Passport of Green hue, Warning sound 🚨 - as reported by our periodical, Insider
In business news, Bolaji Agbede has returned to her role as Executive Director for Business Support at Access Bank, following her stint as interim CEO. This change comes as Innocent Ike takes over as the new CEO of Access Bank, effective August 29th. Ike, with over 30 years of banking experience, has been appointed as the Group Managing Director and Chief Executive Officer (CEO) of Access Holdings Plc. He is tasked with steering the $16.6 billion giant into calmer waters and rebuilding a stable leadership team.
Ike previously worked at Access Bank for a decade before leaving for Polaris Bank. Meanwhile, Roosevelt Ogbonna has stepped down from the holding company's board to focus on leading Access Bank. This move by Ogbonna was a direct response to fresh CBN rules that demand clearer boundaries between holding companies and their subsidiaries.
In other news, the Nigerian government has increased passport fees by 100%. The 32-page Nigerian passport, which cost ₦8,750 in 2007, now costs ₦100,000 ($69). The 64-page Nigerian passport now costs ₦200,000 ($134). Nigerians abroad will continue to pay $150 for the smaller passport and $230 for the larger one. The increase is intended to help maintain a "world-class" passport system, but has been met with criticism by many Nigerians. This is the second passport fee increase in a year.
Elsewhere, T2mobile has signed a deal with Huawei for a network upgrade. In the tech sector, Hypeo AI, a Moroccan startup, raised an undisclosed investment from Renew Capital to expand its AI-driven influencer marketing platform. Meanwhile, Breadfast, an Egyptian quick-commerce grocery app, secured $10 million in Series B2 funding from the European Bank for Reconstruction and Development (EBRD) with Novastar Ventures leading the round.
Lastly, StraTech, a South African fintech startup, secured undisclosed funding from VEA Capital Partners. These developments highlight the ongoing growth and innovation in various sectors across the globe.
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