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PARALLEX BANK LIMITED PROMISES LIMITLESS POSSIBILITIES

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PARALLEX BANK LIMITED PROMISES LIMITLESS POSSIBILITIES

PARALLEX BANK LIMITED PROMISES LIMITLESS POSSIBILITIES

 

The latest entrant into the commercial banking industry in Nigeria, Parallex Bank has officially launched on Friday, January 14, 2022, with the promise to redefine the banking landscape in Nigeria and Africa at large. The bank launch was graced by several dignitaries from both the private and public sector. Also in attendance were several celebrities who witnessed the unveiling of the bank’s logo.

 

 

 

 

 

 

 

 

 

 

PARALLEX BANK LIMITED PROMISES LIMITLESS POSSIBILITIES

 

 

 

 

 

 

Introducing the bank to the gathering at the bank’s headquarters in Victoria Island Lagos, the chairman of the bank, Dr. Adeola Phillips said Parallex Bank is here to make a unique statement about what innovation can do in an industry that is constantly reinventing.  She further stated that the bank will operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The goal is to empower the banking public and to drive convenient and efficient commerce through the bank digital platforms. She added that the Parallex mobile app offers customers the freedom to do much more. The app will eliminate inconveniencies and hardships often faced by customers while carrying out transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corroborating the Chairman’s claims, the Managing Director of Parallex Bank, Mr. Olufemi Bakre, popularly known as Mayor, said the bank’s promise to its customers is to be an enabler of limitless banking. He established that Parallex Bank is the first bank in Nigeria to migrate from a microfinance bank to a commercial bank. He is convinced that Parallex Bank limited will achieve more as the bank partners with customers to explore more business opportunities.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mr Olufemi said the vision of Parallex Bank is to be the preferred financial solution provider redefining customer experience through innovation. He assured customers of excellent banking products and services stating that the bank offerings are designed to address the yearnings of Nigerians. With a strong ecosystem anchored around the customer, Mr Femi informed the guests that the bank has a robust product portfolio that is customer focused, innovative and simple.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to him, the Parallex mobile app has unique features and benefits that are quite rare in this market. On the app, customers can choose to create their unique account numbers, increase their transfer limits, make five free transfers per day to any bank in Nigeria. They can request for free debit cards, which will be delivered to them for free. They will receive prompt responses to enquiries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beyond the app, Mayor added that customers will enjoy zero maintenance fees while current account holders will further enjoy up to 5% interest rate provided, they maintain a minimum average balance of N100,000.

 

 

 

 

Business

Retailer recounts impact of technology on her well-being

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impact of technology

Retailer recounts impact of technology on her well-being

impact of technology

It truly takes time and energy in moving around an open market to source for goods in order to restock, which brings about body aches and fatigue most retailers have shared.

These experiences are fading with ease of shopping and feeling of well-being taking over as retailers conveniently make their orders online, make payment and within a maximum of four hours, their goods get directly delivered to their stores without inclusion of transport charges.

 

 

 

 

Isn’t this pretty cool? Absolutely! Yisau Bolaji who runs a grocery store expresses as he recounts how his life has changed since he discovered Alerzo, an e-commerce platform that enables him carry out his business conveniently.

They do not have to leave their homes to get to the open markets to buy goods. They do not have to face the fear of being worn out, attacked or any mishap in the course of plying the roads.

 

 

 

The emergence of tech firms in e-commerce has been a game changer in the retail sector. More opportunities are being provided to help retailers operate their businesses with ease and maintain healthy lifestyles.

Bolaji who talked about how his health has improved said,”It is a lot of stress going to the market to restock. When I come back from the market, I come back with headache

 

 

 

 

 

“But since I started patronising Alerzo, things are different. Alerzo has a vast assortment of goods. Secondly, Alerzo saves me money on delivery and transportation, aside from the convenience .

“My health has improved because I no longer go through the stress of buying goods in the open market and returning home with a headache. So I’m enjoying the convenience and it is good for my health and wellbeing.”

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Mouka Parent Company, Dolidol International Group, Appoints Dr Adesegun Akin-Olugbade as New Vice Chairman

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Adesegun Akin-Olugbade

Mouka Parent Company, Dolidol International Group, Appoints Dr Adesegun Akin-Olugbade as New Vice Chairman

Adesegun Akin-Olugbade

Dr Adesegun Akin-Olugbade, Mouka’s Vice Chairman

Mouka, the market leader in Nigeria’s sleep industry and a new member of the Dolidol International group, has appointed Dr Adesegun Akin-Olugbade as its new Vice Chairman.

 

The Board of Mouka’s parent company, Dolidol, has given their vote of confidence to the new Vice Chairman, who has an impressive resume of sterling accomplishments.

 

 

 

 

 

According to the Managing Director of Mouka, Mr Femi Fapohunda, the new Vice Chairman’s expertise is in finance, corporate governance and law. As a Non-Executive Board Member, his input and guidance to decision-making by Mouka’s Executive Directors would help propel Mouka to even greater heights.

 

Dr Adesegun is the Founder and Managing Partner of Luwaji Nominees, a legal and corporate advisory services firm and currently serves as Of Counsel at Clifford Chance (CC Worldwide Limited) and International Counsel at ÆLEX.

 

 

 

 

 

He is a graduate of King’s College London (LL. B (Hons) 1983, LL.M 1985) and Harvard Law School (LL.M ’88 and SJD ’91), in addition to being the Overall Best Student at the Nigerian Law School in 1984. He has served for over 30 years in the legal profession and financial services sector; having worked at both the technical and executive management level, in the public and private sector, for leading commercial law firms, multilateral development banks and international financial institutions.

