Connect with us

BUSINESS

CBN boosts Forex Market with $210m

Published

on

The Central Bank of Nigeria (CBN), on Wednesday, May 2, 2018, injected the sum of $210 million into the inter-bank Foreign Exchange market in continuation of its efforts to sustain liquidity in the market.

The apex Bank offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA)

A statement from the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirmed the figures and reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.

Mr. Okorafor urged Deposit Money Banks to continue to honour requests from customers with genuine needs, noting that the Bank will continue to sustain liquidity in the foreign exchange market.

Meanwhile, the nation’s currency continued on Wednesday, May 2, 2018 to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the market.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Unity Bank wins CBN ‘Sustainable Transaction of the Year in Agriculture’ Award

Published

on

Unity Bank Plc has won the Central Bank of Nigeria (CBN) 2018 sustainable banking award, clenching the award for ‘Sustainable Transaction of the Year in Agriculture’.

The Bank won the coveted award for its compliance with the Sustainable Banking Principles as it relates to the management of Environmental and Social Risk set out by the CBN for adoption by Nigerian Banks, Discount Houses and Development Banks.

While presenting the award to Unity Bank at the just concluded Bankers’ Committee held in Lagos, the apex bank commended the efforts of the lender in promoting the Anchor Borrowers Program (ABP), Rice Farmers Association of Nigeria (RIFAN) project, adding that the bank deserves the award because of the role it played in actualization and management of this audacious project.

The active involvement of the Bank in various financing schemes has resulted in creating huge social and economic impact on the income of households involving over 270,000 participating small holder farmers thereby boosting not only the gross domestic product but also helping to achieve self-sufficiency in food production.

Commenting on the development, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun dedicated the award to all farmers and businesses in agriculture value chain, stressing that: “We have successfully on-boarded over 90,000 hitherto financially excluded farmers and generated bank verification number for them to facilitate financial and banking transaction. Capacities of about 60 agro input suppliers were expanded through provision of facilities and financial advisory services’’.

“Unity Bank’s Environmental and social Management Program covers comprehensive business operations that minimizes adverse impact on the environment in the scope of its business activities.”

“The Code of Corporate Governance requires companies to act in an environmentally and socially responsible manner and Unity Bank has domesticated the principles in its commitment to save the environment from degradation or pollution.”

Speaking further, Somefun disclosed that the Bank’s environmental management policies and strategies comprehensively covers priority areas that encourages bio-diversity, green initiatives, recycling of waste, reduction of carbon emission geared towards promoting sustainability, conservation and environmental protection.

Unity Bank Plc is a niche player in Agricultural financing in Nigeria, with active participation in most government intervention schemes and support for key policy initiatives. These are aimed at driving growth and transformation of Nigeria’s Agricultural economy.

Continue Reading

BUSINESS

NASCON launches new Dangote Classic Seasoning cubes

Published

on

L-R, NASCON allied industries plc group Managing Director, Paul Farer, NASCON allied industries plc, Dangote season's Brand Ambassador, Hadiza Gabon, NASCON allied industries plc, Executive director commercial, Fatima Aliko-Dangote, Dangote Industries limited, Executive Director, Halima Aliko-Dangote, at the unveiling of the New Dangote Seasoning Classic Cube, in Kano, Kano State on 12th December 2018 .

…Says its’ meets complete nutrition need of the people

Management of the NASCON Allied Industries Plc, a subsidiary of the Dangote Industries Limited has pledged its commitment towards a healthy living by the people by producing products that meet the physical and mental needs of the people.

Executive Director, Commercial NASCON Allied Plc, Fatima Aliko Dangote gave this pledge in Kano during the unveiling of new Classic Seasoning Cube in addition to its array of food seasonings already in the market.

The new product which the NASCON boss described as a product of thorough and painstaking research into the preference of the people in the seasoning sub sector of the food industry came in the wake of a similar launch recently, of new Curry Powder and Stew Mix from the stable of NASCON.

Fatima Aliko Dangote said she had no doubt in her mind that the new product would be an instant hit given its unique taste, flavor and aroma noting that the new classic seasoning cubes and stew mix were created with a special blend of herbs and spices to give meals that unique taste and great aroma.

She described the new classic seasoning as a new innovation birthed after years of consumer led research and development, and urged distributors, marketers, eateries and consumers to immediately key into it.

