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RT $200bn: Polaris Bank sensitises non-oil exporters, urge them to key into programme

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One of the leading Commercial Bank in Nigeria, Polaris Bank in partnership with the Central Bank of Nigeria (CBN) has urged exporters in the non-oil sector to embrace RT USD 200billion programme in a bid to boost the nation’s economy. The financial institution made the appeal recently in Calabar during a one day Sensitisation programme for non-oil exporters on the need to key into the “Race to USD 200billion Foreign Exchange Programme”.

Vanguard learned that it was part of efforts by CBN to ensure Nigeria realizes her quest to earn the needed foreign exchange; diversify its economy and make locally-produced goods competitive, globally.

The above, according to the Bank, led it to commence a nationwide business forum to sensitize exporters on inherent benefits of Central Bank of Nigeria’s (CBN) RT200 non-oil export proceeds repatriation rebate scheme.

Vanguard gathered that the scheme was aimed at raising $200 billion in foreign exchange (FX) earnings from Non-Oil Proceeds over the next 3-5 years, is designed to motivate exporters in the Non-Oil export sector to encourage repatriation and sale of export proceeds into the FX market.

Speaking during the programme in Calabar, Mr. Michael Chimah, Group Head, Uyo/Calabar Business said it was high time Nigerians took production more serious, adding that with more production and export things will change for the better for Nigeria.

He disclosed that CBN’s guidelines for the scheme stipulates that for every US$1 repatriated and sold at the I& E Window to Authorised Dealer Banks (ADBs) for other third-party use, N65 will be paid to the exporter, while for every US$1 repatriated and sold into I & E for own use on eligible transactions only, N35 will be paid and payment was done quarterly.

His words:” The basic fact is that there is no more dollar, the one we are earning is very little compared to the Volume of import we are bringing, the CBN in its initiative came up with this noble idea to look inward and earn foreign exchange, and we as a bank have taken it up to partner with them.

“In Nigeria, we think the main thing is import, to the extent that if you are not involved in import people think you are not doing anything, but the pendulum has now shifted to export, and as a bank we are ready to give you the needed support both financial and advisory services. We are very serious about this, which is why we have set up an export desk to assist those who will come to us for all the necessary support.

“Nigerians, must stop thinking consumption alone and start thinking production, it is only when we produce that our GDP will grow and invariably our per Capita income too.

“When our Per Capita income grows then we begin to earn Foreign Exchange. What this simply means is that that cost of goods will begin to drop because the exchange rate will also drop and we will begin to have stability in our economy which is what every growing economy hopes for,” he said.

Mr. Michael Chimah encouraged non-oil imposters in the region to take advantage of the programme which is billed to run between 3 to 5 years as the Bank was willing and ready to walk the talk with them.

Earlier, Mr. Osas Damian Omorogbe, Trade Promotion Advisor, Nigerian Export Promotion council, NEPC, Calabar Export Assistant Office emphasized on the need for exporters to get it right especially on the exports process, documentations and standardization of products.

Omorogbe urged the importers to know their markets before embarking on exports while commending Polaris Bank for the initiative as well as partnering with CBN to promote and encourage non-oil exporters to key into the RT USD200 billion FX programme which he described as welcome development.

He also called on non-oil importers to ensure the repatriation of funds which will in no small way boost our economy.

The Bank had earlier held similar roadshow and sensitization to exporters in other major cities in Nigeria like Ado-Ekiti and Kano among others.

 

Culled From Vanguard Newspaper

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Parthian Partners wins Inter Dealer Broker of the year, lauded for pioneering IDB model in Nigeria

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Parthian Partners Limited, Nigeria’s first interdealer broker and founder of i-invest, the first fixed income investment app in Nigeria, has won the BusinessDay Banks and Financial Institutions (BAFI) Awards for the ‘Interdealer Broker of the Year 2022’ in recognition of its impact and contribution to the overall growth and stability of the fixed income market, its financial performance – credit rating affirmed Bbb+, as well as its innovativeness and growth across different product lines.

 

According to the organisers of BAFI, the Inter-Dealer Broker of the Year Award was initiated this year in recognition of the critical role this little-publicized corner of the fixed income market’s microstructure plays in ensuring its efficiency. “We congratulate Parthian Partners on the celebration of its tenth anniversary. Reading reports of how the journey of building the first interdealer broker in Nigeria, at a time when the regulations did not even exist, attests to the foresight and determination of the founding team and its backers. This is the type of grit to follow the path less travelled that we celebrate at the BAFI Awards,” they explained.

Representatives of Parthian Partners Limited: (L-R) Gafar Bashiru, Senior Associate; Yinka Arewa, CFO; Ronke Akinyemi, Assistant VP; Nonso Nduanya, Head of Brands, Marketing & Communications and Oluwaseun Dosumu, Head of Investment Research, receiving inter-dealer broker of the year award from Ogho Okiti (2nd r), MD, BusinessDav Media Limited.

