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02062021 - Attacks on INEC offices won’t stop 2023 polls —BUHARI

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CBN intervened in textile to halt<br />

$4bn annual forex flight — Emefiele<br />

Emma Ujah, Abuja<br />

Bureau Chief<br />

ECONOMY<br />

THE Central Bank of<br />

Nigeria, CBN, has<br />

said it intervened in the<br />

Cott<strong>on</strong>, Textile and Garment<br />

(CTG) industry to<br />

halt the annual import bill<br />

of $4 billi<strong>on</strong> in the sector.<br />

Disclosing this at the<br />

stakeholder meeting of the<br />

CTG sector resuscitati<strong>on</strong><br />

programme in Abuja yesterday,<br />

the CBN Deputy<br />

Governor, Corporate Services,<br />

Mr. Edward Adamu,<br />

also said the apex bank is<br />

determined to return the<br />

textile industry to its<br />

golden era when it provided<br />

the largest employment<br />

in the manufacturing<br />

sector of the country.<br />

According to him, the industry<br />

was already making<br />

a positive impact in returning<br />

the Nigerian<br />

ec<strong>on</strong>omy to the path of<br />

growth.<br />

He noted that the<br />

ec<strong>on</strong>omy was witnessing a<br />

gradual turn around but<br />

that, “we must focus and<br />

channel our resources towards<br />

reviving critical industries<br />

like the CTG in order<br />

to firm up ec<strong>on</strong>omic<br />

recovery, improve employment<br />

and create wealth for<br />

our people.”<br />

Adamu who represented<br />

the CBN Governor,<br />

Godwin Emefiele, at the<br />

meeting said that following<br />

the inclusi<strong>on</strong> of textile<br />

materials to the list of<br />

items ineligible for foreign<br />

exchange from official<br />

windows in 2019, and<br />

the CBN interventi<strong>on</strong> in<br />

the sector, the textile industry<br />

could now record<br />

an average output of between<br />

150, 000 and 300,<br />

000 metric t<strong>on</strong>nes (MT),<br />

with a ginning capacity of<br />

479 MT at 51 per cent capacity<br />

utilizati<strong>on</strong> from 19<br />

per cent.<br />

He disclosed that over<br />

278, 500 hectares was financed<br />

in 2019 and 2020<br />

with over 90,000 MT of<br />

cott<strong>on</strong> seed harvested,<br />

adding that nine ginneries<br />

have been brought back to<br />

life and ginned cott<strong>on</strong> all<br />

year round for the first time<br />

in 10 years.<br />

The governor said that<br />

over 620,000 direct and indirect<br />

jobs were created in<br />

2 years, while the textile<br />

sector got 100% of their<br />

major raw material (cott<strong>on</strong><br />

lint) at a CBN-subsidized<br />

rate of N440,000 as<br />

against the market price of<br />

N593,000<br />

Vanguard, WEDNESDAY, JUNE 2, 2021 —19<br />

Heirs Holdings enters insurance market<br />

By Cynthia Alo<br />

INSURANCE<br />

THE Heirs Holdings (HH)<br />

has launched its entrance<br />

into the insurance market with<br />

two instituti<strong>on</strong>s, Heirs Insurance<br />

Limited (HIL) and Heirs Life Assurance<br />

(HLA), yesterday.<br />

The group said it will bring a<br />

dynamic, digitally driven offering<br />

to the general and life insurance<br />

sectors, providing clients<br />

with a real choice of products,<br />

pricing, channel, and claims<br />

handing.<br />

Heirs Insurance Limited<br />

(HIL) provides general insurance,<br />

offering policies covering<br />

vehicles, homes, SMEs, business<br />

risks, and other properties.<br />

Heirs Life Assurance (HLA) offers<br />

insurance-backed savings<br />

plans and life insurance security<br />

for individuals, families,<br />

children’s educati<strong>on</strong>, debtors,<br />

creditors, entrepreneurs, and employees.<br />

Both companies leverage the<br />

business track record of Heirs<br />

Holdings, the pan-African investment<br />

group, chaired by leading<br />

investor and philanthropist,<br />

