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First Bank Floats N500b Acquisition Bond

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16 years ago

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First Bank of Nigeria Plc has planed to use a slated N500 billion ($3.3 billion) bond to fund acquisition both in Nigeria and abroad, according to its chief executive.

The Central Bank of Nigeria said it expects a second round consolidation in the banking industry after the injection of N600 billion ($4 billion) into the sector in August to bail out nine weak banks.

Its Chief Executive, Bisi Onasanya said “if there is any bank in Nigeria that is ready or is adequately prepared for an acquisition, I think there is no other bank than First Bank.

According to him, “We do have plans for an international acquisition, a merger but we also have our own expansion strategy” adding that discussions about an international deal were on-going but declined giving details.

First Bank Shareholders gave approval in August for a bond issuance of up to N500 billion.

He said Nigeria remained the most attractive market in sub-Sharan Africa and that it also intended to continue its domestic consolidation efforts.

The Central Bank injected N400 billion into Afribank, FinBank, Intercontinental Bank, Oceanic Bank and Union Bank on August 14 and sacked top executives after an audit found tax governance had left them so weakly capitalised posing a system risk.

It said on October 2, it was providing a further N200 billion to four more banks – Bank PHB, Equatorial Trust Bank, Spring Bank and Wema Bank – also judged to be facing a grave liquidity risk.

The CBN had said the rescued banks will be run as going concerns until new investors can be found to recapitalise them.

The CBN’s governor Lamido Sanusi said in August his preferred option would be for the rescued banks to be bought by other financial institutions.

It was reported last week that First bank along with Guaranty Trust Bank, United Bank for Africa and Zenith Bank are expected to emerge as clear leaders in the Nigeria banking sector.

The Renaissance capital’s report said it believed the most prized acquisition targets for the top four would include Diamond Bank, Ecobank Nigeria, Fidelity Bank and Skye bank which all passed the CBN’s audit and offered solid niche businesses according to Renaissance.

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Kenyan Runners Dominate Berlin Marathons

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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