Business
General Hydrocarbons Assures Resolution of Debt Disputes With First Bank
The GIL Chairman noted the remarkable successes achieved through their collaboration and emphasised GIL roles in saving First Bank from financial distress while simultaneously discovering crude oil “to the glory of Nigeria”.
▪︎UGC image of First Bank and General Hydrocarbons
General Hydrocarbons Limited (GHL) the operators of OML 120, Deep Offshore Nigeria, has reaffirmed its commitment to resolving its ongoing dispute with First Bank of Nigeria Limited (FBN).
In a statement issued on Friday by the Chairman of the Board of GHL, Nduka Obaigbena, GIL also reassured its stakeholders and partners that the company remains financially strong and committed to its operations.
The GIL Chairman noted the remarkable successes achieved through their collaboration and emphasised GIL roles in saving First Bank from financial distress while simultaneously discovering crude oil “to the glory of Nigeria”.
“We willingly rescued First Bank of Nigeria Limited (FBN) from the abyss and are not about to throw away the baby with the bathwater.
Through our collaboration, we have resolved FBN’s financial challenges and discovered crude oil to the glory of Nigeria,” said the statement.
He expained that the partnership, which began under a Subrogation Agreement, allowed GHL to assist in financing FBN’s operations and addressing its Non-Performing Loans (NPLs).
This effort, GHL noted, restored FBN to profitability and laid the groundwork for the exploration and development of OML 120.
However, GHL accused FBN of breaching its obligations under the Subrogation and Tripartite Agreements, resulting in a legal dispute that is currently being addressed through court proceedings and arbitration.
Despite a court judgment in GHL’s favour, the company alleged that FBN continues to disregard the ruling.
GHL highlighted its achievements in discovering oil and gas reserves, crediting Nigerian-born engineers and global technical partners such as Schlumberger (SLB), Baker Hughes, and Century Group for their contributions.
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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