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Diamond Bank Holds Tech Fest for Customers

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  • Diamond Bank Holds Tech Fest for Customers

Diamond Bank has said it was going ‘Beyond Banking’ again in marking Independence Day. The group announced that it was holding a full-day experience called “Tech Fest” to bring together the best talent in Nigerian technology – one of the country’s fastest growing sectors.

Tech Fest was announced by the group’s CEO, Uzoma Dozie. Giving insight into the event, Uzoma stated “Diamond Bank’s philosophy has always been about connecting people and connecting markets. Technology is now driving these connections at a faster rate than ever before and this is improving the landscape for new businesses to start out, to be seen, to scale and most importantly to offer great customer experiences”.

Uzoma shared that while anchoring the Diamond TV programme ‘Tech Turks’, he had interviewed over 30 tech entrepreneurs in the last two years and it provided inspiration for something bigger – “I’m so excited to bring together all of these businesses run by smart ambitious people to create a new energy at Tech Fest. For me, this is a platform that we can share with our customers to help them get the best of local technology and to partner together to run better businesses. If there is one thing we have learned at Diamond, it is that you can’t do everything on your own and you need to collaborate if you are going to win and be the best at what you do”.

Diamond Bank is throwing the event open to all of her customers who want to work together to create innovative new businesses that solve real problems for Nigeria. As well as hosting a live Tech Turks stage, the event will showcase its leading small business customers, its pick of ‘fintech’ leaders, platform providers and investors.

The Bank’s Head of Corporate Communications, Chioma Afe, revealed that the event will hold in the second week of January 2018 at the Landmark Centre in Lagos. Chioma said that “this is not about telling our customers that we want to connect people and markets, this is about providing a platform to actually make it happen”.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper

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flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.

This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.

Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.

The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.

FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.

The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.

He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.

Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.

In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.

The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.

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African Airlines Projected to Cut Losses to $400m in 2024, Says IATA

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The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.

The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.

IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.

The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.

Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.

Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.

IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.

However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.

He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.

Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.

Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.

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SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks

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Elon Musk’s SpaceX is reportedly in discussions about initiating a tender offer that values the aerospace manufacturer and space transportation company at $175 billion or more.

According to insiders familiar with the matter, the most valuable US startup is contemplating a tender offer ranging between $500 million and $750 million.

Sources suggest that SpaceX is evaluating the possibility of offering shares at approximately $95 per share, with the terms and size of the tender offer subject to change based on the level of interest from potential insider sellers and buyers.

If the $175 billion valuation is realized, it would mark a notable increase from the $150 billion valuation obtained through a tender offer earlier this summer.

This elevated valuation would position SpaceX among the world’s 75 largest companies by market capitalization, comparable to industry giants such as T-Mobile USA Inc., Nike Inc., and China Mobile.

SpaceX, known formally as Space Exploration Technologies Corp., dominates the commercial space launch services market with its Falcon rockets and operates the Starlink service, which provides internet from space via a growing constellation of satellites in low-Earth orbit.

With anticipated revenues of about $9 billion in 2023, projected to rise to approximately $15 billion in 2024, SpaceX’s strategic moves, including a potential initial public offering for Starlink, underscore the company’s ambitious plans and strong market position.

Representatives for SpaceX have not yet responded to requests for comment on these recent developments.

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