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CBN Tasks States to Set Up Bank of Industry

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CBN

The Central Bank of Nigeria (CBN) has advised states without a Bank of Industry to facilitate the establishment of one in order to speed up industrialisation and other economic development across the country.

The Assistant Director, Development Finance Department of CBN, Abuja, Mr. Babatunde Ogunleye made the call recently in Uyo, AkwaIbom State while responding to questions from newsmen.

He argued that such an institution with the primary mandate to finance the processing of raw materials and industrialisation of the nation is better positioned to help the micro, small and medium scale enterprises (SMEs) in the country.

Ogunleye expressed dismay that in some states without the establishment of the BoI, citizens are compelled to go extra miles like the nearest state to present proposal or seek assistance from the bank on the financing of projects.

The Assistant Director who was in the state for a public enlightenment of the residents of AkwaIbom on the activities of the CBN declared that, if there is BoI in a state “the speed of doing business will be fast and the cost of doing business will be low.”

“You can easily work to the next street where there is BoI, meet the manager, present your proposal and get consider instead of may be going to Calabar or any other nearer states, that is one of the big gains of having B0I,” he stressed.

“Another gain is that, the speed of doing business, especially those who are producing raw materials will quickly get their raw materials evacuated and get paid.

“The bank here will get funded because payment will get to all these banks, all these things will amount to improve and increase standard of living for citizen and government will make money quietly through tax revenue because if business and commerce move everybody is happy.” he added.

Ogunleye maintained that the organised private sector and associations are the right body to partner with government to ensure the BoI is established in their state.

The sensitisation workshop being organised in all the states of the federation was to enlighten members of the public on the activities of the CBN.

The three-day workshop with the theme “Promoting Financial Stability and Economic Development” was attended by farmers, cooperative societies, business entrepreneurs, industrialists, market women, bankers, civil servants and government across the state.

A Senior Manager and Director of Consumer Protection Department of CBN, Sani Bako Mohammed in his presentation, said customers have the right to information, choice, safety, redress, privacy and confidentiality and good service from any bank of choice.

He disclosed that the Consumer Protection Department of the CBN has prosecuted 8,044 complaints out of which 354 complaints were against commercial banks and other financial banks.

According to him, the CBN has successfully resolved complaints that involve about N35 billion explaining procedures to the audience on how to lodge complaint and follow-up.

A Director in the CBN of the Electronic Banking Payment System Department, Mr. B. I. C. Madunagu briefed the participants of the Clean Note Policy of the Bank and how to handle the naira.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Cadbury Nigeria Recognised For Human Resource Management

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Cadbury Nigeria

Cadbury Nigeria Plc announced that it had been recognised as a top employer by the Netherlands-based Top Employers Institute, even as it stressed the importance of employee well-being.

Cadbury Nigeria, a subsidiary of Mondelēz International, made the announcement in a statement released on Wednesday as part of the celebration of its third annual purpose day.

The consumer goods manufacturer said it held a webinar for its employees anchored by experts in healthcare management.

The Managing Director, Cadbury Nigeria, Mrs. Oyeyimika Adeboye, said the company takes the well-being of its employees seriously, adding that they would give their best if they had the right mental attitude.

“That is the reason we organised the webinar by bringing in experts from Helen Keller International to speak to us on well-being, as part of our Purpose Day,” she said.

Adeboye added that the growing importance of holistic well-being made the company focus its annual Purpose Day activities this year exclusively on well-being in the areas of mind, body and connection.

The Country Director, Helen Keller International, Ms. Philomena Orji, was quoted as saying during her presentation, “Helen Keller is dedicated to scaling up evidence-based, cost-effective solutions to improve care practices and ensure that basic health interventions reach vulnerable people, with a focus on women, youth, and children.”

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CSCS Reappoints Haruna Jalo-Waziri As CEO

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CSCS-Investors King

The board of the Central Securities Clearing System has approved the re-appointment of the Chief Executive Officer, Mr. Haruna Jalo-Waziri, for another five-year term.

CSCS disclosed this in a statement on Tuesday, saying the company had seen a major boost in its revenue base and had also built strong strategic alliances with other financial market entities across Africa during Jalo-Waziri’s tenure.

It said Jalo-Waziri led the company’s profit growth by 18 percent compound annual growth rate and delivered a 20 percent return on average equity in the 2020 financial year amidst the pandemic.

The Chairman, CSCS, Mr. Oscar Onyema, said the board was impressed with the CEO’s performance and that the foundation built by the team had positioned the firm for its next growth phase.

Onyema said, “That is why we are aiming to consolidate on our gains and diversify the business for sustainable growth.

“On behalf of the board, I congratulate Mr. Jalo-Waziri on this reappointment, which reflects our vote of confidence and greater expectations from him in creating value for shareholders and broader stakeholders of CSCS.”

Jalo-Waziri appreciated the board for the reappointment.

“I am tremendously proud of the talent pool we have built here at CSCS. As we set out to diligently execute our next growth strategy, I am super excited at the future of this great institution and look forward to deepening our partnership with different stakeholders for mutual prosperity,” he said.

He added that he would continue to count on the support of the Securities and Exchange Commission, the board, participants and other stakeholders in deepening the Nigerian capital market.

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Company News

BOC Gases Nigeria Plc Rebrands to Industrial and Medical Gases Nigeria Plc Following Acquisition

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BOC Gases Nigeria Plc - Investors King

BOC Gases Nigeria Plc, Nigeria’s leading manufacturer of industrial and medical gases, has changed its name to Industrial and Medical Gases Nigeria Plc following an additional 60 percent acquisition by TY Holdings Limited in August.

TY Holdings Limited acquired a 60 percent stake owned by BOC Holdings UK to take its total stake in the company to 72 percent.

The company disclosed in a statement signed by Ayodeji Oseni, the Company’s Managing Director.

The statement reads, “The change of name is sequel to the purchase of 60% of BOC Gases Nigeria Plc, which was formerly controlled by BOC Holdings UK (a member of the Linde Group) by TY Holdings Limited. This has also resulted in the change of the Company’s logo and trademark.

“The Company has obtained a new certificate of incorporation from the Corporate Affairs Commission.”

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