Commenting on the award, the Group Managing Director of Parthian Partners, Mr. Oluseye Olusoga thanked the staff of the company for their commitment to the actualisation of the company’s vision, while dedicating the award to the firm’s clients. “Since we pioneered the wholesale fixed income financial intermediary model in Nigeria 10 years ago, Parthian Partners has remained steadfast in its commitment to matching buyers and sellers, providing independent data to participants in the fixed income market, enabling confidence in transactions, creating liquidity and price discovery, as well as facilitating the unfettered flow of capital for an efficient market,” he said. He stated that the company will not rest on its laurels but will continue to provide the best services while increasing shareholder value and returns on investment.

 

Now in its 10th year, the BAFI Awards were created to recognise and celebrate organisations, teams and individuals that are achieving excellence in the delivery of financial services across the entire client and customer spectrum.

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Polaris Bank rewards the first set of winners in its ongoing ‘Save & Win’ promo

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The first set of 62 winners has emerged in the ongoing Polaris Bank Save & Win promo. The Bank in a statement said that the 62 lucky winners emerged across the six geo-political zones, winning N100,000 each during the draw held on Friday at its headquarters in Lagos is in commemoration of Nigeria’s 62nd Independence Anniversary.

The winners emerged through a transparent draw witnessed by officials of the Federal Competition and Consumer Protection Commission (FCCPC), and the Advertising Regulatory Commission of Nigeria (ARCON).

The draw was conducted using a hybrid media technology which enabled in-premises event as well as over 400 customers through the Bank’s virtual network and social media handles.

Speaking at the unveiling of the winners, Polaris Bank’s Group Head, Strategic Brand Management, Mr. Nduneche Ezurike, said that the event was significant because it was a testament of the Bank’s unwavering commitment to impact and enrich the lives of Nigerians.

Ezurike noted that the reward is aimed at encouraging more people, existing and prospective customers alike to save and invest their money. “In tough times like this, there is a compelling need to save, not only to win a prize, but also to plan for the rainy day,” he added.

He emphasised that customers can still participate in, or increase their chances of winning by depositing a minimum of N5,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N5,000 before the next draw date.

Ms. Susie Onwuka of the FCCPC; Doris Itegbe and Bolajoko Odusoga of ARCON attested to the free, fair and transparent draw that threw up the winners.

The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the independence draws.

Below are four (4) ways to participate in the ongoing Polaris Save & Win promo:

  1. Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal at https://accounts.polarisbanklimited.com/opening/

  1. Grow your account by N5,000 or more for 30 days or 3 months to qualify for monthly & quarterly draws respectively; by N50,000 for 3 months to qualify for special draws.

  1. If your account is dormant, you can reactivate your account without visiting the Bank by simply logging into the portal: https://accounts.polarisbanklimited.com/reactivate/, accepting the terms and conditions and updating the required details the Bank may need.

  1. Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website at www.polarisbanklimited.com to stay updated.

Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products for individuals and businesses.

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Man’s Inhumanity to A Teenage Girl

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By Olori Janet Afolabi

Labake is a mentally challenged teenager. Two years ago someone took advantage of her condition, impregnated and abandoned her. She was begging for food and money to survive. The first time l saw her was in October 2020 when she strayed into my event. She was being dragged out by security men when she caught the attention of Kafayat Oyetola, Osun state, First Lady, who was my guest.

The First Lady took Labake to Oshogbo, rehabilitated them, and took care of her till she delivered. Then she brought Labake back to Apomu, the headquarters of Isokan local government area of Osun state.

This year again, in 2022, an unknown man whose name according to Labake is “Operator” impregnated her and disappeared.

On Thursday, November 3, l was told Labake was at the Palace gate.I thought it was her usual visit for support. I asked my staff to take some things to her. He came back with a paper and said Labake was crying profusely.
The paper was the Scan result which showed that she had been due since October 24 and the baby’s breech position in her womb posed great danger to her life, The baby’s head was up instead of down. The ideal position for birth is head down.

I asked security to let her in. When l saw her, l didn’t need to be told that she was in great pain, l called Julius Edet and Moses Bello (both members of the Medical team l set up for my project “Initiative To Stop Teenage Pregnancy,) to come to the Palace.

They took her to the Health Center. After payment was made for registration and tests, the officials said there was no doctor to attend to her.

She was taken to another Health centre. The Matron spoke to me She said Labake’s condition was beyond them, She advised that Labake be taken to a private hospital or General hospital Oluyoro in Ibadan because she could only give birth through the operation.

For me, Ibadan was not an option at all because of the distance and gridlock Labake may not have survived the stress in the condition that she was in.

I decided to call Goke Odetunde, Chairman of our local government He responded immediately.l told him about the situation on the ground. He said Labake should be taken to a private hospital in a neighbouring community.
He also paid the bill.

To the glory of Almighty God, the operation was successful. She delivered a baby boy. Mother and child are alive.

But the journey to save Labake has not ended, I would like to rehabilitate and provide a secure shelter for her. She can then acquire a skill or start a trade.

I want to thank the Chairman for the rapid response and kind gesture. Julius and Moses for devoting their time and attention to be with Labake throughout her agonising hours.

I want to appeal to the men who keep taking advantage of Labake’s mental condition to sexually harass/ abuse/ impregnate her, to desist. If she were your sister or daughter l do not think you will be happy if someone does that to her.

Most likely, you would describe such action as a man’s inhumanity to a vulnerable teenage girl.

 

Olori Janet Afolabi is a CNN Award-Winning Journalist, Author and Queen of Apomu Land

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