Connect with us

BUSINESS

Maryland Mall Opens For Business- “The Big Black Box”

Published

on

The Maryland mall was official opened for business yesterday Tuesday 28 June, after a year and 8 months of construction and N5 billion in capital investment.

The mall, which boasts of the largest LED screen in Sub-Saharan Africa, was funded by Stanbic IBTC and Axa Mansard, and the construction executed by Purple Capital Partners Limited.

Sola David-Borha, chief executive office (CEO) of Stanbic IBTC, who represented Atedo Peterside, CEO of Stanbic IBTC Holdings PLC, praised the “discipline, focus and resilience of indigenous financial industry firms like Purple Capital” as worthy of emulation.

“This successful delivery of the Maryland Mall project showcases the fact that domestic investment fuelled by the indefatigable spirit of Nigerian entrepreneurs is key to driving social harmony and national economic growth,” he said.

Tosin Osinowo, Maryland Mall Architect

Tosin Oshinowo, Maryland Mall Architect

Tosin Oshinowo, the architect who designed the mall, expressed pride in being part of the indigenous mall called ‘the big black box’.

She said “the screen which is 60 metres long is the longest in west Africa, also ensures revenues opportunity” for the mall, and is unconventional with no windows, yet adequate lightning.

Omotola Mobolurin, chairman, Purple Capital Partners Limited and chairman, Capital Bancorp Ltd, expressed his delight with the safe delivery of the facility.

“I am delighted about the safe arrival of this new retail, lifestyle and entertainment infrastructure, with the capacity to provide merchants and shoppers with amenities and services that befit the state’s mega-city status,” he said.

“It is particularly gratifying that the construction and financing for this retail development is being concluded on time and within projected funding estimates.”

Located where the defunct Maryland Shopping Centre was once located, Maryland Mall sits on one of the most important arterial routes in Lagos today, with an estimated 5,000 cars passing through every hour.

The mall sits on a total land size of 7,700sqm and will have the first dedicated underground car park within any mall in Nigeria.

It will play host to a mix of local and international brands anchored by Shoprite, The Place restaurant, Stanbic IBTC Bank, amongst other retail, hospitality and entertainment brands.

The exterior of the mall will be a 550 square metre LED screen, the largest in Sub-Sahara Africa. This unique feature will set it apart from any other retail complex in Africa’s most populous nation.

Currently, only 2% of Nigerians shop in formal retail supermarkets compared to 60% of South Africans, 30% of Kenyans, 4% of Ghanaians and 2% of Cameroonians.

 

 

Source: www.thecable.ng

Photo Credit: www.thecable.ng

 

BUSINESS

Top 5 Smartphone Brands Dominating Africa’s Market

Published

on

Top 5 Smartphone brands dominating markets in Africa | Fab.ng

The African smartphone market is booming! Sales of smartphone brands across Africa surged in the first quarter of 2024, according to a report by Canalys. This impressive growth makes Africa the third-fastest-growing region in the world for smartphones.

Here’s a closer look at the numbers:

  • Big jump in shipments: Canalys reports that roughly 18.2 million smartphones were shipped to Africa in the first quarter, which is a significant 24% increase compared to the same period in 2023.

  • Dominant brands: Popular smartphone brands like Transsion, Samsung, and Xiaomi are leading the charge in this growth. These brands are likely popular due to a combination of factors such as brand recognition, affordability, and features that cater to the needs of African consumers.

This significant growth in the African smartphone market suggests a growing number of people across the continent are gaining access to these devices. Smartphones can be powerful tools for communication, education, and economic empowerment, and their increasing availability is a positive sign for Africa’s development.

Let’s take a look at the top 5 smartphone brands dominating Africa’s smartphone market below.

