Energy Rights Group Backs Naira-for-Crude Policy, Warns New NNPCL Leadership Against Dubious Reforms
- Energy rights groups have hailed the resuscitation of the naira-for-crude policy by the Nigerian government
- The Energy Justice Forum (EJF) commended President Bola Tinubu for restoring the policy to boost energy security
- The forum disclosed that the policy shift is not just in the interest of Dangote Refinery, but a long-overdue redirection for local refineries
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Energy Justice Forum (EJF), a coalition of energy rights activists, has commended President Bola Tinubu for restoring the naira-for-crude policy, asserting that the move benefits local refineries and the broader Nigerian populace.
In a statement on Friday, April 11, 2025, the group said the policy shift is not just in the interest of Dangote Refinery, but a long-overdue redirection for local refining capacity and everyday Nigerians who have long borne the burden of an import-dependent energy system.
Source: UGC
The naira-for-crude policy is a move for refineries
Godknows Manager, national president of EJF, described the decision as “the most patriotic intervention in Nigeria’s petroleum sector in recent history,” while urging the newly appointed leadership of the Nigerian National Petroleum Company Limited (NNPCL) to align with the president’s reformist path.
“We must be clear — this policy is not about Dangote alone. It is about returning value to Nigerians, enabling refineries in Warri, Port Harcourt, and Kaduna to thrive, and ensuring that Nigerians are not perpetually held hostage to dollar-denominated fuel pricing,” Manager said.
“President Tinubu has restored dignity to our economic sovereignty. For the first time in a long time, the average Nigerian sees a glimpse of hope that our natural resources may finally work in our favour.”
The group also cautioned the new NNPCL Group Chief Executive Officer, Bayo Ojulari, and board chairman, Pius Akinyelure, urging them not to inherit what it called “the dubious, dollar-chasing reforms” of the former GCEO, Mele Kyari.
“It would be a fatal mistake for the new leadership at NNPCL to continue on the path of ruin orchestrated by Kyari — a path that nearly collapsed our economy, undermined local refining, and exposed the country to foreign exchange shocks,” Manager declared.
“We are watching closely. Nigerians are watching. And we will not hesitate to mobilise civil society resistance if old habits creep back in through the back door.”
The group asks the new NNPC to audit Kyari
He said Nigerians “deserve transparency, not tokenism; energy justice, not backdoor deals”.
“There must be a clear audit of Kyari’s tenure — all contracts, all swaps, and all the shady transactions disguised as ’liberalisation’. We are demanding full disclosure and accountability.”
Manager further encouraged the new board to strengthen collaborations with indigenous investors and local engineers to ensure that Nigeria’s refining ambitions are realised.
“We cannot build a sustainable energy future on the back of secrecy and elitist policies. This is a new dawn. The new NNPCL must walk in light, not shadows,” he added.
FG directs NNPC to supply crude to Dangote, others
Legit.ng earlier reported that the Federal Executive Council (FEC) has officially directed the full application of the collapsed naira-for-crude agreement with local refineries.
The Ministry of Finance revealed this on its X handle as it provided an update on the crude and refined product sales in the naira scheme on Wednesday, April 9, 2025.
Dangote commences sale of petrol in dollars
Legit.ng earlier reported that the first phase of the naira-for-crude deal between the Nigerian government, the Nigerian National Petroleum Company Limited (NNPC), and the Dangote Refinery elapsed on March 31, 2025.
The deal has yet to be renewed, leading to the Dangote Refinery suspending the sale of refined petroleum products in the local currency.
In the update, the committee disclosed that the policy is not a temporary but a long-term plan to reduce Nigeria’s reliance on foreign exchange for petroleum products.
The development followed a meeting on Tuesday, April 8, 2025, to review and address the ongoing issues.
The naira-for-crude deal is timeless
The committee added that the initiative is not a time-bound intervention, but an essential policy directive to support sustainable local refining and boost energy security.
According to the statement, the technical sub-committee on the crude and refined product sales in the naira scheme met to provide an update on and review the progress and address ongoing implementation issues.
Source: UGC
The stakeholders reportedly reaffirmed the government’s commitment to implementing the strategic initiative to the fullest.
Oil cartels reportedly responsible for hike in petrol prices
Legit.ng earlier reported that a few months ago, the president of Dangote Industries, Aliko Dangote, raised an alarm that an oil cartel was trying to sabotage his $20 billion refinery.
There are fears that Dangote’s alarm was not a hoax. The refinery has continued to battle crude supply challenges from the Nigerian National Petroleum Company Limited (NNPC), leading to massive imports.
Specifically, Dangote accused international oil companies (IOCs) of deliberately inflating crude oil prices so that his refinery could not afford it.
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Source: Legit.ng
