Business
JUST IN: NARTO Agrees to call off Nationwide strike, vows to commence lifting of petrol with immediate effect
The Nigerian Association of Road Transport Owners (NARTO), have agreed to call off their nationwide strike and have promised to commence the lifting of petrol products with immediate effect.
This comes after two days of negotiations with Major Energy Marketers Association of Nigeria (MEMAN) and other critical stakeholders in the industry for appropriate and commensurate freight rates for its operations.
Recall that NARTO had insisted on withdrawing its services nationwide, citing high operational costs and low freight rates.
In a letter addressed to the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), signed by its national president, Yusuf Lawal Othman, NARTO said it had made several efforts to negotiate with the Major Energy Marketers Association of Nigeria (MEMAN) and other critical stakeholders in the industry for appropriate and commensurate freight rates for its operations, but received no positive responses.
The notice of withdrawal of their services and operations portends serious implications for the supply and distribution of petroleum products across the country, as NARTO controls over 80% of the petroleum transportation in Nigeria.
NARTO said it had no other option but to inform NUPENG that its National Executive Council (NEC) had resolved to direct all its members not to make their petroleum trucks available for petroleum products loading activities with effect from Monday, February 19, 2024.
NARTO appealed to its employees, who are members of NUPENG, to show maximum cooperation, support and understanding to its collective efforts for continued sustainability of the petroleum haulage business and effective service delivery by ensuring adequate and immediate compliance with the directive.
NARTO said it was impossible to continue in the business within the context of the current economic situation in the country.
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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