Business
Fire Disrupts Ecobank’s Operations In Lagos
For over three hours, fire disrupted banking services at the head office of Ecobank Nigeria Limited. on Ahmadu Bello Way, Lagos, yesterday.
The Tide’s source, who visited the scene of the fire incident reported that the fire started at 8.30am.
A witness, Mr Malachy Okoli told the source that the fire started when a tanker was discharging diesel into the bank’s fuel dump.
Okoli said that staffers of some commercial banks around Eco Bank used their fire extinguishers to contain the fire before the arrival of officials of the Federal Fire Service.
The Tide’s source reports that some youths were seen around the place scooping diesel from the gutter not minding the risk and a lot of kiosks around the bank were destroyed by the inferno.
Deputy Commanding Officer, Lagos Command, Federal Fire Service, Ganiyu Olayiwola, said the bank alerted the command at about 8.55am.
“We quickly alerted our people and we were able to contain the fire, the first thing we did was to evacuate all the personnel and secured the area so that we would be able to perform our work effectively,” Olayiwola said.
Director of Operations, Lagos State Emergency Management Agency (LASEMA), Mr Femi Giwa, said the agency was alerted at about 8.55am.
“At about 8.55 am, we got a distress call at the Lagos State command and control centre concerning an inferno within the Ecobank head office.
“We activated our response and mobilised our respondents to the scene of the incident,” Giwa said.
He said officials of the agency discovered a tanker with 33,000 litres diesel, while trans-loading caught fire.
“We need to appreciate the Lagos State Fire Service, the Federal Fire Service and LASEMA Response Unit, the Ecobank Fire unit, UBA fire unit, Julius Berger and others for their efforts”, said Giwa.
“We were able to contain the inferno within the generator area where they have the tank and the building, as I speak to you is in good condition and the adjourning buildings were not affected.
“Personnel and occupants within the building were evacuated within the muster point. We recorded no injury, no death and I speak to you we were at the dampening stage,” Giwa said.
Representative of Eco bank, Mr Tunde Dawodu, said the fire started at about 8.40 am, when a tanker that came to supply diesel apparently caught fire.
“Immediately we activated the emergency protocol and all staff were evacuated from the building even though it did not affect the main building.
“We decided to fight it with fire gadgets that we had and we reached to the fire departments, the state, the federal, LASEMA and some other corporate organisations.
“As you can see it is just the tanker and one of our generators that were affected, it did not affect the building, the personnel or our operations,” Dawodu said.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.