Business
Govt Tax Causing Cooking Gas Price Rise – Marketers
The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, said gas consumers should brace themselves for price hikes starting next week.
He cited rising international prices, high tax rates and prices of vessels, forex scarcity, and naira devaluation as some of the reasons for the intended price review.
“It is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high, but consumers are not earning more.
“Their purchasing power has gone down. Everybody is crying. Consumers, middlemen, and retailers are feeling the impact because business is now on the low side,” he said.
Olatunbosun described the imminent price increment as unfortunate.
“The situation is very unfortunate because prices are going higher. Nigerian consumers are passing through very difficult times because they can no longer afford gas,” he added.
“The government should come in and alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.
“You can imagine that for every 1kg of gas priced at N700, tax would take way N3.50. How much is left in such a business?” he said .
He urged the government to tax profit and not products because consumers were not buying gas anymore.
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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