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CBN to Blacklist Firms, Individuals Smuggling Textiles

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  • CBN to Blacklist Firms, Individuals Smuggling Textiles

The Federal Government is currently gathering data and investigating the accounts of individuals and corporate entity currently involved in smuggling and dumping of textile materials in Nigeria.

The Central Bank Governor, Godwin Emefiele, said this while inaugurating the distribution of cotton seeds and other inputs to over 100,000 cotton farmers in Katsina State for the 2019 farming season on Monday.

The programme aimed at reviving Nigeria’s cotton, textiles and garments sector and improving cotton production from 80,000 tonnes produced in 2018 to over 300,000 tonnes by 2020.

To reverse the trend of smuggling, Emefiele said, “The bank was currently gathering data about, and investigating the accounts of individuals and corporates currently involved in smuggling and dumping textile materials in Nigeria with the ultimate aim of blacklisting the individuals and companies involved in the illicit trade.”

He added that all banks in Nigeria would be barred from conducting any banking business with the companies, their owners and top management.

Emefiele also revealed that a national committee on revamping the cotton, textile and garment sector had been constituted to drive the initiative to achieve self-sufficiency in cotton production and textile material within a span of five years.

He said the membership of the committee included the CBN, Federal Ministries of Agriculture and Rural Development; Water Resources; Industry, Trade and Investment; and the governments of Kano, Kaduna, Katsina, Gombe and Zamfara states.

Emefiele, who was supported at the inauguration by the governors of Katsina State, Bello Masari; and Kano State, Abdullahi Ganduje; and the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, also reiterated that the foreign exchange restriction on finished textiles and other 42 items remained in force.

He further noted that the CBN had identified insufficient cotton seeds as one of the major challenges facing cotton farmers and that the bank sought to change the narrative on the cotton and textile industry in Nigeria through the distribution of high yielding cotton seeds to them.

According to him, the provision of seedlings to more than 100,000 farmers cultivating over 200,000 hectares of farmland, along with extensive training on proper farming techniques, will boost production of high grade cotton lint at much improved yields of up to four tonnes per hectare, from the current cultivation rates of less than one tonne per hectare.

He said the move would also reduced the amount spent by Nigeria on imported textiles and ready-made clothing estimated at about $4bn annually.

Emefiele also disclosed that the package included fertilizer, pesticides and knapsack sprayers, adding that the National Cotton Association of Nigeria would ensure compliance of its members with the stipulated terms for the support that would be provided to farmers.

He said that the choice of Katsina was based on the immense potential of the state as the leading cotton-producing state in the country.

He also noted that the bank was committed to the revamping of the cotton and textiles industry, given its immense potential to Nigeria’s growth objectives as well as the bank’s efforts at creating jobs for a large number of Nigerians.

While recalling the good days of the textile industries in Nigeria in the 1970s and early 1980s, Emefiele noted that Nigeria was home to Africa’s largest textile industry, with over 180 textile mills that employed over 450,000 people, representing about 25 per cent of the workforce in the manufacturing sector.

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 long experience in the global financial market.

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Seplat Appoints Emeka Onwuka as CFO, Executive Director

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Seplat Named Emeka Onwuka as CFO and Executive Director

Seplat Petroleum Development Company Plc has appointed Mr. Emeka Onwuka as the Chief Financial Officer (CFO) and Executive Director of Seplat, effective from August 1, 2020.

In the statement signed by Mrs. Edith Onwuchekwa, Company Secretary and Chief Governance Compliance Officer, and released through the Nigerian Stock Exchange, Mr. Onwuka has more than 30 years of experience in financial services within Sub-Saharan Africa.

“He has acted as the voice and face of major financial institutions in Nigeria as former Group Managing Director /CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited. Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria,” the Company stated.

“Mr Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka and holds an MBA from the University of Benin. He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of Chartered Institute of Taxation of Nigeria. He has attended executive programs at the Lagos Business School, Wharton Business School and Harvard Business School.

“Mr. Onwuka holds the Nigerian National Honour, Officer of the Order of the Niger (OON). The Board of Seplat is confident that the wealth of knowledge and experience he brings will be a great addition to the Company.

“This announcement is being made in accordance with Rule 4 of the Nigerian Stock Exchange Amended Listing Rules.”

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TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall

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TaJBank E-commerce

TaJBank Launches Ethical Online Mall

Abuja Nigeria July 8th, 2020  Nigeria’s most innovative Non-Interest Bank, TAJBank, has announced the highly anticipated launch of TAJMall, the nation’s first ethical online shopping mall.

The highly anticipated launch of the e-commerce site, which held recently, is coming closely on the heels of the commencement of its Agency Banking Network which began in June across thirteen (13) states in the country.

To celebrate this milestone, the brand will be holding a week long TAJMall campaign from 6th – 11th July 2020 to sensitize and also reward its new customers to its platform.

“This is a great milestone as we present a fully customer focused e- commerce platform offering 100 percent authentic brands from highly vetted vendors. Our mission is to rebuild trust in the online shopping niche, hence the emphasis on our platform being an ethical shopping mall. We want to deliver on our promise and make this an enjoyable and safe experience not just for our customers, but also for our numerous trusted vendors as well,” said Founder/COO TAJBank, Hamid Joda.

“Our customers place absolute trust that goods will be delivered exactly as requested, and we do not take that trust lightly, he added.

The brand expressed commitment to continuously deploy technological tools on it’s new e- platform to maintain optimal customer service delivery and ensure shopping on TAJMall remains a productive and hassle free experience.

Customers who log onto the tajmall.ng platform (or download the app), will have the opportunity to enjoy massive price slashes, shopping coupons, free shipping and other incredible offers. The Bank also intends to offer financing to its customers who shop on the mall.

“Well beyond our exciting line up of activities, they are assured the highest level of value each time they make a purchase on TAJMall. Our marketing insights have shown that there is an increasing need to match the kind of variety in product offerings that customers yearn for with the exceptional shopping experience that may at times be lacking. We aim to make that an unmatched experience right from the moment our customers visit our mall to the receipt of their items,” affirmed Co-Founder/CMO, Mr Sherif Idi.

Customers shopping on TAJ Mall are guaranteed 100% authenticity, official warranties from the brands, and a 5 day return policy at no extra cost to the customer.

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Warren Buffet to Give Out Another $2.9bn, Total Donations Now $37bn

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Warren Buffett's Donations

Warren Buffet Gives Away $2.9bn, Total Donations Now $37bn

Oracle of Omaha, Warren Buffet, has announced his yearly charitable donations to the five philanthropies he picked to donate most of his fortune to.

The billionaire plans to give out 15.9 million class B shares of Berkshire Hathaway worth $2.9 billion to the five philanthropies. This will bring his total philanthropic donations to $37 billion since 2006.

Warren Buffett

Buffet, who has promised to give away about 99 percent of his fortune, still hold 248,734 Class A shares of Berkshire valued at around $67.5 billion.

However, before he began given out his shares, Oracle of Omaha held 474,998 Class A shares of Berkshire, which would have worth about $129 billion as of today.

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