Business
FG Says “No to 100% Tariffs Hike by Telcos”
“I know that Nigerians are agitated to hear the exact percentage approved. There are still some stakeholder engagements that we are going through, but you will hear from us within a week or two.
The Federal Government has approved the planned hikes in telecom tariffs by MTN, Airtel, Globacom, and 9mobile, but it will not be the 100 percent that telecom operators are pushing for at the moment.
This was the outcome of a stakeholders’ meeting with Mobile Network Operators (MNOs) with the Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, on Wednesday in Abuja.
The Minister disclosed during the consultations and engagements meeting that the Nigerian Communications Commission (NCC), would soon approve the new tariffs and make it public to Nigerians.
He said: “You have seen over the past weeks that there has been agitation from some of these companies to increase tariff. They are requesting for 100 percent tariff increase.
“But it will not be by 100 percent. We are still looking at that study and NCC will come up with a clear directive on how we will go about it.
“We want to strike the balance as a government to protect our people, but also protect and ensure that these companies can continue to invest significantly.
“We need to ensure that as a sector, we get our acts together, ensure that from the regulation side, we put the right regulations in place that can ensure the growth of this sector.”
The Minister also noted that the Federal Government would no longer leave investments in infrastructure in the sector to private companies alone.
As a country, over time, we have left these investments in the hands of the private sector. They typically invest where they can see returns in the short to medium term.
“We will not want this conversation to just be about tariff increase. I think what the world is talking about today is meaningful connectivity.
The Executive Vice-Chairman (EVC) of the NCC, Dr Aminu Maida, said that the meeting with stakeholders was about the sustainability of the industry.
“We have looked at all of these factors, and that is why, as the Minister said, it is not likely that we are going to approve a 100 percent tariff increase.
“I know that Nigerians are agitated to hear the exact percentage approved. There are still some stakeholder engagements that we are going through, but you will hear from us within a week or two.
” He said that the NCC had put some tools and instruments into place by revising its quality of service regulations for compliance service quality. He said that the MNOs must comply with simplified templates to show Nigerians charges per minute for voice calls, SMS, and a megabyte of data.
We are moving away from the regime where you will have a main rate, then you will now have a bonus which is at a different rate.
“It makes it often complicated for Nigerians to understand what they are being charged for.
“This is one of the things when we took a lot of time over the past year looking at data there is this agitation that the MNOs are stealing our data,” he said
The CEO of Airtel Nigeria, Dinesh Balsingh, represented by Femi Adeniran, Airtel media spokesperson, noted that for the telecoms commitment to delivering superior connectivity and fostering digital inclusion, there is need for tariff increments.
“The economic realities of rising operational and capital costs necessitated the proposed tariff adjustments.
This is aimed to ensure the long-term sustainability of the sector while unlocking significant benefits for Nigerian consumers,” he said.
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.
Business
Naira Exchange Rates, Friday September 25
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.
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