Category: Business

Twitter Rebrands as X, Sets Sights on Payments, Banking, and Commerce

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Twitter’s owner, Elon Musk, and its new CEO, Linda Yaccarino, announced that the social media network would undergo significant changes. They plan to ditch the bird logo and rebrand the platform with the name “X.” The new direction for Twitter includes a focus on payments, banking, and commerce. Musk revealed the new minimalist art deco logo for X, which is a white X on a black background. He mentioned that if a good enough X logo was posted, the changes would go live worldwide the next day. Additionally, Musk changed…

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Early Morning Fire in Taraba State Destroys Goods Worth Millions, Leaves 10 Shops in Ashes

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In the early hours of Sunday, a devastating fire outbreak wreaked havoc in the ATC area of Jalingo, the capital of Taraba State. The inferno, which started around 3 a.m., engulfed no fewer than 10 shops, resulting in the destruction of goods worth millions of Naira. Among the affected individuals is Gabriel Olayinka, the Chief Executive Officer of Taraba News, who tragically lost two shops in the blaze. His goods, including valuable stationery items, were completely consumed by the flames. As the victims continue to assess the extent of their…

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Agusto & Co. affirms Fidelity Bank’s ‘A’ rating, with a Stable Outlook

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Pan-African credit rating agency, Agusto & Co. has affirmed the ‘A’ rating assigned to Fidelity Bank Plc and assigned an ESG score of ‘2’ in reflection of the agency’s view that environmental, social and governance issues have minimal contribution to the Bank’s credit rating. According to a note on the Agusto & Co. website, “The rating reflects Fidelity Bank’s improved profitability, strong ability to refinance, adequate capitalisation and low level of impaired credits.” Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7.5 million customers serviced across…

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Anger Erupts in Anambra State as Petrol Price Soars to N700, Commuters Stranded and Prices Surge

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On Tuesday, there was widespread anger in Anambra State due to a sudden increase in the price of petrol. The pump price of Premium Motor Spirit (petrol) rose from N530 to N700 per litre. Commuters and motorists were greatly affected by this price hike. Many people rushed to petrol stations and purchased larger quantities of petrol, fearing that the price would further increase to N800 on Wednesday. Initially, petrol stations in major cities like Onitsha, Nnewi, and Awka were selling petrol at N530 per litre. However, as news of the…

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Ukraine and Lagos Free Zone Join Forces to Build Grain Terminal in Lekki Port, Nigeria

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The Ukrainian Ministry of Agrarian Policy and Food, in collaboration with Lagos Free Zone, a venture of the Tolaram Group, has signed a Memorandum of Understanding (MoU) to construct a grain terminal in the Lekki port, Nigeria. This collaboration comes in the wake of the destruction of Ukraine’s food export terminals and aims to rebuild and strengthen Ukraine’s position as the largest exporter and producer of wheat, prior to the Russian invasion. The MoU was officially signed during the Ukraine Recovery Conference in London, with Taras Vysotsky, the Ukrainian First…

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SMEs, Customers Laud Polaris Bank for Sponsorship of Fashion Souk Event

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Polaris Bank, Nigeria’s leading Digital Retail Bank, has received immense commendation from Small and Medium-sized Enterprises (SMEs) and customers for its invaluable sponsorship of The Fashion Souk event. Without a doubt, this commitment to enterprise growth has earned appreciation and testimonials from fashion enthusiasts, industry experts and style icons at the just-concluded Fashion Souk 2023, held at Harbour Point, Victoria Island, Lagos. The 2023 Fashion Souk which held last Saturday and Sunday, July 8th and 9th 2023, surpassed all expectations with its dynamic display of innovative fabric designs, leather works,…

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Union Bank Recognised as an Exemplary Advocate for Gender Equality at The GenderLeaders Awards

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Union Bank of Nigeria has received recognition for its contribution to advancing Gender Equality in the workplace. The bank won two awards at the Nigeria2EqualGender Leader Awards, in the ‘Gender Equality Champion’ and ‘Gender Diversity in SupplyChain’ category. The inaugural awards ceremony which held in Lagos was organised by the InternationalFinance Corporation (IFC) in partnership with the Nigerian Exchange Limited (NGX) andaims to recognise and celebrate private sector companies and business leaders who havedemonstrated exceptional commitment and efforts in advancing gender equality.The awards served as a recognition of the significant…

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FIRSTBANK INTRODUCES THE FIRST HUMANOID ROBOT, REINFORCES ITS COMMITMENT TO PROVIDING INNOVATIVE FINANCIAL SOLUTIONS FOR CUSTOMERS

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FirstBank has launched an industry first Humanoid Robot at its Adetokunbo Ademola VI, Lagos Digital Experience Centre (DXC) Branch The robot is among the phased configuration of the bank’s state-of-the-art digitally led self-service branch The Humanoid Robot is equipped with Video Banking and Artificial Intelligence (AI), taking on the role of a friendly branch staff. In furtherance to its leading role in providing innovative financial solutions in Nigeria, First Bank of Nigeria Limited, Nigeria’s premier financial institution and leading financial inclusion services provider, has announced the launch of a Humanoid…

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LEADERSHIP AND FIRSTBANK’S SUCCESSFUL TRANSITIONING TO ‘CLICK’ BANKING

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In December 2015, the share price of First Bank of Nigeria Limited was trading around N4.8 band. About seven years later, precisely last December, the value held tightly to N15, growing by over threefold amid general asset and economic doldrums. The steep rise in the valuation of the financial institution deviates remarkably from the average performance of FUGAZ, an acronym describing the top five Nigerian banks by market capitalisation. In the past seven years, the share prices of the leading banks appreciated by an average of 90 per cent as…

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Naira depreciates to N664.04/$ as CBN lifts restrictions

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As The Central Bank of Nigeria, CBN, announced measures to liberalise the foreign exchange market including the elimination of multiple exchange rates, and freedom for banks to buy and sell foreign exchange at any rate based on a willing buyer and willing seller arrangement, the Naira yesterday lost almost half of its value in the official market as the exchange rate in the Investors and Exporters, I&E window rose to N664.04 per dollar from N471.67 per dollar on Tuesday, Announcing the new measures in a statement titled, “Operational Changes to…

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