Business
Azikel Refinery in Bayelsa Set To Add 25,000 bpd To National Capacity
Azibapu Eruani, president of Azikel Group, disclosed the development during a recent tour of the complex by members of the Nigerian Society of Engineers.
Image: Dr Eruani Azibapu Godbless , President of Azikel Group
Azikel Refinery in Yenagoa, Bayelsa State has entered its final construction stage, with about 700 engineers and workers currently on site.
The $1 billion facility will process 25,000 barrels of crude oil or condensate per day.
The refinery is designed as a full-slate hydro-skimming plant. It will produce premium motor spirit, diesel, aviation fuel, kerosene, liquefied petroleum gas and other petroleum products from crude oil or condensate.
Azibapu Eruani, president of Azikel Group, disclosed the development during a recent tour of the complex by members of the Nigerian Society of Engineers.
Eruani described Azikel as Nigeria’s second-largest full-slate refinery.
He said it is the only refinery in Africa designed to process condensate into a complete range of products.
About 700 engineers and other personnel are working on the project. Most of the workforce comprises young Bayelsans and Nigerian engineers alongside expatriate specialists.
Azikel said the refinery is expected to employ more than 3,000 people when operational.
The project has already generated more than 80,000 indirect jobs, according to Billionaires.Africa.
Mac Jokori, chairman of the Nigerian Society of Engineers, Bayelsa branch, described the facility as a major milestone for Nigeria’s refining industry.
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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