₦airaland Forum

One of Nigeria’s foremost banks, FBN Holding Plc, has announced plans to change its name to HoldCo Plc

The new name will be debated at the company’s Annual General Meeting (AGM), where shareholders are expected to approve it

The bank disclosed that another essential item at the AGM is the issuing of 5,982,548,799 ordinary shares of 50 kobo each at N25 per share Read more:

FBN Holdings Plc has announced plans to change its legal and brand name to First HoldCo Plc at its upcoming 12 Annual General Meeting (AGM) on November 14, 2024. The bank announced this in a notice of its AGM signed by acting company secretary Adewale Arogundade.

The name change is one of the several notable decisions the bank’s shareholders will consider at the AGM.

First Bank reveals the reason for the proposed name According to the bank, the change is expected to better reflect the firm's evolution into a diversified financial services group while maintaining its legacy as one of Nigeria’s oldest financial institutions, with over 130 years of legacy.

The notice disclosed that by extending the bank’s new across all subsidiaries, it seeks to present a cohesive brand that boosts its market position and aligns with its long-term strategic vision.

stated that the move comes at a time when it is actively working to solidify its capital structure and fortify its balance sheet.

It said that a critical item at its AGM includes the firm’s revised rights issue, involving issuing 5,982,548,799 ordinary shares of 50 kobo each at N25 per share.

Otedola, who also serves as the chairman of FBN Holdings, now holds a 9.41% stake in the bank after acquiring shares worth N18.9 billion.

First Bank announces new name for subsidiary Legit.ng earlier reported that FBNBank Ghana has announced a name change to FirstBank Ghana to establish a consistent brand identity.

The name change aligns with FirstBank Group, the parent company's push to create a uniform identity built by FirstBank Nigeria in its over 130 years of banking experience.

According to a statement, the bank said the decision to rebrand to FirstBank Ghana reflects its dedication to delivering world-class banking services and strengthening its position as a leading financial institution in Ghana.

www.wenchatpro.com.ng

BadNews:
Only Almighty God will help Us In Anambra

He will come down n save u shey

TossTos:
PBAT will amaze more people with his moves .. gradually we'll know the actual litres of PMS we consume daily that they've subsidized in the past to loot us

see person

Deny noni

Fuel consumption: 10,000 marketers may shut down over massive drop, high cost

As fuel consumption plummets nationwide due to soaring prices, oil marketers have expressed concerns over significant losses, with around 10,000 oil dealers about to shut down.

The situation has also forced many motorists to abandon their vehicles, opting instead for public transportation.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority indicate that fuel consumption dropped to 4.5 million litres per day in August 2024, down from 60 million litres per day in May 2023—a staggering 92 per cent decline.




The data also show that only 16 out of the 36 states received fuel from the Nigerian National Petroleum Company Limited in August, leading to widespread shortage.




Since President Bola Tinubu announced the removal of fuel subsidy in May 2023, petrol prices have surged by about 488 per cent, rising from N175 to over N1,000 by October 2024

The continuous price hikes have strained the economy, driving up transport costs and fuelling inflation, as struggling Nigerians lament the hardship.

The situation has also forced many motorists to abandon their vehicles, opting instead for public transportation.




The national leadership of the Petroleum Products Retail Outlets Owners Association of Nigeria said the drop in fuel consumption had caused the association huge losses, adding that about 10,000 of its members were on the verge of shutting down.




Speaking with Sunday PUNCH, the PETROAN National Public Relations Officer, Dr Joseph Obele, said the cost of a truckload of PMS had moved from N7m to N47m in the last 16 months

Three days ago, there was a meeting at the national headquarters of PETROAN. At the meeting, there was, an indication that about 10,000 of our members would quit business in the next 45 days because their trading capital had been severely affected,” Obele stated.




He claimed that the affected marketers had a total staff strength of about one million

That was why we wrote a letter to Mr President, dated October 21, requesting a grant of N100bn to save the affected marketers’ businesses from shutting down in the next few weeks.”




The President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, also confirmed that there had been a reduction in fuel consumption, adding that members of the union were equally affected.




He said, “There is a drop in consumption and the price of a truckload is higher now. So, we have reduced the quantity of fuel we buy.

For instance, someone who bought 10 trucks before can only buy eight now. So, we haven’t been getting the right quantity that we are supposed to get. We sell only the little quantities we get.”




