Why Bitcoin might likely hit $100,000 soon
The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.
Banks earn N216 billion in digital banking income amidst threat from challenger banks
Nigerian banks raked in a sum of N216.52 billion from their e-business earnings in the year 2020.
Naira gains at black market as external reserves increases by $620 million in 2 weeks
The opening indicative rate closed at N410.88 to a dollar on Monday.
How air passengers can save more
Recent airfare hike has created holes in the pockets of air passengers.
COVID-19 Update in Nigeria
On the 12th of April 2021, 44 new confirmed cases and 1 death was recorded in Nigeria.
Twitter to establish its first African presence in Ghana
Twitter has announced Ghana as headquarter of its operations in Africa.
Covid-19 protocol: FAAN insists that arriving passengers can only be picked up at car parks
The directive is in accordance with laid down Covid-19 protocols which was issued by the Federal Government.
How young Elon Musk started and sold 3 businesses for $1.9bn before Tesla
We look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla.
With rising bond yields and foreign reserves, will the CBN finally tackle inflation?
A flurry of large corporate debt sales is also underway led by MTN and Dangote Cement which could take out...
Corporate Stories
Corporate Stories: The back story behind the UBA & STB Merger
In this month’s episode, we tell the story of how one of the biggest deals in Nigeria’s corporate history was executed with the heart of a lion. It’s a story of sheer guts, desire, deception, fraud, crony capitalism, rise and fall, tact, brilliance and most of all, ambition.
The Beginning of the end
It was late into the night on March 4th, 2004 as directors of United Bank of Africa (UBA) deliberated on one of the toughest decisions they had ever faced. Just two years earlier, the bank had been forced into a similar position, only that then it was not as punitive as this one. This time, they were grappling with a Central Bank of Nigeria (CBN) directive to split the post of CEO from that of the Chairman.
This CBN directive was like a knife struck at the heart. The business whiz kid and majority shareholder of the bank, Hakeem Bello Osagie (HBO), had been asked by the CBN to resign within 24 hours. Thus, a decision had to be taken that night. As the board deliberated late into the night in a bid to address the predicament, it became clear that there was no way out.
The reign of Hakeem Bello Osagie as one of Nigeria’s most enigmatic banking Chiefs, had come to an abrupt end. For the Nigerian banking sector which watched in amazement at how this young man rose to become a symbol of the new era of Nigerian banking, the news of HBO’s fall from grace still ranks as one of the shocking moments in the sector, which at the time was entering an uncertain future. But as the saying goes, when one door closes, another opens in the never-ending chapters of history.
See our other corporate stories
Flash back – Era of predatory banking
Corporate Stories
Standard Alliance Insurance plc: What happened to the most capitalized insurance company of 2010?
After a 39-year journey of high and lows, shareholders await Awodiya to deliver on the promise of profitability.
Corporate Stories
Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria
For many years, competition in the Nigerian soft drink market was mainly between Coca-Cola and Seven-Up but in 2014, Rite Food came and disrupted the space.
It was early morning on Wednesday, November 13th 2019, and Ziad Maalouf was not asleep. He could not sleep, not with his mind burdened by what had become a serious problem facing Seven-Up Bottling Company, which he oversees. It was part of his job as the Managing Director to figure out a solution to this challenge. And that was exactly what he was doing as he sat in his study that early morning, typing furiously on his computer.
By 4:37 am that morning, Maalouf had sent out an internal memo and copied 25 top executives of the soft drink manufacturing company. In the memo, he made it clear that he was ready to declare war against the company’s competitors. He would not rest until the war was over and Seven-Up had emerged victorious, he declared.
Seven-Up Factory
But the internal memo leaked
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