Business
First Bank Launches Cloud Platform From October 26 With Service Disruptions
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.
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.
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.
They will also provide more information on onboarding, training sessions, and user guides before the week concludes.
Business
Dangote Petroleum Refinery Begins Exportation Of Products To Neighbouring West African Countries
Dangote Petroleum Refinery begins exportation of products to neighbouring West African countries. A report was made that the Dangote refinery just shipped gasoline to the coast of Togo, West Africa. Although the shipment of the gasoline is going to the coast of Togo it can also be taken somewhere else in West Africa.
Chairman of NPA, Ghana speaks at the OTL Africa Downstream Oil Conference in Lagos states that importing from Nigeria reduces prices and freight costs for them rather than importing from Europe.
“If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,”
FBN Holdings shareholders approve the plan of raising #350billion in additional capital and also changing its brand name. These discussions happened in the Annual General Meeting (AGM) and were submitted to the Nigerian Exchange Limited.
The Shareholders also approved of a dividend payment of 40 kobo per 50 kobo ordinary share, which will result to #14.36 billion for 2023 financial year.
This capital raise will include issuing shares, private placements or right issues concluded and approved by the board of directors. It will align with the initiate to raise #150 billion issues by the Central Bank of Nigeria.
Concerns have been raised by The Central Bank of Nigeria (CBN) and the Ministry of Finance, concerning the Investment and Securities Bill which was proposed. The bill aims to replace 2007 Act and to update capital market regulations.
The CBN representative, Dr Tukur at the National Assembly hearing, opposed to the granting of the Securities and Exchange Commission over the public companies.
The Finance Minster, Wale Edun also emphasize on the impact of the bill and the provision it will offer the SEC board members. However the SEC Director General defended the bill and stated it has a benefitting role in Nigeria’s capital market globally.
Tinubu Sacks UNIZIK Council Due to Irregular Appointments
Dangote Petroleum Refinery Begins Exportation Of Products To Neighbouring West African Countries
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