Business
FG To Integrate Over 20% Unbanked Nigerians Into Banking System — Shettima
The Federal Government has announced plans to integrate over 20 per cent of unbanked Nigerians into the banking system, aiming to reduce financial exclusion to a minimum of five per cent.
Vice President Kashim Shettima disclosed this in Abuja on Thursday at the beginning of a two-day National Stakeholders’ Workshop on Economic and Financial Inclusion. Shettima highlighted that currently, over 20 per cent of Nigerians are financially excluded, and the government aims to significantly reduce this number.
The 14th Emir of Kano and former Governor of the Central Bank, Sanusi Lamido, pointed out at the event that financial exclusion contributes to security challenges such as banditry, as many rural dwellers lack access to efficient payment systems.
The workshop focuses on integrating the unbanked Nigerian population into the formal financial system. Participants include experts from various sectors, including the Central Bank Governor, Olayemi Cardoso, traditional rulers, and private sector players.
Ahead of the workshop, the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia, emphasized the Federal Government’s commitment to tackling poverty and insecurity through financial inclusion. Hadejia stated that economic and financial inclusion are vital components of President Tinubu’s agenda to integrate the underserved and unbanked into the formal financial system.
Hadejia further explained, “Economic and financial inclusion are essential components of President Tinubu’s agenda to assist in integrating the underserved and unbanked into the formal financial system. This will enable Nigerians to access a range of financial services at a reasonable cost.”
President Bola Tinubu has approved the launch of the first phase of the Consumer Credit Scheme (CCS) to empower Nigerians to improve their quality of life by accessing goods and services. His Special Adviser on Media and Publicity, Ajuri Ngelale, described the CCS as crucial for facilitating important purchases such as homes, vehicles, education, and healthcare, which are essential for Nigerians to pursue their aspirations.
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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