Business

JP Morgan Acquires Failed US Bank

Published

3 years ago

May 2, 2023

JP Morgan Chase has taken over the troubled US bank First Republic in a deal brokered by regulators.

The Wall Street giant said it would pay $10.6bn (£8.5bn) to the Federal Insurance Deposit Corp (FIDC), after officials shut down the smaller bank.

First Republic had been under pressure since last month, when the collapse of two other US lenders sparked fears about the state of the banking system.

Authorities said they hoped the deal would resolve the panic.

The failure of San Francisco-based First Republic is the second-largest in US history and the third in the country since March.

Worth more than $20bn at the beginning of last month, the bank was known for its big home loan business and for its stable of wealthy clients. It was ranked as the 14th largest lender in the US at the end of last year.

The bank’s 84 offices in eight states reopened on Monday as branches of JPMorgan Chase Bank after regulators seized control and sold it to the Wall Street institution.

In a scramble to come up with a rescue package, US officials were understood to have contacted six banks before landing on America’s largest lender, according to news agency AFP.

US President Joe Biden said the actions would ensure that the banking system was “safe and sound”.

But the deal appeared poised to renew political debate about financial regulation and the power of America’s biggest banks.

The Chief Executive of JP Morgan Chase, Jamie Dimon, said the government had “invited” the banking giant, along with others, to “step up, and we did” and offered assurances about the industry.

“This part of the crisis is over,” he said, noting that few other banks were at risk of customers withdrawing deposits on mass, which caused the problems at First Republic and the two other lenders: Silicon Valley Bank and Signature Bank.

“Down the road – rates going up, recession, real estate – that’s a whole different issue. For now, we should take a deep breath,” he added.

Jamie Dimon told reporters on Monday: ‘Hopefully this will help stabilise everything.’

Fears over the health of the US’s banking system first erupted after the collapse of Silicon Valley Bank (SVB) in March. The demise a few days later of another US lender, Signature Bank sparked panic among investors and bank customers.

US authorities stepped in to guarantee deposits beyond typical limits at SVB and Signature in an effort to head off further runs on bank deposits.

But that did not immediately prevent concerns from spreading.

In Europe, Swiss officials were forced to broker a rescue for troubled banking giant Credit Suisse, which saw 61.2bn Swiss francs ($69bn; £55.2bn) leave the bank in the first three months of the year.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

3 days ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

3 days ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

4 days ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.