Business
Dangote Refinery’s Affecting European Markets – OPEC
In the last quarter of 2024, OPEC said “imports also declined, particularly oil product imports, improving the outlook for the external sector.”
A report by the Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday said that the emergence of Dangote refinery has reduced the importation of petroleum products from Europe to Nigeria.
According to the report, the 650,000-capacity Dangote refinery, which began operations in January last year, started producing PMS in September, the country had relied solely on importation for its fuel needs.
“Since it started production, the refinery has exported petrol, diesel, and aviation fuel to other countries within and outside Africa.
The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets which will call for new destinations and flow adjustments for the extra volumes going forward.”
In the last quarter of 2024, OPEC said “imports also declined, particularly oil product imports, improving the outlook for the external sector.”
The report stated that the gasoline crack spread in Rotterdam against Brent increased slightly on healthy exports although gasoline inventories at the Amsterdam-Rotterdam-Antwerp storage hub remained high.
It added that the gasoline inventory builds are expected to extend into the coming month amid a lengthening gasoline balance in the Atlantic Basin due to winter-season demand-side pressures.
OPEC maintained that the ongoing recovery in gasoline refinery output levels will likely exacerbate the already bearish market sentiment.
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.
Black Market Rates
₦1382DOLLAR (USD)
₦1855POUND (GBP)
₦1545EURO (EUR)
1000 DOLLAR (CAD)
₦70 RAND (ZAR)
370DIRHAM (AED)
190YUAN (CNY)
₦100G.CEDI (GHS)
₦2350 CFA F.(XOF)
₦2250 CFA F.(XAF)
₦850 AUSSIE (AUD)
Official CBN Exchange Rates
DOLLAR (USD)₦1328.67
POUND (GBP)₦1758.36
EURO (EUR)₦1511.63
SWISS FRANC (CHF)₦1605.45
JAPANESE YEN (JPN)₦8.38
CFA FRANC (XOF)₦2.31
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1808.03
CHINESE YUAN (CNY)₦197.92
SAUDI RIYAL (SAR)₦353.86
SOUTH AFRICAN RAND (ZAR)₦81.09
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.
Congo military plane crash kills 13, including three officers
Manchester City Faces Expulsion For Breaching 114 EPL Financial Rules
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Business3 days agoFG Engages Stakeholders On Nigeria’s Rice Value Chain
-
Business3 days agoNaira To Dollar, Pound , Euro Rate Wednesday September 23
-
Business2 days agoAirtel Money Targets October Listing On London Stock Exchange
-
Business2 days agoMAN Urges CBN To Consider CRR Cut Next Phase of Monetary Easing
-
Business3 days agoCardoso Says Multiple FX Windows Cost Nigeria 3% of GDP, Higher Than Fuel Subsidy
-
Crime1 day agoJUST IN: Zamfara LG Chairman Freed After 61 Days in Captivity
-
News2 days agoVP Shettima, Gov Mbah to address Over 500 editors on 2027 election issues
-
Sports1 day agoFIFA names Nigerian referee among 81 officials for U-17 World Cup