Business News in Brief

Stanbic IBTC Begins Saturday Banking

Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, has announced the commencement of Saturday banking in key cities across the country.

The bank, in a statement yesterday, said that the weekend service would further expand financial inclusion in the country, adding that the new service is now available at major shopping malls and markets where Stanbic IBTC Bank has branches across the Federation.

These include Ikeja Shopping Mall, The Palms Lekki and Grand Towers Abuja Mall at the Federal Capital Territory, as well as the regular markets.

FG to Recapitalise Bank of Industry with ₦750b

The Federal Government has given approval that the Bank of Industry (BoI) be recapitalised to the tune of ₦750 billion.

The General Manager, Operations, BoI, Joseph Babatunde, confirmed the development while presenting a paper on the bank’s operations.

Mr. Babatunde said that the approval was given by President Goodluck Jonathan, adding that this would enable the bank to play a significant role in achieving its mandate.

The bank, with a mixed ownership structure, currently has an authorised share capital of ₦250 billion.

FAAN to Relocate Customs Agents

The Federal Airports Authority of Nigeria (FAAN) is set to eject and relocate customs agents operating at the Murtala Muhammed International Airport, Lagos.

Yabuku Dati, General Manager, Corporate Communications of FAAN, at the weekend, said that the authority had constituted a task force to that effect. Mr. Dati said that the authority would not rescind its decision to eject the cargo operators.

First Bank shuts operations Thursday, reopens Monday

First Bank Limited has announced its intention to shutdown banking transactions from Thursday to Monday. The shutdown is due to the intending upgrade of the bank’s core banking application from Finacle 7 to Finacle 10, so as to ensure easier and faster customer services and experience.

As a result of this, customers of First Bank may find it difficult to carry out some banking transactions during these periods as all the over 700 branches of the bank nationwide will be shutdown during the period.

‘Seven states control 90% of cash transactions’

Lagos, Federal Capital Territory and five other states control about 90% of the total cash transactions in the country, the Central Bank of Nigeria (CBN) has said. The other states are Rivers, Anambra, Abia, Kano, and Ogun.

Tunde Lemo, CBN’s Deputy Governor in charge of Operations, said this was the reason the states were being slated for the second phase of the cash-less project billed to kick off on the 1st of July.

Nigeria is second in number of mobile phone users in sub-Saharan Africa after South Africa, which is also the largest economy in the region.

Investment in oil, gas free zones now ₦900b

The existing Oil and Gas Free Trade Zones have attracted over 150 companies into the country and ₦900 billion ($6 billion) worth of investments, the Oil and Gas Free Trade Zone Authority has said.

The Managing Director, OGFTZA, Victor Alabo, at the 4th annual Free Trade Zone conference which held recently in Lagos, said the government agency had also created over 30,000 direct and indirect jobs for Nigerians.

Chinese firm to run Nigerian airports

The minister of aviation Stella Oduah has made a case for Chinese takeover of international airport in Nigeria.
Mrs Oduah said this in an April 4 memo to President Goodluck Jonathan titled “Proposed management structure for international airports and perishable terminal in Nigeria.”
In the same memo, the minister informed the Presidency about the registration of “Nigeria 1 Aviation Limited” as Nigeria’s national carrier.

Stransact Partners Begins Executive Coaching Programmes

In a strategic move to tactically add value to its clients’ rising needs, Stransact Partners, a professional services firm, has announced commencement of its Executive Coaching Programmes.  The firm plans to launch this in July with a 2-day class on Essential Business Secrets in Dubai.

In a related development, the firm has announced the suspension of its open courses on finance and accounting, beginning from September 2013. Its knowledge brokerage events on finance, accounting, and tax would now be strictly by invitation.