Ecobank Recruits Fleet Managers for Lagos Operations

Image

By Dipo Olowookere

Three fleet management companies have been enlisted by Ecobank Nigeria to handle its transport services on Pay As You Go basis for its Lagos operations.

The partnering companies include Uber, AA Rescue, and Car4U.

Under the new arrangement, the bank has concessioned its pool car services and its erstwhile outsourced drivers numbering about 300 are taking possession of the cars as part of its commitment to empower the drivers.

The drivers have also been given the option of either joining the fleet management companies or utilizing their newly acquired vehicles as they desire.

Relevant training programmes in partnership with the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) have further been organized for all the drivers to effectively support the transition of the drivers to entrepreneurship.

Ecobank explained that this is in line with its commitment to ensuring transparency and fairness, fully engaged the umbrella union of the drivers, NUBIFIE, and negotiated and agreed the foregoing terms.

A statement from the bank explained that the measure will enable the drivers become entrepreneurs.

Meanwhile, the drivers have applauded the initiative of the bank in providing them with cars and enabling them transit from employees to entrepreneurs.

The initiative would also allow experts in fleet management handle the bank’s transport operations while it focuses on core banking.

Share
Related Stories
Image
06-December-2023

Brent, WTI Weaken on Stronger US Dollar, Demand Worries

By Adedapo Adesanya  The prices of the crude oil benchmarks, Brent and the West Texas Intermediate (WTI) fell to a near five-month low on Tuesday on a stronger US Dollar and demand concerns. According to data obtained by Business Post, Brent futures went down by 83 cents or 1.1 per cent to $77.20 a barrel and WTI weakened by 72 cents or 1.0 per cent to $72.32 per barrel. The prices were the lowest for both crude benchmarks since July 6. This put the market down for a fourth day in a row on doubts over voluntary supply cuts announced by

Image
06-December-2023

NNPC Makes Changes to Crude Cargoes Pricing

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said

Image
05-December-2023

Unlisted Security Index Rises 0.18% to 862.40 points

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

Image
05-December-2023

NLC to Negotiate Cost of Living Reflective Minimum Wage

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

More Stories
Image
25-September-2021

Buhari Restates Commitment To National Food Security

By Sodeinde Temidayo David President Muhammadu Buhari has reaffirmed the government’s commitment to focus and continue to invest massively in food security in the country as a way to enhance agricultural productivity. This was revealed by the Nigerian leader on Thursday at the food system summit in New York, where he stated that national food security, nutrition knowledge dissemination, skills development and information management systems were paramount to his administration. The President said Nigeria had developed a food system focused development agenda that is based on healthy diets and affordable nutrition, noting that it would contribute to rebuilding the economy,

Image
25-May-2018

US Behind Amnesty International’s Plot to Unsettle Nigeria—Yoruba Group

By Modupe Gbadeyanka A group known as the Progressives Yoruba Youth Congress (PYYC) has cried out to the international community over a alleged plot by the United States of America’s backed self-styled human rights watchdog, Amnesty International, to use fictitious reports to create tension in the country. It said the report was targeted at discrediting the Nigerian military on its fight against insurgency and then called on AI and its agents to come out clean on their plots to heat up polity in the country through its conjured report. Comrade Akintola Festus, national leader of the group, while addressing newsmen

Image
25-July-2018

BRICS Has Lot Tasks, Opportunities to Address—Putin

By Kester Kenn Klomegah Ahead of the forthcoming BRICS summit, Russian President Vladimir Putin has reiterated the significant efforts by the member states to consolidate cooperation and dialogues in key multifaceted areas including those relating to member states, regional and international arena. Putin, who is scheduled to travel for the 10th edition of BRICS summit in South Africa on July 25-27, said the BRICS group is faced with lot of tasks, challenges and opportunities to address in subsequent years and these have been documented in all previous declarations. He, however, expressed Russia’s readiness to actively support the priorities of the

Image
13-December-2022

Naira Gains Strength on Better Oil Output

By Adedapo Adesanya An improvement in the crude oil output in Nigeria has eased the pressure on the Naira against its peers in the foreign exchange (forex) market, Business Post reports. Nigeria, which mainly depends on the sale of oil for FX earnings, has struggled lately with revenue as a result of the stealing of the commodity. This has put a strain on the external reserves and has made it difficult for the country to meet its forex demands. But the latest development showed that the crude oil production had improved significantly in the past month, as the country now

