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