Lacing her remarks with the Hausa local dialet, while explaining the strengths of the product, she described the seasoning as Karshen Magana meaning the real deal and that it is second to none in the market throughout the country.

According to her, the management of NASCON decided to go into the research for the new product bearing in mind that wellbeing is reduced by poor diet yet it is expensive to be unhealthy.

Good nutrition, she stated maintained immune system and delays the effect of aging because it reduces the risk of chronic disease while poor diet reduces physical and mental health. She therefore urged women to try the new seasoning cubes, stew mix and curry powder, as they would ensure meal moments are great moments.

Fatima Aliko Dangote assured that the products would be launched in other parts of the country very soon, adding that despite the high innovative quality, they are affordable and available with various promotional items to be given out to the distributors and consumers.

In his remark, the Group Managing Director of NASCON Allied Plc Mr. Paul Farrer assured that the new product is a high margin product that would help ensure distributors and customers remain profitable, describing the new product as premium but affordable to the consumers.

The Company used the occasion to introduce its Brand Ambassador to the customers, in the person of renowned Kannywood multi-talented actress Hadiza Gabon, who described the Dangote Seasoning cubes as a seasoning with great flavor, and good taste while recommending it to all women in Nigeria.

Speaking to media men in an interview at the event, NASCON key distributor, Alhaji Hamisu Rabiu of Hamis Investment in Kano described NASCON products as fast moving and of good quality. He urged other distributors and retailers across the country to immediately key into the new classic cube, Dangote stew mix and Dangote curry powder.

At the launch Wednesday about 300 distributors, wholesalers and retailers were excited and most express optimism that it will up the market of NASCON.

Head of Marketing of NASCON Allied Industries Plc, Mr. Olusegun Ajala expressed optimism that the “innovative brand will up the company’s market share exponentially because of its unique taste and aroma.

Continue Reading

BUSINESS

Again, Sterling Bank staffer steals customer’s N2.4million

Published

on

One of Nigeria’s financial institutions, STERLING BANK PLC, is in the news again for the wrong reasons.

This time, a customer of the Abubakar Suleiman-led Sterling Bank has again lost over N2.4 million to a fraudulent official of the bank.

The staff, one Ebenezer Alonge, a cashier with Sterling Bank’s Ado-Ekiti branch, alongside his wife, Isakunle Oyinlola and his mother-in-law, Isakunle Moradeke, have been arraigned by the Economic and Financial Crimes Commission (EFCC), for allegedly diverting N2.4m deposited by a customer.

One of the Count Charge preferred against reads: That you Ebenezer Adeolu Alonge ‘M’ , Isakunle Olamide Oyinlola ‘F’ and Isakunle Eunice Moradeke ‘F’ between the month of January 2017 and March 2017, at the premises of Sterling Bank PLC Ado-Ekiti branch, did steal the sum of N2,400,800.00 (Two Million, Four Hundred Thousand and Eight Hundred Naira) only property of Sterling Bank, by diverting same to the personal account of Isakunle Olamide Oyinlola with account number, 0047750660 and the personal account of Isakunle Eunice Moradeke with account number 0064222881, all with the Sterling Bank, Ado-Ekiti branch, being money for Ekiti State Primary and Secondary Education Development levy, and thereby committed an offence”.

The defendants, however, pleaded ‘not guilty’ to the charges preferred against them

According to a statement by the EFCC acting spokesman, Tony Orilade in Abuja, it was alleged that sometime in February, Sterling Bank received a complaint bordering on financial impropriety involving N62,400 belonging to a customer.

“The incident was investigated and another sum of N2,400,800 belonging to a customer was found to have been diverted by Alonge to his wife’s account.

“Further investigation revealed that there was a turnover of over N21m deposit from other customers in Alonge’s wife’s account.

“Other sums were reportedly traced to his mother-in-law’s account,” said EFCC.

Justice Ogunmoye, however, granted the defendants bail in the sum of N2m and two sureties in like sum, one of whom must be a government official not below grade level 12, while the other surety must be resident within court’s jurisdiction.

The case was subsequently adjourned to February 5, 2019 for hearing.

Continue Reading
Advertisement

Facebook

Advertisement
Advertisement

Trending