Umeofia: ‘With Proper Incentives, Indigenous Manufacturers Can Fully Support Our Economy’
he Nigerian tomato paste market, which has a few indigenous producers, is dominated by imported products. Erisco Foods Limited is one of the indigenous producers. Following recent concerns of sub-standard and adulterated products flooding the market, however, the President of the food company, Eric Umeofia reassures consumers that its range of products remains one of the few in the country certified good for consumption.
Beyond ‘change’ mantra: The economic challenges, expectations
NO doubt, the nation’s economy needs change. But change on what? Of course, change in all economic indices- external and internal. These include our foreign exchange (forex) rate, forex reserves, reversal of outflow of Foreign Portfolio Investors (FPIs), other macroeconomic fundamentals, but mostly, the nation’s mode of prioritization of expenditure and allocation of resources.
Pulling weight as systematically important bank
Just like the demise of Lehman Brothers in the heat of the 2008 financial crisis engendered the Systematically Important Financial Institution (SIFI) theory in the United States, the Central Bank of Nigeria’s intervention to salvage the banking system in 2008, orchestrated the equivalent in Nigeria. The tottering financial system, the CBN said, depended on the SIFI banks as it pronounced them ‘too big to fail.
Evolution of a banking giant
First Bank of Nigeria Limited (FirstBank), established in 1894, is the premier bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in the country. The bank was founded by Sir Alfred Jones, a shipping magnate from Liverpool, England. With its head office originally in Liverpool, the bank commenced business on a modest scale in Lagos, under the name, Bank of British West Africa (BBWA).
Financial institutions and challenges of cyber crime
According to experts, in a report from the Global Trade Review (GTR), the traditional all-in-one Information Technology (IT) approach is no longer working and financial institutions should instead, build IT systems tailored specifically to each asset class on their balance sheet, giving priority to the most lucrative ones.
Banks’ assets, liabilities hit N28 trillion
Specifically, the total assets and liabilities of the commercial banks rose to N27.67 trillion in January 2015, representing one per cent increase above the level at the end of December 2014.
Imperatives of MSMEs’ development for nation’s growth
THE Central Bank of Nigeria (CBN) has reiterated the need to strategically position the Micro, Small and Medium Enterprises (MSMEs) to enhance the growth of the nation’s economy.
Sterling Bank chief bags top CEO award
The Managing Director and Chief Executive Officer of Sterling Bank Plc, Yemi Adeola, has been awarded the Outstanding CEO for his sustained efforts aimed at positioning the bank as a reference financial institution in the country and as a major player in the Nigerian Stock Exchange (NSE).
Why FG launched Development Bank of Nigeria (DBN)
As far as achieving these objectives are concerned, development banks have recorded mixed results but studies have also identified specific traits and characteristics that have allowed development banks to succeed. These traits include: having a clear mandate, being held to high standards of transparency, having adequate initial capitalization, and having strong internal governance such as an independent board, amongst others.
Wema Bank’s profit rises by 59 per cent in 2014
Wema Bank Plc has declared profit before tax of N3.1 billion, for the year ended December 31, 2014, representing 59 per cent increase, against N1.9 billion it recorded in the corresponding period of December 31, 2013.
Experts tie Nigeria’s falling GDP to weak Naira, others
Recent GDP overview for the fourth quarter of 2014 by National Bureau of Statistics (NBS), indicate that the nation’s economy grew by 5.94 per cent (year-on-year), but the current figure was observed to have been lower by 0.83 per cent when compared with value recorded in the fourth quarter of 2013. The current GDP was also noted to have been lower by 0.28 per cent from figures of the third quarter of 2014.