Paystack, a leading player in Africa’s B2B payments, has launched Zap, a consumer-facing app designed to make transactions faster, simpler, and more reliable. Founded by Shola Akinlade, Zap targets users already embedded in the traditional banking system, focusing on speed and reliability rather than offering a comprehensive financial ecosystem. Zap promises transactions completed in under 30 seconds, though tests showed occasional delays beyond this mark. It supports 23 traditional banks, excluding fintech entities like Opay and PalmPay. One of its standout features is the ability to facilitate payments from foreign accounts to Nigerian banks, a feature lacking in many local fintech solutions. However, Zap faces several challenges. The app requires users to link existing bank accounts, which may deter those who prefer one-click account opening features. Additionally, it lacks support for microfinance platforms, limiting its appeal to the underbanked population. The app also has tiered transaction limits, with Tier 1 accounts capped at a daily transaction limit of ₦50,000 and a balance limit of ₦200,000. Upgrading to higher tiers requires additional KYC documentation, which could deter casual users. Zap differentiates itself from competitors like Opay and PalmPay by focusing solely on bank transfers rather than offering a full financial ecosystem. This approach appeals to professionals managing multiple accounts but may limit its appeal to those seeking comprehensive financial services.

The Federal High Court has ruled that the ongoing dispute between First Bank of Nigeria and General Hydrocarbons Limited (GHL) is a case of debt recovery rather than a maritime claim. This decision comes despite First Bank’s efforts to prevent what it described as a “fraudulent attempt” to sell crude oil stored on the FPSO Tamara Tokoni. The court also noted that an ex parte order to arrest the cargo had expired, as such orders are only valid for 14 days unless renewed. However, First Bank insists that the crude oil remains under arrest and has filed an appeal against the ruling. The bank has also sought an injunction to prevent GHL from dealing with the cargo pending the appeal’s outcome. In another related case, a Federal High Court in Port Harcourt dismissed First Bank’s suit against GHL, citing a lack of jurisdiction and labeling the case as an abuse of court process. This decision paves the way for arbitration at the Lagos Court of Arbitration, where GHL is seeking hundreds of millions of dollars in damages from First Bank for alleged breaches of obligations. First Bank has expressed strong disagreement with the rulings, stating that it will pursue every legal means to protect its stakeholders’ interests and prevent fraudulent debtors from evading their obligations. The bank maintains its respect for the judiciary but views the decisions as miscarriages of justice.

Stanbic IBTC Asset Management has partnered with SIFAX Group to develop an ultra-modern port terminal in Ijora, Lagos. This strategic collaboration aims to address critical capacity challenges and enhance efficiency in the sector. The Ijora Terminal project spans 8.3 hectares and includes the development of a new container terminal, construction of a quay wall, harbor dredging, and procurement of essential port equipment. By increasing cargo clearing capacity, the terminal is expected to reduce congestion at the Apapa and Tincan Ports, thereby improving trade flows and reducing delays for importers and exporters. “This project offers a unique opportunity to contribute to Nigeria’s economic prosperity by modernizing the Ijora terminal and expanding its capacity,” said Dolu Olugbenjo, Chief Investment Officer of Stanbic IBTC Infrastructure Fund. “It will generate significant economic and social benefits, including job creation and support for national development.” The terminal is poised to complement existing port services in Lagos and aligns with Stanbic IBTC’s commitment to impactful infrastructure projects, contributing to Nigeria’s sustainable development. It will also have a positive impact on several Sustainable Development Goals (SDGs), including poverty eradication, decent work, economic growth, industry innovation, and sustainable cities. “We are proud to have reached financial closure and commenced construction on this landmark project,” noted Dr. Taiwo Afolabi, Founder and Group Chairman of SIFAX Group. “This initiative will not only improve port capacity but also create jobs and support national development.”