Business
Stanbic IBTC Bank ceases to be a public company

Stanbic IBTC Holdings Plc has disclosed that its Banking subsidiary, Stanbic IBTC Bank has ceased to be a public company.
This was contained in the Group’s notice the Nigeria Exchange Limited and the Investing Public seen by newsmen.
The development follows the re-registration of the banking subsidiary as a Private Limited Liability Company.
The statement reads: “Stanbic IBTC Holdings Plc hereby notifies the Nigeria Exchange Limited and the Investing Public that following the receipt of all required regulatory and shareholders’ approvals, the re-registration of our Banking subsidiary – Stanbic IBTC Bank (the Bank) from a public company limited by shares to a private company limited by shares has been concluded.
Accordingly, with effect from 31 October 2023, the Bank ceases to be a public company and shall going forward be referred to by its new name “Stanbic IBTC Bank Limited”.
The Group noted that the re-registration would however ensure the proper alignment of the Bank’s entity status and eliminate the existing brand confusion as many investors and members of the public hitherto referred to the Bank as the listed entity and not Stanbic IBTC Holdings Plc.
The statement signed by Chidi Okezie, Company Secretary stated that it is important to note that the Bank remains a wholly owned subsidiary of Stanbic IBTC Holdings Plc and no change of ownership, shareholding structure, or business objects of the Company will occur by virtue of its re-registration to a private company.
“The change will also not impact the Bank’s existing relationships, contractual agreements, or any ongoing regulatory obligations,” it noted.
The Group closed its last trading day (Tuesday, October 31, 2023) at N75.00 per share on the Nigerian Stock Exchange (NGX), recording a 1.4% gain over its previous closing price of N74.00.
Stanbic IBTC began the year with a share price of N33.45 and has since gained 124% on the price valuation.
Business
5 tips to celebrate a low-budget Christmas

December is here again, but things are three times more expensive than they used to be, if you squander your money in December, January is going to be a long month for you.
There are ways to have fun and still not overspend and here are some ways to make that effective;
1. Eat before you go out
One of the easiest ways to avoid overspending during the holiday season is to eat before heading out. Going out on an empty stomach can lead to impulse spending on food and drinks.
By ensuring you’re well-fed before leaving home, you can focus on enjoying the company of friends and family without succumbing to the temptation of unnecessary expenses.
2. Go out in groups
Sharing the holiday spirit is not only joyful but can also be cost-effective. Going out in groups allows you to split bills and transportation costs.
Coordinate with friends or family members to plan group outings, ensuring everyone contributes something. This way, the financial burden is distributed, making it a win-win situation for everyone involved.
3. Don’t party too far from home
Transportation expenses can quickly add up during the holiday season. Instead of venturing too far from home for entertainment, explore local options within your neighborhood.
Whether it’s a community event, a local park, or a neighbor’s holiday gathering, staying close to home can save you money on transportation and make December a month that doesn’t empty your savings.
4. If you won’t need it in January, don’t buy it in December
The allure of Christmas giveaways and promotions can be tempting, but it’s essential to separate wants from needs.
Before making a purchase, ask yourself if the item is genuinely necessary. If it’s something you won’t use or need in January and beyond, resist the urge to buy, even if it’s on sale. A discount is not a justification for unnecessary spending.
5. Learn to say no
The holiday season often comes with invitations to various events and shows. While it’s natural to want to participate in everything, it’s crucial to prioritize your budget.
If you don’t have the financial means to attend certain shows or events, learn to say no.
Be unapologetic about setting boundaries that align with your budgetary constraints. Your financial well-being in January will thank you for it.
Celebrating Christmas on a budget doesn’t mean sacrificing joy and merriment. By adopting these practical tips, you can navigate the holiday season without overspending, ensuring that January doesn’t become a financially challenging month.
Embrace the true spirit of the season by focusing on meaningful experiences and cherished moments with loved ones.
Business
NNPC signs two gas deals at COP28

NNPC Limited says it has signed two gas deals at COP28. The deal covers a floating liquefied natural gas deal and a small-scale LNG deal at the ongoing COP28 in Dubai.
According to the company, the deal is both for Domestic, and International Markets.
There is an Agreement on 421 Tonnes Per Day Small-Scale LNG Project in Ajaokuta and MoU on Floating LNG.
Business
Nigeria and Kuwait sign agreement for commencement of direct flights

Festus Keyamo, minister of aviation and aerospace development, says the country has signed a bilateral air services agreement (BASA) with Kuwait.
BASA is an air transport agreement between two countries that allows designated airlines to operate commercial flights, covering transportation of passengers and cargoes.
The minister, in a post on Tuesday on ‘X’, said the agreement was signed at the ongoing international civil aviation negotiation (ICAN) event organised by the International Civil Aviation Organisation (ICAO), in Riyadh, Saudi Arabia.
He said the agreement would facilitate the commencement of direct flights (passengers and cargo) between both countries.
“Earlier today, at the ongoing International Civil Aviation Negotiation (ICAN) event of the International Civil Aviation Organization (ICAO) holding in Riyadh, Saudi Arabia, I signed the legal Instrument of Bilateral Air Services Agreement (BASA) on behalf of Nigeria with the State of Kuwait, for the commencement of direct flights (passengers and cargo) between both countries,” he said.
“This will boost trade, tourism and economic relations between both countries.
“My team and I will continue the negotiations of different routes with different countries that are present here for this annual event of ICAO till later in the week.”
On September 7, 2023, the federal executive council (FEC) approved the signing of the agreement between both countries.
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