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First Bank Launches Cloud Platform From October 26 With Service Disruptions

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First Bank has revealed its plans to adopt a new cloud-based system and financial platform.

This initiative is part of the bank’s commitment to enhance operational efficiency and improve service delivery to its customers.

The transition is set to commence on Saturday, October 26, and will lead to some temporary service disruptions.

First Bank, which serves over 42 million customers, communicated this change in a notice issued on Wednesday.

In the notice, the bank emphasized its continuous investment in improving operational efficiency and customer experience.

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The shift from the current financial systems to a more advanced cloud-based platform aims to offer greater capabilities and benefits.

The bank has outlined the timeline for this transition.

The cut-over period will run from October 26 to November 3, during this period, specific activities and transactions will be temporarily halted.

This pause is necessary to facilitate a smooth and safe migration of transactions while minimizing disruption for customers and stakeholders.

On November 4, 2024, the new cloud-based solution is expected to go live, at which normal banking activities will resume.

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During this transition, vendors will not be able to submit invoices through the existing Electronic Business Suite.

Also, First Bank has specified that payments will only be processed for invoices related to received purchase orders submitted by Friday, October 25, 2024.

Additionally, First Bank has indicated that its current supplier portal will cease operations starting November 4.

In certainty, the bank plans to offer further details about the new Supplier Portal and the associated job card before the system’s live date.

First Bank urges all vendors and partners to take proactive measures as outlined in their communication to prevent any potential business disruptions during this significant transition period.

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They will also provide more information on onboarding, training sessions, and user guides before the week concludes.


 

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Business

MRS Increases Petrol Price to N955 Per Litre as Oil Price Goes Up

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MRS filling stations, a key partner of Dangote Refinery, has announced a new petrol price hike, raising its pump prices across the country. In a price update shared on its official X page on Saturday, the company revealed that the new rates now range from N925 to N955 per litre, up from the previous N825 to N895 range.

This means petrol will now sell for N925 in Lagos, N935 in the South-west, N955 in the North-west and South-east, N945 in the North-central, and N955 in the North-east. For Lagos and Abuja, motorists will now pay N925 and N945 per litre at MRS stations, an increase from N875 and N895 respectively.

Meanwhile, NNPC retail stations have kept their pump prices unchanged at N875 in Lagos and N895 in Abuja as of Saturday evening. The nationwide increase comes amid rising global crude oil prices triggered by tensions in the Middle East, particularly the ongoing Israel-Iran conflict.


 

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Aliko Dangote to Step Down as Dangote Sugar Chairman After 20 Years

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Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.

The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.

During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.

As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.

Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.

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Business

Ecobank Announces $250M Capital Boost at Annual General Meeting in Togo

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Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.

This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.

The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”


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