Business
DAPPMAN welcomes Dangote Refinery to petrol market
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) Wednesday expressed excitement over the rollout of premium motor spirit (PMS) otherwise known as petroleum by Dangote Refinery.
In a statement reported by Daily Trust, DAPPMAN’s Executive Secretary, Olufemi Adewole, said members of the association were elated that “The much-awaited petrol from Dangote Refinery is here.”
Adewole said his members had looked forward to a day like this when they could source their products locally.
“For us, it’s a dream come true as it’s a win-win situation for us all- the refinery, the marketers and, indeed, the general public,” he said.
A member of the association, who requested anonymity, dispelled the insinuation that depot owners and marketers are mere middlemen who have little contribution to the petroleum products supply and distribution value chain.
He described as unfounded and ridiculous the pronouncement in some quarters that depot owners should go and sell off their depots because of the commencement of Dangote Refinery’s operation of petrol.
He corroborated stakeholders’ belief that local refineries would require the cooperation of all stakeholders for mutual success.
“The petroleum products supply and distribution value chain is a global business that’s not peculiar to Nigeria.
How will anyone suggest that because of the advent of locally produced products, depot owners and oil marketers have lost relevance? The first simple question to ask is: can all motorists in Nigeria start driving their vehicles to the refineries to fill their tanks?
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 agoChina Woos Nigeria To Join WAICO Memberships For Technology Advantages
-
News3 days agoNigerian Editors Brace for Democracy Protection Ahead of 2027 Elections
-
News3 days agoSouth African kills Nigerian bar worker
-
International3 days agoAt UN, 80 countries demand reopening of Hormuz, condemn Iran, Houthi attacks
-
Business2 days agoNaira Exchange Rates, Friday September 25
-
Business3 days agoDjibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
-
Business2 days agoTIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
-
Sports2 days agoManchester City Faces Expulsion For Breaching 114 EPL Financial Rules