The leadership of the Nigeria Union of Petroleum and Natural Gas Workers said the inability of oil marketers to buy products had resulted in job losses for truck drivers and petrol station workers in the country.




In an interview with our correspondent, the NUPENG Secretary-General, Mr Afolabi Olawale, said, “The economy is not smiling at all.

Many petrol station owners cannot even buy a single truckload, and this has affected our members. Those of them that are truck drivers hardly get loads to carry anymore. Many petrol stations have closed down and our members who are petrol station workers have lost their jobs

When asked to give the actual number of NUPENG members affected, Olawale said, “This is an unfolding situation. It’s evolving, so I may not be able to give you the actual number of people affected now because we have those in the informal and formal sectors.

We have people in the upstream, downstream, and midstream. But I don’t have the statistics right here with me to give you.




“Though everybody is affected, those in the downstream are the most affected. It affects those in the downstream sector directly because they are truck drivers, station workers, and the representatives of the marketers at different depots.”


https://wenchatpro.com.ng/10000-fuel-marketers-may-shut-down-over-massive-drop-high-cost-in-nigeria/


Obele said the hike in fuel price had also blocked the cross-border racketeering of the product.

KnowledgePower7:
Peter O Bee should send his fellow Bees
To go and retrieve his Manhood Mandate

Suffering n smiling, i hope ur Yoruba drug president they settle u daily

Shadomaan7:
Her achievements are glaring and visible.

She should be able to win the 2024 election for Biden's successor.

Good luck to her

yh she has 🤣

Looks like they just went online copied different things n gave it to her. Well morons will blive wat morons will belive

Well luckily not Nigeria

IMF commends CBN for increasing Nigeria’s interest rates, says naira now showing sign of stability

The International Monetary Fund (IMF) has commended the Central Bank of Nigeria for increasing interest rates, saying Nigeria’s currency, the naira is now showing signs of stability.

The IMF stated this in its global financial stability report launched during a press briefing in Washington DC on Tuesday.

According to the IMF, the sign of stability shown by the Naira is due to recent interest rate hikes and the clearing of foreign exchange backlogs by the CBN

“In Nigeria, rate hikes and the clearing of overdue domestic central bank foreign exchange obligations have helped the naira show more signs of stability,” the IMF stated in its report.

The multilateral’s position comes amid push backs from stakeholders on certain monetary policy decisions of the central bank.

The CBN, since Olayemi Cardoso took over as its governor, has raised the interest rate multiple times to curb a raging inflation in the country.

In the latest hike on September 24, the apex bank’s monetary policy committee (MPC) increased the interest rate by 50 basis points to 27.25 percent

The rate increase was immediately criticised by the Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of Commerce and Industry (LCCI).

While the MAN said the policy would negatively impact the manufacturing sector, the LCCI argued that the expansion and sustainability of businesses would be hampered.

Tobias Adrian, the IMF’s financial counsellor and director of monetary and capital markets, while speaking at the conference, acknowledged the efforts of the CBN in controlling inflation and stabilising the foreign exchange market.

“The central bank has been transitioning to an inflation-targeting regime and has liberalised the exchange rate, which we welcome,” he said.

“The rate hikes implemented so far have been appropriate, especially given the challenges posed by high inflation, which still stands around 30 percent.”

Meanwhile, despite the recent gains in naira stability, the currency has struggled in 2024

The report said the continued increase in the demand for dollars and limited dollar inflow is responsible for Naira depreciation in the last months.

However, the IMF noted that the currency has shown signs of improvement in recent months, fluctuating between N1,700 and N1,600 per dollar in the parallel market and stabilizing between N1,500 and N1,600 in official trading windows.


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Spotify raises monthly premium subscription fees in Nigeria by 44%

Music streaming platform Spotify has announced a 44% price hike for its Premium subscription in Nigeria starting from November 24, 2024, the monthly fee will increase from N900 to N1,300.

The audio streaming giant explained that the adjustments are necessary to support ongoing innovations in its product offerings and enhance user experience.


Spotify communicated the change to its subscribers via email, stating, “Thank you for being a Premium subscriber.

As of your billing date on November 24, 2024, your subscription price will change from NGN 900.00/month to NGN 1,300.00/month.

We’re increasing the price of Premium Individual so we can continue to innovate on our product offerings and features and bring you the best experience.”

