- Standard Chartered Unveils Burna Boy as Ambassador
Standard Chartered Bank has unveiled Damini Ogulu, popularly known as Burna Boy as its digital bank ambassador.
According to the bank, Burna Boy would be promoting the lender’s Digital Bank in Nigeria by using his voice and image in a series of marketing and other engagement activities over the next 12 months. This way, the bank said it would further disrupt conventional banking in the country.
Speaking on Burna Boy partnership, the Chief Executive Officer, Nigeria, Lamin Manjang, said, “We are thrilled to be working with the multitalented Burna Boy to launch our digital bank.
“Burna Boy is an inspiration, not only due to his musical experience but also because of passion and commitment towards youth empowerment and placing Nigeria on the global scene.
“His passion for empowering the youths and positively amplifying the Nigerian brand are very much in line with the bank, making him an ideal partner for this momentous new offering.
“Going digital also means progression, not just for our business, but also for our clients, and we look forward to this new journey in banking.”
Dayo Aderugbo, the Head, Corporate Affairs, Brand and Marketing, Nigeria, added that the Grammy-nominated musician was a perfect choice for Standard Chartered Bank Digital Bank.
“This partnership opens up a great opportunity to contribute to the social and economic wellbeing of the country where we have been operating since 1999,” he said.
The bank also announced zero withdrawal fees for customers using its Automated Teller Machines, absolute free transfers within Nigeria and free SMS notifications.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
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.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
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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