Top 5 smartphone brands in Africa (Q1 2024)

Continue Reading

BUSINESS

These 4 Nigerian Banks Rank Among Africa’s Top Financial Institutions

Published

on

See Nigerian banks among Africa’s top financial institutions | fab.ng

Nigeria’s banking industry is making a big splash. Four Nigerian banks have been steadily climbing the ranks and are now considered some of the top financial institutions in Africa. This feat has been further amplified by a recent report from Global Finance, a respected authority on international finance.

Their spotlight on Africa’s best financial institutions has brought even more attention to Nigeria’s growing power in the African financial landscape. These banks haven’t achieved their success overnight. Their rise to prominence signifies a strong and stable foundation and a commitment to financial health.

This recognition by Global Finance isn’t just a win for the banks themselves but for all of Nigeria. It positions the country as a key player in Africa’s financial future and has the potential to attract foreign investment, boost confidence in the domestic banking system, and encourage further growth within the financial sector itself.

This is just the beginning for Nigerian banks. With their newfound recognition, these top-ranked institutions have the potential to expand their reach even further across Africa. This will provide innovative financial solutions to a wider range of customers. The future of African finance looks bright, and Nigerian banks are well-positioned to be at the forefront.

Let’s take a look at these banks below:

1. Zenith Bank Plc

Zenith Bank boasts a global team of over 10,000 employees. This extensive staff ensures they have the manpower to handle a large customer base and deliver quality service.

The bank has a massive physical presence within Nigeria, with a network of 500 branches and business offices. This extensive reach allows them to serve customers in a variety of locations across the country.

Zenith Bank isn’t satisfied with dominating the Nigerian market. They’ve strategically expanded their reach into other African nations, including Ghana, Sierra Leone, Gambia, and South Africa. This global presence positions them as a major player in the African financial landscape.

2. Access Bank

Access Bank is a successful commercial bank that operates in many African countries. They include Ghana and even have a branch in the United Kingdom. It’s part of a larger group of companies called Access Bank Group.

Access Bank is always looking to grow its business and recently made a move to expand into Kenya. To show how serious they are about growing in Kenya, they made an offer to buy a Kenyan bank named National Bank of Kenya.

3. United Bank for Africa (UBA)

The United Bank for Africa, or UBA for short, is very successful in Africa. They’ve won awards for their great service in countries like Burkina Faso and Sierra Leone.

UBA is a major player in African finance with over 1,000 branches spread across 20 African countries and more than 21 million customers.

However, there might be some trouble ahead. Recent political changes in Burkina Faso could make it difficult for UBA to operate there as smoothly.

4. Guaranty Trust Bank (GTB)

Guaranty Trust Bank, or GTB for short, was founded in 1990 and has grown into a very important financial institution around the world.

In 2021, they did a big reorganization and changed their name to GTCO Plc. This change also allowed them to grow their business even further. They opened offices in more and more places across Africa and even outside the continent.

Their dedication to doing a great job and keeping their customers happy is shown in how they were recently named the best bank in Gambia.

Get more business updates here.

Continue Reading

BUSINESS

10 African Countries Where Cryptocurrency Is Restricted

Published

on

Cryptocurrency: 10 African Countries Where It Has No Use | Fab.ng

Cryptocurrency transactions remain banned in some African countries, despite the potential for regulatory frameworks to support their development.

According to Chainalysis, Africa is one of the fastest-growing crypto markets globally, with Kenya, Nigeria, and South Africa having the highest number of users in the region.

Many governments are wary of digital assets due to concerns over money laundering, illicit activities, tax evasion, and financial fraud, as cryptocurrency transactions can be hard to trace.

In 2021, the Central Bank of Nigeria (CBN) ordered banks to close all customer accounts involved in cryptocurrency transactions. However, this ban was lifted in December 2023.

On May 6, 2024, the Securities and Exchange Commission (SEC) increased restrictions by delisting the naira from all peer-to-peer (P2P) platforms. The Director-General of the SEC, Emomotimi Agama, mentioned that the government is drafting new regulations for the crypto sector, following the advice of the International Monetary Fund (IMF).

