News
Vitafoam opens Mega Showroom to boost Earnings
A renowned distributor of Vitafoam products, S.K Sadim Enterprise has been officially opened as a mega showroom to enhance distribution of Vitafoam’s products nationwide, boost its profitability and shareholder value.
The colourful event was held in S.K Sadim Enterprise premises where an array of Vitafoam’s products were showcased to the admiration o elated customers.
Speaking at the opening ceremony, Vitafoam’s Commercial Director, Sola Owoade said that vitafoam had always collaborated and supported its distributors to expand sales and satisfy the customers’ diverse needs.
“The Idea of dedicating the ground floor for the wholesale and a place for the showroom in S.K Sadim enterprise came from Vitafoam. We have moved from the traditional to a more innovative way of selling products. Prospective buyers have an opportunity to look at what they want in the showroom before purchasing the product. We shall leverage Technology and Research to meet the yearning needs of our customers. We are looking at expanding the scope of our dealers than retailers across Nigeria. We have always created healthy competition among our distributors and distinguished ones are rewarded,” said Owoade
Corroborating him, the Chief Executive Officer of S.K Sadim Enterprise, Samson Ajibulu, expressed gratitude to Vitafoam for supporting the company as an authorized distributor.
“I am grateful for this privilege as S.K Sadim is crowned the mega showroom of vitafoam. I advise other co-distributors to follow suit through dedication to duty. We are committed to supporting Vitafoam as a major brand, associated with quality products and services. I urge the governments at all tiers to patronise Vitafoam’s products and create enabling environment for upcoming enterprises in Nigeria to thrive,” said Ajibulu.
A Co-Distributor and Dealer of Vitafoam, Senior Manager, Bolutife Stores, Rotimi Akinsanya, advised customers not to be confused because Vitafoam’s products remain the best, despite the mix up in price and current state of the economy.
“Vitafoam still maintains vitality and quality in its products . Any customer who wants to enjoy comfortablity in foam should patronize Vitafoam,” said Akinsanya.
News
CIBN backs bank recapitalisation for enhanced economic growth
The Chartered Institute of Bankers of Nigeria (CIBN) has expressed support for the planned recapitalisation exercise for banks in the country.
Ken Opara, President/Chairman of Council, CIBN, expressed this during the 2024 annual lecture of the institute on Tuesday in Lagos.
Opara said adequate liquidity within the banking system was fundamental to fostering sustainable economic growth and development.
He said that the recapitalisation would further help banks to deepen liquidity and guarantee access to credit needed for economic growth and prosperity.
He said that CIBN and the Nigeria Exchange Group (NGX) had formed collaborations toward building capacity for the recapitalisation of banks.
Opara added that the institute was also collaborating with Africa Guarantee Fund (AGF) for capacity building for SMEs, preparing them and building their capacity to access finance.
He called for more allocation of credit to the real sector, which was the foundation of the nation’s economic activities for increased liquidity.
Opara stressed the need for addressing challenges faced by the sector to enhance its competitiveness against foreign counterparts.
To resolve the challenges, he urged the government to improve further the ease of doing business and infrastructural development, such as power, roads, and rail networks.
The CIBN president also called for industrial centres where companies could co-habit and share common infrastructure,
harmonise and reduce the various taxes and levies, including locating them in a single hub.
He said the theme, “Improving Availability of Credit in the Nigerian Real Economy: The Critical Importance of Liquidity”, was timely to address current challenges in the nation.
“As we navigate the complexities of our current economic landscape, it has become increasingly evident that ensuring adequate liquidity within the banking system is fundamental to fostering sustainable economic growth and development.
“The real economy comprises the agriculture, manufacturing, construction, and services sectors and serves as the tangible foundation of the nation’s economic activity.
“These sectors collectively represent the intricate web of goods and services that drive economic growth, create employment opportunities, and enhance the overall standard of living.
“Despite the significant relevance of the real sector, access to credit for such key sectors compared to other climes is relatively low,” he said.
He said a survey conducted in more than 40 economies and released by Statista in 2024 revealed that nearly 141 trillion dollars worth of credit was lent to the real sector in advanced economies in the second quarter of 2022.
He added that the figures were twice as high as the volume of credit to the same sector in emerging markets.
He commended improvements in liquidity within Nigeria’s real sector but called for increased credit to sector, particularly agriculture.
“According to data from the Central Bank of Nigeria (CBN), the Net Domestic Credit stood at 66.4 trillion Naira as of December 2022, showcasing the substantial credit extended by financial institutions to the real sector of the economy.
“This figure experienced a significant surge to 96.1 trillion Naira by December 2023, highlighting the tremendous potential for growth and development in the real sector,” he said.
He listed credit volume allocated to the key sectors, saying the Agricultural sector had N5.8 trillion representing about six per cent of the total credit.
He said the manufacturing sector had N19.7 trillion, representing approximately 21 per cent of the total credit, while the services sector had N36 trillion, representing 37.4 per cent of the total credit.
“I humbly propose that we consider offering more credit to these key sectors and particularly the agriculture sector.
“It is for this reason, ladies and gentlemen, that the recapitalisation exercise is a welcome development.
“The recently announced upward review of the Minimum Capital Requirements of Nigeria by the Central Bank of Nigeria would further empower banks to extend more credit to the economy’s productive sectors,” he said.
The Guest Speaker, Prof. Graham Penn, speaking on the theme, explained how other developed countries were leveraging on credit and the need for Nigeria to increase liquidity for economic prosperity.
Penn, a professor of International Finance Law at University College London, listed challenges and measures Nigerian banks, regulators and businesses could adopt to implement laws and regulations to facilitate true sale securitisation.
News
NERC transfers regulatory oversight of electricity market in Ekiti to state govt
The Nigerian Electricity Regulatory Commission (NERC), says it has transfered regulatory oversight of electricity market in Ekiti State to the state Electricity Regulatory Bureau (EERB).
News
Minister summons Lead British Int. School over bullying allegation
-
Finance3 months ago
Court orders Sen. Victor Umeh to repay N136m bank debt to AMCON
-
Abuja Update2 months ago
UNDP, FG partnership needed to achieve inclusion, equity- Minister
-
Abuja Update4 weeks ago
Banks drive stock market performance with N147bn gain
-
Infotech3 weeks ago
World Backup Day: NITDA urges Nigerians to ensure backup of data
-
capital market2 years ago
Rt.briscoe, FBNH, Others halts negative performance of stock market
-
Health2 weeks ago
Immunisation: FG, GAVI seek synergy with Sokoto Govt.
-
Infotech2 weeks ago
Forex for Beginners: Unveiling the currency exchange and how to trade it
-
Submission Guidelines4 months ago
CALL FOR SUBMISSIONS: POETRY COLUMN-NND