 

He was previously General Counsel and Senior Director at the African Development Bank (AfDB) (2000 -2007) and the first Chief Legal Officer and Head of the Legal Services Department of the African Export-Import Bank (Afreximbank) (1993 – 1997). In December 2018, he retired as Executive Director (Chief Operating Officer), General Counsel and Corporate Secretary of Africa Finance Corporation (AFC).

 

 

 

 

 

Adesegun A. Akin-Olugbade has significant Board level experience. He was a non-Executive Director and former Chairman of the Governance Committee of Ecobank Transnational Inc. (ETI). He was also a Founding Director and Managing Partner of AFC’s wholly owned subsidiary, AFC Equity Investments Limited, Mauritius. He was a founding shareholder and former non-Executive Director of Asset & Resources Management (ARM) Company, a leading financial services company in Nigeria.

 

He is a life member of the Nigerian Conservation Foundation and Trustee of the African Refugee Foundation (AREF) and of the Nigerian Law School Class of 1984.

 

 

 

 

 

In 2003, he was invited to be a member of the Committee on International Monetary Law of the International Law Association (MOCOMILA) and joined the World Trade Board as the first African member in 2019.

 

Adesegun A. Akin-Olugbade is an alumnus of several Executive Management Programs including the Wharton CEO Academy, the IMD Executive Management Program and the HEC (Montreal) Management Development Program (MDP).

 

 

 

 

 

He is an Officer of the Order of the Niger (OON), a national honour conferred on him by the Nigerian Government in September 2012.

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Nigeria Records $2.5bn loss in July as Oil Production Falls to 1.083m bpd

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Oil Production

Nigeria Records $2.5bn loss in July as Oil Production Falls to 1.083m bpd

Oil Production

 

The expectation that Nigeria’s current dollar crunch could subside soon has again been dashed as the country’s crude oil production remained below expectation, slumping to 1.083 million barrels per day in July.

July’s production figure, sourced from the data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), followed the trend in the country’s abysmally low drilling capacity in at least the last 10 months.

 

 

 

 

 

 

 

For the month under review, however, the country’s production allocation by the Organisation of Petroleum Exporting Countries (OPEC) was roughly 1.8 million (1.799) barrels per day.

This means that Nigeria could not produce as much as 717,000 bpd or 22.22 million barrels during July. When valued at a conservative price of $110 per barrel, the 22.22 million barrels were about $2.444 billion for the month.

 

 

 

 

 

 

 

 

While the rest of the oil-producing world and oil majors continue to enjoy high oil prices, Nigeria’s case has been different.
Though the country currently needs every dollar it can get, as pressure on the economy, due to the near non-availability of the greenback continues to mount, the slump in oil production has dashed this hope.

For months, the Nigerian National Petroleum Company Limited (NNPCL) has not been able to remit a kobo to the federation account.
The company blamed the extant subsidy payment regime as well as the massive ongoing oil theft in the Niger Delta.

 

 

 

 

 

In addition, Nigeria has fingered years of declining upstream investment, inability to restart oil wells shut in the wake of the COVID-19 pandemic in 2020 as well as outright sabotage by oil-producing communities for its lack of capacity to raise production.

If there’s no improvement by September, the production deficit is likely to get worse, since OPEC and its allies agreed to an increase in oil production this month, following calls by the United States and other major consumers for more supply.

 

 

 

 

 

 

 

 

In the latest round of distribution of quotas, Nigeria got a modest 4,000 bpd increase, raising its production quota to 1.830 million bpd for September as opposed to the 1.826 million bpd output it got for August and 1.8 million bpd in July.

Nigeria only managed to hit just 1.158 million bpd in the June assessment after it fell to a record low of 1.024 million bpd in the previous month of May.

 

 

 

In the 2022 budget, the federal government pegged the crude oil benchmark at $73 bpd with the projected oil production put at 1.88 million bpd

A recent review indicated that Nigeria produced less crude oil in the first six months of this year compared with the same period in 2020 and 2021.

 

 

 

 

 

 

 

 

It showed that Nigeria’s total of 220.016 million barrels of oil drilled in 2022, is less than the 302.4 million in 2020. That’s roughly a 27.15 per cent decrease.

The NUPRC data further showed that in the first six months of 2021, when the world had started recovering from the pandemic, Nigeria also surpassed this year’s six-month drilling total for the same period by 28.6 million barrels.

 

 

 

 

 

 

Specifically, while the country managed to produce 302.4 million barrels in 2020, it drilled 248.6 million barrels in the same period in 2021, but it quickly degenerated to 220.016 million barrels from January to June this year. That is an 11.29 per cent change between 2021 and 2022.

Of the country’s recorded 35 terminals/streams, the NUPRC data showed that Ajapa, Ima and Anambra Basin remain non-producing, while Tulja-Okwuibome started producing in 2022, after a period of dormancy in 2020 and 2021.

 

 

 

 

 

 

 

The new low production became worse in May when 1.024 million bpd was recorded. In June, it was 1.158 million bpd, according to self-reported data by the government, however, it has fallen again to 1.083 million bpd in July, far from the projection for the period. It was also markedly lower than the production for April, which stood at 1.219 million bpd.

Similarly, Nigeria produced 1.398 million bpd in January, 1.257 million bpd in February and 1.237 in March, according to the NUPRC data.

 

 

 

 

 

 

But despite the huge gulf between expected and actual production, the Minister of State, Petroleum, Mr Timipre Sylva, had recently said the gap would be filled by this August.

Sylva’s comment came after similar assurances by the Group Chief Executive Officer, NNPCL, Mallam Mele Kyari, that the country would drill enough oil to cover the deficit by December last year.

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