Here are countries in Africa where crypto transactions or digital currencies has no use:

Tunisia is one of the African countries taking a particularly cautious approach to cryptocurrency. Back in 2018, their central bank made headlines by actually criminalising the use of cryptocurrencies.

They issued a strong statement warning people against using any digital asset that the Tunisian government did not officially approve. This strict stance shows just how seriously some African countries are taking the potential risks associated with cryptocurrency.

Sierra Leone has been very cautious about cryptocurrency. In 2019, their central bank took a strong stance against it. They shut down two cryptocurrency companies and made it clear that they wouldn’t be granting any licences to businesses or banks that wanted to deal with cryptocurrency deposits or trading.

This shows that Sierra Leone is concerned about the potential risks involved with cryptocurrency and is taking steps to limit its use in the country.

The situation regarding cryptocurrency in the Democratic Republic of Congo (DRC) is a bit unclear. The International Monetary Fund (IMF) reports that the Congolese government has completely banned cryptocurrency.

However, a 2018 study by Ecobank suggests the opposite. They found no official statements from either the Congolese government or the Central Bank regarding cryptocurrency’s legality or use.

This lack of clear communication from Congolese authorities makes it difficult to say for sure what the official stance is on cryptocurrency. However, from the IMF reports, it is assumed that the government does not accept its use.

Ghana is another African country taking a wait-and-see approach to cryptocurrency. The Ghanaian government has completely banned crypto transactions within the country.

Despite the ban, the government is still interested in the underlying technology behind cryptocurrency, blockchain. They’re currently studying how blockchain could be used to improve Ghana’s payment systems.

This cautious approach is evident in their actions. In 2022, they reaffirmed the 2018 ban on using cryptocurrency for any financial transactions in Ghana.

Algeria has a strict ban on cryptocurrency. Back in 2018, their parliament passed a law that completely restricted digital currency activity in the country. This law prohibits Algerians from buying, selling, using, or even just owning cryptocurrency.

In 2018, the country’s central bank raised a red flag about cryptocurrency. They issued a statement warning people against promoting or investing in crypto because it wasn’t regulated or officially licensed by the government. This suggests they’re concerned about the potential risks involved.

Morocco’s relationship with cryptocurrency has been a rollercoaster. In 2017, the Ministry of Economy slammed the brakes on crypto transactions, fearing they violated the country’s exchange regulations. This meant a complete ban on buying, selling, or trading cryptocurrency in Morocco.

However, things seem to be changing. In 2023, there was a positive shift. Morocco’s central bank announced they were working on drafting new regulations specifically for crypto trading. This suggests a move towards a more controlled and monitored crypto market in Morocco.

Tanzania is another African country where cryptocurrency exists in a bit of a grey area. There aren’t any written laws or regulations specifically about cryptocurrency transactions in Tanzania.

However, the Tanzanian central bank has taken a cautious approach. They issued a public statement advising people against trading or using virtual currencies like Bitcoin. The bank made it very clear that the only official currency recognised in Tanzania is the Tanzanian shilling.

Cryptocurrency is a hot topic in Central Africa, but there are no clear rules yet. Cameroon, for example, belongs to the Central African Economic and Monetary Community (CEMAC). This means they use the Central African CFA franc, managed by the Bank of Central African States (BEAC).

Right now, the BEAC hasn’t set any regulations for crypto trading. This might seem surprising considering the growing popularity of crypto. However, the good news is that the Cameroon government is working on it. They’re currently reviewing new rules to create a framework for cryptocurrency use in the country.

Things are complicated when it comes to cryptocurrency in Egypt. In 2018, a major Islamic legal authority called Dar al-Iftai issued a religious decree. This decree said that trading Bitcoin goes against Islamic law (Sharia Law). They basically classified it as forbidden, which is the meaning of the word “haram.”

This was followed by a move from the Egyptian Central Bank in 2019. They announced plans to create a new law. This law would make it illegal to create, trade, or even promote cryptocurrency without a special licence.

