Business News
UPDATE: FBN Holdings Plc reacts to merger speculations
FBN Holdings Plc has issued a statement in reaction to a media publication, which suggested that there are ongoing merger talks between First Bank of Nigeria Ltd and Polaris Bank Ltd.
FBN Holdings Plc has issued a statement in reaction to a media publication, yesterday, which suggested that there are ongoing merger talks between its main subsidiary — First Bank of Nigeria Ltd, Polaris Bank Ltd, and Heritage Bank Plc.
In the statement, which was made available via the Nigerian Stock Exchange website, FBN Holdings admitted that it has recently been presented with merger and acquisition opportunities, much like every other commercial bank in the country.
The company also noted that it understands why analysts are speculating that it might currently be involved in merger and acquisition talks, bearing in mind that First Bank is one of the biggest and most liquid banks in the country.
[READ: Why ex-Skye Bank officials may bag jail term]
No definite response: Having noted all these, FBN Holdings Plc refused to categorically confirm or deny its supposed involvement in the reported ongoing merger talks with Polaris Bank Ltd.
According to the statement, FBN is choosing to be mindful of its reactions regarding this topic. The company said it believes that inorganic growth such as the one presented by merger/acquisition, will always be a growth strategy for many banks.
Never say never: In the meantime, FBN Holdings Plc said it will only consider the merger/acquisition option if it finds an opportunity that guarantees value addition to its shareholders.
Should the company eventually find such an opportunity that is “value accretive” to its shareholders, it will properly communicate the development to the general public, in line with regulatory requirements.
Here’s the backstory: On Thursday, March 12, Daily Independence published a report claiming that First Bank of Nigeria Ltd is set to merge with Polaris Bank Ltd and Heritage Bank Plc.
According to the report, anonymous sources close to the bank confirmed the development. The sources told the news outlet that the three financial institutions are pursuing the said merger/acquisition talks “vigorously”. Polaris Bank Ltd, which was formerly Skye Bank Plc, was said to be up for outright sale.
Recall that Polaris Bank Ltd, which became a bridge bank following a 2018 restructuring, is currently under the management of the Asset Management Corporation of Nigeria (AMCON).
As Nairametrics had reported, Skye Bank’s operating license was withdrawn in September 2018 by the Central Bank of Nigeria.
Hospitality & Travel
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.
The Federal Airports Authority of Nigeria (FAAN) has insisted that arriving passengers are to walk to designated car parks to board their vehicles as no driver would be permitted to pick up arriving passengers at the front of the airport terminal.
The directive is in accordance with laid down Covid-19 protocols which was issued by the Federal Government to help contain the spread of the coronavirus disease across the country.
This disclosure is contained in a press statement issued by FAAN and signed by its General Manager, Corporate Affairs, Henrietta Yakubu, on Monday, April 12, 2021.
FAAN in its statement said that drivers are only permitted to park and wait at the car parks adding that they can only drop off the passengers in front of the terminals and are not permitted to wait for any reason.
What FAAN is saying
The statement from FAAN reads, “The Federal Airports Authority of Nigeria (FAAN) hereby advises passengers, drivers and other airport users, particularly those at the General Aviation Terminal, Lagos, to always comply with all laid down protocols on Covid-19 to ensure the safety of all airport users,” the statement read.
“No driver is permitted to pick up arriving passenger(s) at the frontage of the terminals. All drivers must park and wait inside the car parks, while arriving passengers walk down to the car parks to board their vehicles.
“For departing passengers, drivers are only allowed to drop off passengers in front of the terminals. They are not permitted to wait for any reason after dropping their passengers, it is only a ‘Drop Off’ zone.
“We will like to advise all our esteemed customers to strictly adhere to these rules, to ease facilitation and enhance the safety of all airport users.”
In case you missed it
It can be recalled that FAAN, on Friday, advised passengers and airport users to arrive at the airports early, particularly those at the Nnamdi Azikwe International Airport, in order to complete their check-in procedures in good time and avoid unpleasant experiences associated with missing their flights.
In July 2020, the Minister for Aviation, Hadi Sirika, announced that domestic passengers are expected to arrive an hour and a half before departure.
FAAN had also said that anyone, including Very Important Personalities (VIP), who refuses to comply with Covid-19 protocols will not be allowed access to airport facilities.
PRESS RELEASE
COVID-19 PROTOCOLS; FAAN TASKS AIRPORT USERS ON COMPLIANCEThe Federal Airports Authority of Nigeria (FAAN) hereby advises passengers, drivers and other airport users, particularly those at the General Aviation Terminal, Lagos, to always comply with all laid down..
— Federal Airports Authority of Nigeria (@FAAN_Official) April 12, 2021
Billionaire Watch
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.
Success is never an accident. It is most times the result of many years of hard work and consistent effort. Elon Musk is popular today for his electric car company Tesla and his space project SPACE X. But long before these, he was already a multi-millionaire and had founded 3 successful companies which he sold for a collective $1.9bn.
The purpose of this article is to paint a clear picture of what it takes to be among the top 1% of any field. It takes years of consistent hard work to get there. Elon Musk is the perfect example of an individual with a very strong work ethic. His story below will prove that to you.
This article will briefly look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla. Let’s go!
READ: Blue Origin Vs Space X: Bezos and Musk’s subtle battle for supremacy
Blaster ($500)
A 12-year-old Elon Musk facing bullying in high school and a not so friendly dad taught himself how to code. According to the Inc. Magazine, he mastered BASIC a general-purpose coding language making use of a commodore PC he acquired himself. He later that year, sold the code for his PC game Blastar to a PC magazine for approximately $500.
This was his first business endeavour which he started and sold.
READ: Tesla investor sues Elon Musk for causing problems with his tweets
ZIP 2 ($340m)
After the sale of Blastar for $500, Elon Musk and his brother Kimbal took a $28,000 seed money from their dad and started another internet venture, Zip 2. They rented an office and slept in it because they couldn’t afford a house.
Zip 2 was a web software startup that created online city guides for newspapers. The software was patronized by the New York Times and other notable media companies.
Elon Musk and his brother Kimbal sold Zip 2 to PC giants Compaq for $340m. The year was 1999 and Elon Musk was 28 years old.
READ: Reinvestment: The powerful strategy used by the 2 richest men in the world
X.com/PayPal ($1.5bn)
Elon Musk continued on his journey of starting companies and selling them. He took $10m out of his earnings from the Zip 2 deal and joined the internet boom.
He founded x.com an online platform he envisioned to be the future of internet banking. In 2000 X.com merged with a Fintech startup, Confinity, founded by Peter Thiel, another would-be billionaire. Both companies combined to become what we know as PayPal today. Elon musk was named CEO of PayPal and had the highest number of shares in the company.
In 2002 PayPal was acquired by eBay for a whopping $1.5bn.
READ: Elon Musk gains $25 billion in a day, as Tesla surges by 20%
What you should know
Elon Musk has often stressed the need to be consistent and have strong work ethics. In a graduation ceremony by the USC Marshall School Of Business, Elon Musk shared his opinion on work ethics according to CNBC.
“You need to work super-hard. Work hard every waking hour,” Musk said in 2014.
“If you do the simple math, and say if somebody else is working 50 hours [a week] and you’re working 100, you’ll get twice [as much] done in the course of a year as the other company.”
We hope this Monday article will inspire you to work harder and strive to get more work done in record time.