The trend of rising subscription costs

In July 2024, Netflix raised its Premium Plan subscription by 40% from N5,000 to N7,000 per month.

This came after a prior increase in April, where the company adjusted its Premium Plan from N4,400 to N5,000 and its Standard Plan from N3,600 to N4,000.


According to Netflix, these price hikes are part of its strategy to boost revenue and maintain its competitive edge in a rapidly growing market like Nigeria.

Similarly, Elon Musk’s internet service company, Starlink, has increased the monthly subscription for its service in Nigeria by 97%, raising it from N38,000 to N75,000.

Additionally, the cost of the Starlink kits (hardware) for new users has surged by 34%, from N440,000 to N590,000.

Starlink cited “excessive inflation” as the reason for this second increase in subscription fees in Nigeria, having previously reviewed the cost of its hardware both upwards and downwards.




Meanwhile, ride-hailing platform Uber has notified its drivers of a 13% fare increase to help cushion the impact of Nigeria’s recent fuel price hike.

https://wenchatpro.com.ng/spotify-raises-monthly-premium-subscription-fees-in-nigeria-by-44/

If women were honest while saying their vows, heres a funny skit about it enjoy

Watch

https://wenchatpro.com.ng/if-women-were-honest-while-saying-their-vows/

iLoveYouToo:
One thing he did was keep to his promise to remove petrol subsidy and float the Naira, we need people with balls.


…but when will the common man start enjoying the benefits of these 😢

u dey wait to enjoy benefit?? Seriously are u this gullible?

Shadomaan7:
The opposition are just too unserious. They are not even interested in winning the 2027 election. They are just busy online attacking others instead of strategizing on how to win the election

wat should they be doing?

Bad driver blaming new car for the accident

Bless

Newly Built 3 Bedroom Bungalow With a Mini Flat bq On a Half Plot of land

LOCATION: Cooperative Estate, Ayobo Lagos

*TITLE: Receipt, Government Allocation paper & Global C of O

Price 55million naira

Contact 090 75 25 28 28 for more details


https://www.youtube.com/watch?v=RqGWzzk9ZnU

American woman gets pregnant by another man blames the boyfriend For making it happen says it all his fault.

And she says all this while still living in the boyfriends house

WATCH

https://wenchatpro.com.ng/american-woman-gets-pregnant-by-another-man-blames-the-boyfriend/

illicit:
Anambra Awwwwka

😑

smh

illicit:
Awwwww

awwww for?

kenyan lady throws a ring after waiting a groom for 4 hours, she spoke about her disappointment...

https://wenchatpro.com.ng/kenyan-lady-throws-a-ring-after-waiting-a-groom-for-4-hours/

Her statement “I have everything a man wants in a woman.

Check me out! My mother raised me well. Is it cooking skills? Keeping the home neat? What else? Just look at me!”


Her remarks sparked reactions from numerous social media users, who flocked to the comment section to share their thoughts.

Ndubisi941: “Where can I find her? I’ve got a message for her.”


@MillieOla24: “Funny enough she doesn’t have sense.”




@Wisdombig7: “She get luck say na the type of breast wey I dey like she carry.”


@MgbemeneNnamdi: “Who be this fuu? E be like she just chop finish.”


@Apoostool: “How much dey her aza .wey she dey talk say I have everything a man want.”


WATCH HER HERE

https://wenchatpro.com.ng/lady-flaunts-beautiful-body-claims-to-have-all-a-man-desires-in-a-woman/

Meanwhile African most smartest people are singing Tpain

Make una rest

That's a dude shey

He hasn't reached out to us. His phone number is not active, bank accounts not active.

Daniel Ogoh, a 27-year-old postgraduate student in the UK, disappeared without a trace after arriving Lagos on May 5th. His twin brother David tells us that Daniel been unreachable since.

VIDEO DROP BY HIS TWIN BROTHER


https://www.youtube.com/watch?v=G_vLRWibyjo

Konetech:
I think you to get yourself familiar with blender .

he isn't

Automatic self drive car goes ballistic destroying vehicles in front of it without stopping

https://wenchatpro.com.ng/automatic-self-drive-car-goes-ballistic/

Follow this rules men and be saved


https://www.youtube.com/watch?v=c81XA2S6gQo?

Zooposki:
This is why. They are trying to escape their punishment. It’s a spiritual thing.

its a medical condition