitment to continued monitoring of the situation and pledged to sustain advocacy efforts until justice is achieved and institutional accountability is ensured.

The association concluded that justice delayed in matters of this magnitude not only denies affected parties their rightful remedies but also erodes confidence in governance, weakens economic prospects, and diminishes Nigeria’s standing in the global community.

By David Owei,Bayelsa
Niger Delta ex-militants, Board of Trustees (BoT), Critical Stakeholders Forum (CSF) and the Foundation for Heritage Advancement and Development in Niger Delta (FHADND) have rejected calls from some quarters to decentralise the pipeline security contract awarded to the Tantita Security Services Nigeria Limited (TSSNL).

The stakeholders, who rose from their meeting in Port Harcourt, Rivers State, described the call to tamper with the framework of the contract under the leadership of High Chief Government Ekpemupolo popularly known as Tompolo as premature, dangerous and potentially counterproductive.

They commended President Bola Ahmed Tinubu for approving the renewal of the contract saying the President acted in line with the wishes of overwhelming majority of critical stakeholders and the ordinary people, who according to them had seen the stabilising impact of Tantita’s operations in the Niger Delta.

The stakeholders also hailed the National Assembly for passing a vote of confidence in Tantita’s operations and Tompolo’s leadership.

The stakeholders’ communique was signed by High chief Reuben Clifford Wilson, BOT Chairman, BSF; Mr. Ezekiel Akpasibewei, First Phase Ex-militant Leaders; Chief Francis Waiwei, Executive Director, FHADND; Comrade Nature Dumale Kieghe, BOT Secretary; Prince Emeka Igwe, Imo State Coordinator, Ideye Granvile, Rivers, High Chief Andabafa Opunama, Delta, Darikoro Alfred, Bayelsa coordinator, High chief Niko Sintei, Akwa Ibom; Frankly Duduku, Cross River, Godgift Ayabowei, Bayelsa; Amb. Kenneth Ekberi, Rivers and Chief Oyetakin Senator, Ondo..

They recalled that before the era of Tantita’s operations, the Niger Delta was notorious for oil theft, pipeline vandalism, illegal bunkering, sabotage of oil infrastructure and environmental degradation.

But the stakeholders noted that following the surveillance contract, all the vices had reduced to their barest minimum adding that the current operation framework had led to improved field coordination, stronger local intelligence gathering and increased operational vigilance among others.

“In simple terms, the present structure is working and what is working should be strengthened and not dismantled. Pipeline surveillance in the Niger Delta is not an ordinary contract, it is a national security responsibility tied directly to Nigeria’s economic survival”, the stakehokders said.

They insisted that any attempt to distort the existing structure would create operational confusion, encourage rivalry among multiple actors, weaken accountability, undermine coordination and efficiency and create security gaps that criminal elements could exploit among others.

The stakehokders said: “The current arrangement under Tantita has over time developed the institutional familiarity, operational experince, and local legitimacy required to function effectively in such a sensitive environment. To suddenly fragment such framework in the name of decentralisation would amount to disrupting a system that has already demonstrated effectiveness.

“We must state clearly that pipeline security should never be politicised or reduced to a sharing formula for sectional, political or patronage interest. Nigeria’s strategic oil assets are too important to be subjected to experiments driven by personal ambition, regional pressure or political bargaining. The overriding consideration must always be national interest, operational effectiveness and sustainable peace in the Niger Delta.

“We, therefore urge all well-meaning stakeholders leaders to support the preservation and strengthening of the current surveillance framework in the overall interest of peace, security, and economic stability in the
Niger Delta and Nigeria at large.

“We are also using this medium to assure Mr. President that he will be given
overwhelming bulk votes in the forthcoming 2027 presidential election in the Niger Delta region because of his speedy approval of the renewal of the pipeline security and surveillance job for Tantita Security Services Nigeria Limited.

“The renewal of this job has renewed the hopes and strengthened the confidence of the ordinary Niger Deltans in Mr. President. The Niger Delta people are excited to continue plying their trades without the fear of sea pirates attacks and the negative effects of illegal oil bunkering activities in their communities.”