Business
SALTCCIMA demands petrol price hike reversal to save businesses
The Salt City Chamber of Commerce, Industry, Mines, and Agriculture has called for an immediate return to the old prices of Premium Motor Spirit to prevent the collapse of small businesses in Ebonyi State.
SALTCCIMA, in a statement, decried the impact of recent hikes in the prices of PMS and diesel on businesses in the state.
The SALTCCIMA President, Chukwuemeka Eze, said the chamber acknowledged the scarcity of PMS and diesel across the country, which had led to an increase of over 50 per cent in fuel prices and severely strained businesses, especially agriculture and commerce.
Premium Motor Spirit and diesel are the lifelines of our businesses and daily lives. The recent price hikes have placed a heavy burden on business operations, especially in an agrarian state like Ebonyi.It is becoming increasingly difficult to stay silent amidst the hardships our people are enduring,” Eze added.
He said while the government’s efforts to promote nano, micro, small, and medium-scale enterprises were commendable, the continuous increase in fuel prices remained the greatest threat to the survival of those businesses.
Our members, mostly NMSMEs, are bearing the brunt of this policy.
The rising fuel costs are crippling commerce, production, and agriculture in Ebonyi,” he noted.Eze pointed out that the chamber was concerned that the price hike coincided with Dangote Refinery’s announcement that the Federal Executive Council would determine the prices of its products.
“This leaves a sour taste in the mouth,” the chamber president stated.
He urged the implementation of the Petroleum Industry Act 2021, specifically Section 205, which was expected to lower the prices of petroleum products but has not produced the desired results.
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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