Business News

The Board of Directors of First Bank has appointed Segun Alebiosu, the Executive Director and Chief Risk Officer, as the acting Managing Director and Chief Executive Officer following the sudden resignation of Adesola Adeduntan. Alebiosu, with over 28 years of experience in the banking and financial services industry, will serve in this interim role until clearance from the Central Bank of Nigeria (CBN) is obtained. The decision came after a board meeting convened to address the rapid developments following the cancellation of an extraordinary general meeting and Adeduntan's unexpected resignation. Adeduntan, who communicated his resignation from Washington, is expected to…
To start a company and keep it growing, leaders must get and keep customers. As I will share with students this fall in my Babson College course, Scaling Strategy: Mastering the Four Stages from Idea to $10 Billion, achieving that simple-sounding goal is challenging. This comes to mind in considering the journey of Saviynt, a privately held El Segundo, Calif.-based provider of identity and access management products. Founded in 2010, the 545-employee company generated $72 million in revenue, according to Zippia. Savyint defied the current venture capital winter – raising $205 million in growth financing in January 2023, VentureBeat reported.…
Adesola Adeduntan, the Managing Director of First Bank Nigeria Limited, has announced his resignation after leading the institution for eight years. In a letter addressed to the Chairman of First Bank, Tunde Hassan-Odukale, titled ‘Notice of Retirement,’ Adeduntan, whose tenure was set to end on December 31, 2024, has voluntarily stepped down, commencing his pre-retirement leave immediately. Adeduntan, who took on the role of CEO on January 1, 2016, cited his desire to pursue other interests as the reason for his departure. The boards of FBN Holdings Plc and First Bank respectively accepted his resignation and expressed gratitude for his…
S&P Global has revealed that the Dangote refinery's relaxed quality standards for diesel have resulted in a significant reduction in domestic prices, marking a notable shift in Nigeria's fuel landscape. The decision to lower domestic prices by 37 percent was attributed to the production of high-sulphur diesel at the refinery. In its report released on Thursday, S&P Global detailed how the high-sulphur diesel produced by the Dangote refinery led to the strategic move to decrease domestic prices. Unlike low-sulphur diesel, which is considered cleaner for the environment with sulphur levels below 500 ppm, high-sulphur diesel is primarily used for off-road…
Nigeria has reached a pivotal agreement with Shell for the supply of gas to its ambitious $3.8 billion Brass methanol facility, marking a significant breakthrough in overcoming key obstacles towards the final investment decision on the project. Minister of State for Gas, Ekperikpe Ekpo, announced the milestone on Thursday, heralding a new era of progress for Nigeria's natural gas sector. Blessed with Africa's largest natural gas reserves exceeding 200 trillion cubic feet, Nigeria has long grappled with unlocking the full potential of this valuable resource, hindered by financial limitations and inadequate infrastructure. However, with the Gas Supply and Purchase Agreement…
Commercial banks, grappling with the Central Bank of Nigeria's (CBN) monetary tightening measures aimed at curbing persistent inflation, find themselves constrained in extending credit to bolster the faltering economy. As per analysis by Daily Trust, mandatory reserve deposits with the central bank surged by 70.37 percent to N17.26 trillion by December 2023, up from N10.13 trillion the previous year. This surge in the Cash Reserve Requirement (CRR) compels banks to park a growing portion of local currency deposits with the central bank, limiting their lending capacity as these reserves are only accessible for intervention purposes. Notably, Zenith Bank leads with…
Getting things done at the office can sometimes be a lackluster experience, especially if you're performing similar tasks on a regular basis. You want to increase your productivity levels, but at the same time you wonder how you can motivate yourself enough to take the next step forward. Sometimes, a change in the way you perform work can give you a much-needed boost of productivity. Adjusting how you think, relate, and process your work can help reenergize your work sessions for the better. Here are seven surprising ways you can increase productivity at the office, while having fun at the…
Dangote Refinery has slashed the price of automotive gas oil (diesel) to N1,000 per litre, down from N1,200. The move aims to make the product more accessible and affordable, with potential benefits for the economy, including mitigating high inflation rates. The refinery recently set a minimum purchase volume of one million litres for oil marketers.
As a Gen Zer who works in journalism, thinking about how AI could change the future of work is a little daunting. I don’t know the first thing about coding, machine learning, robotics or data science. Luckily, these knowledge gaps won’t make or break my ability to be successful in the AI era, according to millionaire entrepreneur Scott Galloway. A more counterintuitive skill will be the most valuable. “If I could give my 13- and 16-year-old one competence that I think would stand the test of time, it’d be storytelling,” Galloway told CNBC Make It, after a live recording of…
At their annual meetings, Berkshire Hathaway’s shareholders have the opportunity to pick CEO Warren Buffett’s brain on any number of topics. However, one investor who attended the conference in 1999 cut right to the chase. “Mr. Buffett, how do I make $30 billion?” he asked. As always, the Oracle of Omaha conveyed complicated theories in simple terms. Here are the three crucial rules that helped the 93-year-old accumulate a massive fortune and could help ordinary investors too. Start young Buffett’s best advice for investors is to get started as early as possible. He has a simple metaphor to explain his…
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April 22, 2024

First Bank appoints new MD to replace Adeduntan who resigned abruptly

The Board of Directors of First Bank has appointed Segun Alebiosu, the Executive Director and…
April 12, 2024

At cost totaling the 2024 budgets of the 36 states plus FCT, Lagos-Calabar project is…

Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, has…
April 21, 2024

The best of humans in the machine age - Alvin Govender

In a world increasingly powered by machines and artificial intelligence, our human qualities have never…
April 13, 2024

A new camera can undress people almost in real time—to send a message about AI

Nuca, a new deepfake camera, is an art project that shows how artificial intelligence can…
April 21, 2024

Bandits kill 6 soldiers, abduct one senior army officer in Niger state

Reports have it that a tragic ambush occurred on Friday in Niger State, where bandits…
April 22, 2024

Here’s the latest as Israel-Hamas war enters Day 199

ISRAEL’S REPORTS IDF: Following the initial report regarding a shooting incident at the Beit Einun…
April 15, 2024

Winning funding proposals written by generative AI: Should that matter to you?

Generative AI is getting better every day. We now have ChatGPT4, Claude 3, Gemini, Perplexity,…
April 10, 2024

Nigeria’s Super Falcons qualify for 2024 Olympics at South Africa’s expense

Super Falcons of Nigeria have qualified for the women’s football event of the 2024 Olympics…

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