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Sparkle Targets 100,000 Customer Base

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Sparkle, a Nigerian digital platform providing financial, lifestyle, and business support services has stated that it aims to grow its customer base from over 25,000 to 100,000 before the end of 2021.

Also, the company’s Chief Executive Officer, Mr. Uzoma Dozie, further revealed in a media briefing over the weekend that his firm would soon kick-start loan services by the beginning of September.

The fintech offers an array of services from flexible payments and savings to analytics via its Android and iOS mobile application.

Sparkle allows users to track daily, weekly, and monthly spending patterns, with detailed breakdown by category.
One of its features, Sparkle Stash, is PiggyVest-esque as it lets users save towards specific goals. Users can make purchases online and in-person with both Sparkle physical and virtual cards.

They can also make split payments, make utilities and bill payments, and there is SparklePay which lets users send money to people without knowing their account numbers.

Dozie explained that Sparkle, which has been in operations for over a year, was launched to provide banking services digitally to Nigerians adding that it is focusing on two segments; individuals and small businesses.

He said: “We are different from other competitors with our solution and our leadership team which has the working experience of operating in a traditional bank as well as partnerships with Visa, Microsoft, Google and PwC.

“We want to make digital banking completely simple from how transactions are done, provide banking services to small businesses, help them save as well as help them to be compliant with tax laws in Nigeria and simply put, we are using this as a form of transforming transactions into better solutions.

“So, we took the decision that we are not only going to build a solution but tie it around the customer and secondly it was also important that we partner with people to establish trust. The fact that we also have a banking license means that the Central Bank of Nigeria (CBN) has deemed us trustworthy to carry out these services,” he said.

Dozie revealed that the firm has over 25,000 customers and believes that due to the strategic partnerships it has, the customer base segment could hit six figures before the end of the year.

“I think we have done fantastically well and like a year ago, nobody knew us, but today, we are mentioned as one of the available digital banks.

“Sparkle will start its loan services by the beginning of September but we could have started earlier but then we will want to build something that allows us to lend differently to people and we want to lend at a competitive price and not just the typical ones in banks,” he added.

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Dangote Refinery Continues Price Slashing: Diesel Now at ₦940/Litre, Aviation Fuel at ₦980/Litre

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Dangote Refinery

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.

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First Bank of Nigeria Appoints Olusegun Alebiosu as Acting CEO Following Resignation of Dr. Adesola Adeduntan

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Olusegun Alebiosu

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.

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Transcorp Hotels to Launch 5,000-capacity Event Centre, Eyes Pan-African Presence

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Transcorp hotel

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.

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