T<strong>on</strong>y Elumelu, Heirs Holdings’<br />

portfolio includes companies<br />

transforming financial services,<br />

power, oil and gas, real estate,<br />

hospitality, healthcare, and technology.<br />

At the launch, the companies<br />

announced a series of product<br />

innovati<strong>on</strong>s, including a web<br />

portal enabling customers to get<br />

an insurance quote in minutes<br />

and receive claims settlement in<br />

less than 24 hours, from their<br />

mobile devices.<br />

Dr. Adaobi Nwakuche, Ag.<br />

MD/CEO, Heirs Insurance,<br />

said: “We are delivering insurance<br />

that is easy to understand,<br />

quick and reliable, simplifying<br />

our customers’ lives. Our missi<strong>on</strong><br />

is simple: make insurance<br />

accessible.”<br />

Niyi Onifade, MD/CEO,<br />

Heirs Life, said: “Our goal is to<br />

integrate life insurance products<br />

into people’s daily lives to create<br />

financial inclusi<strong>on</strong> and<br />

bring quality financial services<br />

to the many, not just the few.”<br />

NIMN c<strong>on</strong>fers Fellowship <strong>on</strong> Tunde Olufowora, 26 others<br />

MARKETING<br />

THE Nati<strong>on</strong>al Institute<br />

of Marketing of Nigeria<br />

(NIMN), has c<strong>on</strong>ferred<br />

its highest professi<strong>on</strong>al<br />

h<strong>on</strong>ours <strong>on</strong> Tunde<br />

Olufowora, the Chief Executive<br />

Officer of Brand I Communicati<strong>on</strong>s<br />

Limited, as part<br />

of its annual c<strong>on</strong>gressi<strong>on</strong>al<br />

activities.<br />

Olufowora was inducted<br />

al<strong>on</strong>gside 26 other pers<strong>on</strong>s<br />

who have distinguished<br />

themselves in the field of<br />

marketing, while the Institute<br />

admitted <strong>on</strong>e pers<strong>on</strong> as<br />

H<strong>on</strong>orary Member into its<br />

Body of Fellows at the 2021<br />

editi<strong>on</strong> of C<strong>on</strong>ferment of Fellowship<br />

Award and Dinner<br />

last weekend in Lagos.<br />

NIMN is the highest professi<strong>on</strong>al<br />

body for professi<strong>on</strong>als<br />

and instituti<strong>on</strong>s involved<br />

in marketing activities and<br />

related fields in Nigeria.<br />

Olufowora, an accomplished<br />

communicati<strong>on</strong>s<br />

and marketing expert with<br />

over 29 years cognate experience<br />

spanning Media,<br />

Public Relati<strong>on</strong>s and Marketing,<br />

has worked with<br />

major flagship brands in<br />

Nigeria including, The<br />

Guardian and ThisDay<br />

Newspapers as well as<br />

FCMB Bank, pi<strong>on</strong>eering a<br />

number of initiatives that<br />

have str<strong>on</strong>gly positi<strong>on</strong>ed<br />

and distinguished the<br />

brands in the market.<br />

He was the Head of Corporate<br />

Communicati<strong>on</strong>s of<br />

FCMB for a period 16 years<br />

(1997-2013) within which<br />

period he had resp<strong>on</strong>sibilities<br />

for managing all the<br />

marketing communicati<strong>on</strong>s<br />

activities of the bank. He<br />

spearheaded almost all the<br />

transformati<strong>on</strong>al stages in<br />

the life of the bank, from a<br />

small privately owned merchant<br />

bank to becoming a renowned<br />

commercial bank in<br />

Nigeria and Africa today.<br />

Some of those transformati<strong>on</strong>al<br />

changes include the<br />

Initial Public Offer of the<br />

shares of the bank and its<br />

listing <strong>on</strong> the Nigerian Stock<br />

Exchange after its successful<br />

Public Offer campaigns;<br />

the change of name from<br />

“Merchant” to “M<strong>on</strong>ument”,<br />

the various mergers<br />

& acquisiti<strong>on</strong>s exercise and<br />

the rebranding campaign of<br />

the bank which gave it the<br />

current brand appeal.<br />

*Tunde Olufowora

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