Business
CBN Exchange Rate Unification ‘ll Boost Federal Revenue By N4 trn – CPPE
Centre for the Promotion of Private Enterprise (CPPE) has estimated that the move by Cental Bank of Nigeria to unify the exchange rate, would boost government revenue by a minimum of N4 trillion among other benefits to the economy.
This was CPPE’s reaction to the free float of the national currency against the dollar and other global currencies on the official Investors and Exporters’ Window by CBN, yesterday.
Dr. Muda Yusuf, it’s Director-General, said that CPPE welcomes the bold step taken by the Bola Ahmed Tinubu administration towards the unification of the naira exchange rate.
CPPE, an economists tink-tank, who has been advocating for a unified exchange rate regime , asserts that the liberalization of the foreign exchange market would unlock the huge potentials for investment, jobs and capital flows, adding that investors’ confidence would be positively impacted.
” A unified exchange rate regime offers the following benefits for the economy:
i.It enhances liquidity in the foreign exchange market.
ii.It reduces uncertainty in the foreign exchange market and therefore enhances the confidence of investors.
iii.It is more transparent as mechanism for forex allocation.
iv.It minimizes discretion in the allocation of forex and reduces corruption vulnerabilities.
v.It reduces opportunities for round tripping and other sharp practices.
vi.It would increase disclosures with respect to export proceeds and compliance with non-oil export declarations, especially the non-oil export documentation [NXP]. “
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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