Image
13-March-2023

Local Stocks Attract N20.221bn in Five Days as 22 Equities Appreciate

By Dipo Olowookere Last week, investors transacted 1.023 billion shares worth N20.221 billion in 18,650 deals compared with the 1.910 billion shares valued at N18.436 billion traded in 20,311 deals a week earlier. This was as the 22 equities appreciated in price, lower than the 53 equities on the gainers’ chart in the preceding week due to profit-taking. Business Post reports that the losers’ chart had 41 stocks compared with 21 stocks the previous week, while 94 shares remained unchanged versus 83 shares in the previous week. Julius Berger was the highest price gainer as it grew by 10.00 per

Image
21-April-2017

Ambode Gives N2b to Entrepreneurs, N17b to Pensioners

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State has disclosed that the sum of N2 billion has been released to entrepreneurs, artisans and others in the state under the Employment Trust Fund (ETF) programme in the last quarter. Speaking on Thursday at the commissioning of ultra-modern headquarters of Providus Bank in Lagos, the Governor also said N16.9 billion was released for the payment of arrears to pensioners in the state between April 2016 and March 2017. According to him, his administration has maintained a consistent programme of actively reflating the economy through massive expenditure in infrastructural development and engaging

Ad
Ad
Recent Stories
Image
06-December-2023

Nigeria Targets 1,000 Electric Buses in Climate Change Action Pursuit

By Adedapo Adesanya Nigeria will soon have the largest electric mass transit fleet in Africa as it aims to increase its electric bus from 100 to 1,000, according to the Foreign Affairs Minister, Mr Yusuf Tuggar. In a statement from the ministry on Tuesday, the country said this move underscores the urgent need for concerted global action to address the challenges of climate change. In the statement issued by the Special Adviser to the Minister on Media and Communications Strategy, Mr Alkasim Abdulkadir, it was said that Nigeria is leading the fight against climate change in Africa by setting ambitious

Image
06-December-2023

Residents of Nigeria, Turkey, and UAE Most Likely to Own Crypto

Cryptocurrencies, including Bitcoin and various alternatives, are no longer just investments for speculation. They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems. According to a report by CoinJournal, which analysed owners of cryptocurrencies between 2020 and 2023, 47 per cent of Nigeria’s population are actively engaged with crypto, with Turkey experiencing a notable 31 per cent jump in cryptocurrency ownership from 2020 and currently shares the top spot with Nigeria, while 31 per cent of the people in the United Arab Emirates (UAE) own digital currencies in 2023. Nigeria

Image
06-December-2023

The Sports Betting Boom: A Deep Dive into the Growing Industry in Nigeria

In the heart of Nigeria, a quiet revolution is taking place—one that involves more than just cheers and goals. The sports betting industry is experiencing a seismic shift, transforming from a niche activity to a cultural phenomenon. Sports fans across the country are continuously being witnessed wagering on various sporting activities, mainly football, especially the English Premier League. This article explores the dynamic landscape of sports betting in Nigeria, uncovering the unique facets that fuel this growing industry. Online Sports Betting’s Meteoric Ris The traditional image of bet shops adorned with chalkboards may still linger in some corners, but the

Image
06-December-2023

Nigerian Startup Pivo Shuts Down Operations After Raising $2m

By Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

Image
06-December-2023

Morgan Capital Restores iTrade Service After 48-Hour Glitch

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

Image
06-December-2023

OTC Securities Exchange Rises 0.47% as Food Concepts, Two Others Gain

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

Image
06-December-2023

Naira Sells N806.73/$1 at Official Market Amid 92.9% Jump in Forex Supply

By Adedapo Adesanya The supply of foreign exchange (FX) into the Nigerian Autonomous Foreign Exchange Market (NAFEM) improved by 92.9 per cent or $68.7 million on Tuesday to $142.63 million from $73.93 million on Monday, according to data obtained from the FMDQ Securities Exchange. This improvement in forex liquidity into the official market supported the Naira to gain weight against the United States Dollar yesterday, as its value soared by N31.04 or 3.7 per cent to N806.73/$1 from the N837.77/$ it ended a day earlier. This also trickled down to the parallel market, which witnessed less pressure from customers, helping

Image
06-December-2023

Brent, WTI Weaken on Stronger US Dollar, Demand Worries

By Adedapo Adesanya  The prices of the crude oil benchmarks, Brent and the West Texas Intermediate (WTI) fell to a near five-month low on Tuesday on a stronger US Dollar and demand concerns. According to data obtained by Business Post, Brent futures went down by 83 cents or 1.1 per cent to $77.20 a barrel and WTI weakened by 72 cents or 1.0 per cent to $72.32 per barrel. The prices were the lowest for both crude benchmarks since July 6. This put the market down for a fourth day in a row on doubts over voluntary supply cuts announced by

Image
06-December-2023

NGX Gains 0.43% as Buying Activities in GTCO, FBNH, Others Intensify

By Dipo Olowookere The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

Image
06-December-2023

NNPC Makes Changes to Crude Cargoes Pricing

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said