- Bridge Bank Option to Protect Skye Bank –NDIC
The Nigeria Deposit Insurance Corporation has said the use of the bridge bank option to resolve the failure of the defunct Skye Bank Plc is the most effective way to curtail the spread of systemic risks that can endanger the financial system and lead to loss of jobs.
The Managing Director, NDIC, Alhaji Umaru Ibrahim, said the establishment of Polaris Bank was in line with the corporation’s core mandate of guaranteeing deposits and resolving bank failure and illiquidity.
He stated that while the corporation had other bank failure resolution measures such as purchase and assumption, provision of liquidity support, assisted merger, takeover and management of ailing banks and outright liquidation, the bridge bank option allowed unhindered operation of the lender, while efforts to source for investors and address other fundamental issues were continuing.
Ibrahim said, “Unlike the other failure resolution options such as outright liquidation, which could result in delays in depositors’ access to their total funds, the bridge bank guarantees depositors uninterrupted operation of their accounts. The same benefits apply to the creditors of the failing bank, whose liabilities are assumed by the bridge bank.
“On the whole, the bridge bank ensures preservation and continuity of daily operations that were hitherto being undertaken by the failed bank throughout all its branches, and guarantees all depositors immediate access to their deposits. It ensures that no jobs are lost in the resolution process.
“The adoption of the bridge bank as the resolution option of the defunct Skye Bank will save 6,000 jobs and ensure continuity of banking services in the 300 branches of the defunct bank.”
He noted that the stability of the banking system could not be over emphasised as the establishment of Polaris Bank to resolve the failed Skye Bank was done in the interest of depositors, while its establishment also protected the employees of the failed lender by preserving their jobs.
Ibrahim explained that the NDIC undertook a strenuous due process in the establishment of Polaris Bank as a bridge bank to take over the defunct Skye Bank Plc.
According to him, although the establishment of Polaris Bank before the revocation of the operating licence of Skye Bank may appear spontaneous to the uninformed, the processes leading to the establishment of the bridge bank are thorough and exhaustive as provided under Part VIII, Section 39 of the NDIC Act (2006) as amended.
Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others
Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.
Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director
Seun Suleiman is the New Managing Director of Siemens Energy Nigeria
Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.
According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.
Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.”
Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.
The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.
“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.”
It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.
FG Reopens Osubi Airport Warri for Daylight Operations
FG Reopens Osubi Airport Warri for Daylight Operations
The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.
The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.
The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.
However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.
On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.”
I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth. 🇳🇬🙏🏽🇳🇬
— Hadi Sirika (@hadisirika) March 1, 2021
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