So, while using digital currency isn’t completely banned, it seems Egyptian officials are cautious about it and want to regulate it very closely.

For more articles like this, visit here.

Continue Reading

Latest

Lati Biola: Here's To Know About Davido's Bestman | Fab.ng Lati Biola: Here's To Know About Davido's Bestman | Fab.ng
ENTERTAINMENT13 mins ago

Chivido 2024: Here’s What To Know About Lati Biola, Davido’s Best Man

Forget the rumours you’ve seen online – Lati Biola isn’t actually Davido’s bodyguard. Here’s the real scoop: Afrobeats superstar Davido...

CHIVIDO 2024: Moments From Chioma’s Bridal Shower | fab.ng CHIVIDO 2024: Moments From Chioma’s Bridal Shower | fab.ng
ENTERTAINMENT18 hours ago

CHIVIDO2024: Moments From Chioma’s Bridal Shower; How It All Went Down

Chioma Avril Rowland, who is soon to marry award-winning singer Davido (CHIVIDO 2024), had a surprise bridal shower on Sunday...

'Man Not God': Chike releases soulful single | Fab.ng 'Man Not God': Chike releases soulful single | Fab.ng
FAB FRESH19 hours ago

Chike Releases New Soulful Single “Man Not God”

Nigerian music sensation Chike is back with a brand new single, “Man Not God,” ahead of the release of his...

Omoni Oboli on her favourite thing about being an actor | Fab.ng Omoni Oboli on her favourite thing about being an actor | Fab.ng
ENTERTAINMENT21 hours ago

Omoni Oboli Reveals Her Favourite Thing About Being An Actor

Nollywood actress Omoni Oboli is currently generating buzz for her upcoming Netflix series “Òlòtūré: The Journey.” As part of the...

"Muri and Ko" Leads Nollywood Films At The Box Office | Fab.ng "Muri and Ko" Leads Nollywood Films At The Box Office | Fab.ng
MOVIES22 hours ago

Biodun Stephen’s “Muri and Ko” Leads Nollywood Films At The Box Office

The Nigerian box office witnessed a power shift this week, with Nollywood’s “Muri and Ko” making a surprising climb to...

Black Sherif: Netizens react to His new outfit | Fab.ng Black Sherif: Netizens react to His new outfit | Fab.ng
FASHION23 hours ago

Netizens React To Black Sherif’s New Outfit

Ghanaian musical sensation Black Sherif is making waves not just with his music, but also with his outrageous fashion sense....

Bracelets That Ward Off Bad Energy And Evil Spirit | fab.ng Bracelets That Ward Off Bad Energy And Evil Spirit | fab.ng
FASHION2 days ago

7 Bracelets Said To Repel Evil Spirits And Negative Energy

Across the globe and throughout history, people haven’t just worn bracelets and jewellery for looks. These accessories often served a...

Why You Must Add Watermelon Seeds To Your Diet | Fab.ng Why You Must Add Watermelon Seeds To Your Diet | Fab.ng
FOOD2 days ago

Here’s Why You Must Add Watermelon Seeds To Your Diet

Guys, listen up! Watermelon seeds are more than just a messy byproduct of enjoying a juicy treat. These tiny nutritional...

Rainy season: how to prevent home flooding | fab.ng Rainy season: how to prevent home flooding | fab.ng
LIFESTYLE2 days ago

Rainy season: How To Prevent Home Flooding

The pitter-patter of rain announces the arrival of Nigeria’s rainy season. Daily showers and a welcome drop in temperature transform...

Fresh peppers: 5 perfect substitutes | Fab.ng Fresh peppers: 5 perfect substitutes | Fab.ng
FOOD2 days ago

5 Perfect Substitutes For Fresh Pepper

Fresh peppers are a kitchen must-have, especially in African cuisine! They add flavour and a touch of heat to countless...

-Ad-

under40ceos-starting-a-business
under40ceos-starting-a-business

Trending