Dangote Petroleum Refinery has once again sent ripples through Nigeria’s fuel market by further reducing the prices of diesel and aviation fuel.

In a bid to alleviate economic hardships faced by Nigerians, the refinery has lowered the price of diesel to ₦940 per litre and aviation fuel to ₦980 per litre.

This latest move comes on the heels of the refinery’s recent price reduction to ₦1,000 per litre for diesel, which was celebrated across the country.

The decision to slash prices further underscores Dangote Refinery’s commitment to providing affordable fuel to consumers.

Anthony Chiejina, the Head of Communication at Dangote Petroleum Refinery, announced the development.

He revealed that the new prices are part of a strategic partnership with MRS Oil and Gas stations to ensure accessibility and affordability of fuel across all major locations, including Lagos and Maiduguri.

The refinery’s management expressed optimism that the price reduction would significantly ease the financial burden on consumers, particularly amid rising inflation and energy costs.

They also hinted at extending the partnership to other major oil marketers to ensure uniform pricing and prevent retail buyers from purchasing fuel at exorbitant prices.

This marks the third major reduction in diesel prices in less than three weeks, signaling Dangote Refinery’s proactive approach to addressing economic challenges.

The move has garnered praise from various quarters, with Nigerian President Bola Tinubu commending the refinery for its efforts to support the economy.

Industry experts, including Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria, lauded the refinery’s initiative, highlighting its potential to stimulate economic activities across critical sectors such as industrial operations, transportation, logistics, and agriculture.

First Bank of Nigeria Limited, a subsidiary of FBN Holdings PLC, has announced the appointment of Mr. Olusegun Alebiosu as its Acting Chief Executive Officer (CEO).

This decision comes in the wake of the resignation of Dr. Adesola Adeduntan, who has led the bank for the past nine years.

The appointment, which takes immediate effect, is subject to the approval of the Central Bank of Nigeria (CBN), reflecting the bank’s commitment to regulatory compliance and governance standards.

Mr. Alebiosu, a seasoned banking professional with over three decades of experience, is well-prepared to take on the responsibilities of leading First Bank Nigeria during this transition period.

Having served as the Executive Director and Chief Risk Officer, he played a pivotal role in the transformation and growth of the institution over the past eight years.

His extensive experience spans various aspects of the banking and financial services industry, including credit risk management, financial planning, corporate and commercial banking, and project financing.

Before joining First Bank Nigeria in 2016, Mr. Alebiosu held key positions in renowned financial institutions such as Coronation Merchant Bank Limited and the African Development Bank Group.

Expressing gratitude for Dr. Adeduntan’s exemplary leadership, the Board of Directors acknowledged his significant contributions to the bank’s growth and success during his tenure.

Dr. Adeduntan’s departure marks the end of an era characterized by remarkable achievements and milestones for First Bank Nigeria.

As Acting CEO, Mr. Alebiosu is poised to build upon the bank’s legacy and steer it towards continued growth and profitability. With a strong focus on strategic objectives, he aims to uphold First Bank Nigeria’s reputation as a leading financial institution in Nigeria and beyond.

In his new role, Mr. Alebiosu will work closely with the Board of Directors and management team to ensure seamless operations and uphold the bank’s commitment to delivering exceptional services to its customers.

As the banking industry undergoes rapid transformation and evolving regulatory landscape, First Bank Nigeria remains committed to maintaining its position as a trusted financial partner for individuals and businesses across the country.

With Mr. Alebiosu at the helm, the bank looks forward to a new chapter of innovation, resilience, and sustainable growth.

The appointment of Mr. Olusegun Alebiosu underscores First Bank Nigeria’s commitment to continuity and stability amidst leadership changes, signaling confidence in his ability to lead the bank through its next phase of growth and development.

Transcorp Hotels is gearing up to launch a massive 5,000-capacity event centre and further its ambitious expansion plans both across Nigeria and Africa.

Dupe Olusola, the Managing Director/Chief Executive Officer of Transcorp Hotels, unveiled this plan during an investor call on Friday.

This announcement follows the recent divestment of its 100% stake in Transcorp Hotels Calabar Limited to Eco Travels and Tours, an indigenous hospitality firm, as revealed in a corporate filing on the Nigerian Exchange Limited.

Olusola outlined the company’s vision for expansion, emphasizing its commitment to establishing a stronger presence not only in Abuja but also across Nigeria and eventually transitioning to the African continent.

She expressed excitement about the upcoming launch of the event centre, slated for the third quarter of this year, which is expected to accommodate thousands of guests.

“We are very confident that this would encourage and attract further business that goes outside of Nigeria to us,” remarked Olusola, highlighting the potential of the event centre to attract international clientele.

Olusola also disclosed plans for the development of a new five-star hotel in Ikoyi, Lagos, underscoring the company’s strategic focus on growth and diversification.

The key drivers of Transcorp Hotels’ performance were also outlined during the investor call. Olusola emphasized the importance of leveraging digital platforms, such as Aura, to revolutionize bookings, engage with guests, and drive revenue.

Also, the company aims to upgrade its technology and enhance guest experiences while optimizing operational costs without compromising quality.

Despite regulatory constraints delaying the Ikoyi project, Olusola assured investors that progress is being made, with the acquisition of additional land and ongoing negotiations with vendors for construction and fundraising.

Meanwhile, Oluwatobiloba Ojerinde, the Chief Financial Officer of Transcorp Hotels, provided insights into the firm’s financial performance for 2023.

Ojerinde highlighted a remarkable 72% growth in gross profit and attributed the increase in operating expenses to improved operational activities.

Despite challenges posed by inflation and currency devaluation, Transcorp Hotels demonstrated resilience by maintaining an income-to-cost ratio of 85%, reflecting the company’s commitment to operational efficiency and cost-saving strategies.

With its strategic expansion initiatives and robust financial performance, Transcorp Hotels is poised to strengthen its foothold in the hospitality sector, both domestically and across the African continent, positioning itself as a formidable player in the global hospitality landscape.