Banking
Rosemary’s Showroom Opens Abuja Office
By Modupe Gbadeyanka
An indigenous soft furnishing company, Rosemary’s Showroom, has increased the amount of local content contained in its production of various products.
The company made a U-turn from its hitherto production formula when over 65 percent of its raw materials were sourced from abroad.
Mrs Ezinne Kufre-Ekanem, Chief Executive Officer, Rosemary’s Limited, owners of Rosemary’s Showroom, disclosed this during the opening of the company showroom in Abuja on Saturday.
According to her, Rosemary’s Limited had over the 13 years of its existence used majorly foreign content to produce many of its choice soft furnishing products.
However, she disclosed that the prevailing economic recession has spurred her team to look backward in sourcing for equally quality raw materials that can deliver the kind of high standard that Rosemary’s Showroom is renowned for in Nigeria and beyond.
“Today, we now look inward. The current situation in the country has taught us to look inward and this has taught us a good lesson. It has taught us to come out with creativity that now stands us out. We now have Kente fashion, Adire Fashion and a host of other local content laced products we produce,” she stated.
On why the company chose Abuja as the next target after Lagos where the company started from, Mrs Kufre-Ekanem explained that Rosemary’s only responded to the tips from the market. She disclosed that the volume of requests coming from the Federal Capital Territory is not comparable to what comes from other cities in the country.
According to her, the opening of the Abuja office will enable the company bring the world-class soft furnishing and creative approach to interior decorations to the capital city of Nigeria.
However, she said the next expansion would be to Port-Harcourt, Rivers State or Uyo, Akwa Ibom State in 2017. According to her, Rosemary’s statistics show that those two cities top the list of the company’s sales turnover.
However, Mrs Kufre-Ekanem acknowledged that for any indigenous entrepreneur to survive in Nigeria, such needs commitment and perseverance to survive.
She recalled the challenges Rosemary’s faced at inception in Lagos when its landlord then served the company a quit notice, a development the management did not expect at that time. “That challenge, coupled with epileptic electricity supply and forex volatility is enough to force a small business out of existence”, she stated.
Mrs Kufre-Ekanem therefore implored government to make the environment more conducive for entrepreneurs in order to boost gross domestic product in the country.
Established in 2003, Rosemary’s is a niche-focused, passion driven home comfort company that specializes in soft furnishing with a deep belief in personal service. The company boasts of a team that is affectionately involved in thinking, making and delivering world- standard furniture from an African perspective.
The company boasts of a range of products that cuts across beds, lounge chairs, settees, dining tables, coffee stools, among others. The CEO said: “We conceive, design and build quality furniture for your home. Each item is tastefully hand-finished to high standards whether it is made from metal, wood or glass.”
According to her, beds are an important piece of furniture in our homes, considering the amount of time people spend on them when sleeping. As a result of that, she said a bed should be fit for beauty sleep; strong & sturdy enough to carry body frames, big & wide enough to allow us stretch out our full lengths and at the same time cozy enough to allow one snuggle up too. “Our beds provide all these and much more. Built to last and last in styles that are timeless, our beds do the job that they have been built to do like providing you with a perfect sleep at any time of the day or night you desire it,” she stated.
Besides, Mrs Kufre-Ekanem noted that the perfect dinning set compliments and completes your living space; adding that your dinning set of choice should be the right height providing adequate seating comfort to enable the family (and friends) bond & enjoy a meal together again and again. “We offer a wide range of styles ranging from 4, 6 and 8 seater sets,” she disclosed.
She therefore assures prospective customers in Abuja and its environs that it can also package any of the products as gifts to loved ones and associates during and after festive seasons.
She said the company renders Décor Advisory Services (DAS) to discerning individuals and corporate bodies.
“We unearth and proffer what is best for your space. Then, we listen again….We call it Rosemary’s Décor Advisory Services (DAS), but many of our clients have warmer names for it. We never forget that it is your space and that you are a unique being,” Mrs Kufre-Ekanem concluded.
By Dipo Olowookere
About N130 million has been set aside by Stanbic IBTC Bank for 874 of its lucky customers in the Reward4Saving Promo season 4.
This year’s campaign, which was launched recently, has more cash prizes, providing customers even more chances to save and win big.
The promotion encourages Nigerians to develop a savings culture and reward their loyalty. Simply fund your new or existing savings or @ease wallet with a minimum of N10,000 for at least 30 days. The more multiples of N10,000 they save, the higher of their chances of winning.
To participate, eligible individuals must maintain a minimum balance of N10,000 in their Stanbic IBTC Bank Savings Accounts or @ease Wallet for at least 30 days to be automatically entered into the promotion.
Non-account holders are encouraged to open Stanbic IBTC Bank Savings Accounts and maintain a balance of N10,000 to participate. Winners will be selected through a transparent random draw process and receive exciting cash prizes ranging from N100,000 to N5 million.
To lend credence to the transparency of the winners’ selection process in the Reward4Saving Promo, the draws are usually supervised by representatives from National Lottery Regulatory Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON).
The promo has won The Most Transparent Consumer Promotion Award, two years in a row at the Industry Awards.
The financial services provider in Nigeria said it created this campaign to reinforce its commitment to fostering a strong savings culture among Nigerians.
“We are committed to empowering our customers to achieve their financial goals.
“The Reward4Saving Promo is our way of saying ‘thank you’ to our loyal customers and encouraging them to develop a savings culture,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has dismissed a widespread circular claiming the country has introduced two new large denominations— N5,000 and N10,000 notes.
The apex bank described the circular as “fake” in a statement via its official handle on X (formerly Twitter).
The alleged circular said the new notes were set for circulation from May 1.
Business Post gathered that the notes were generated with Artificial Intelligence (AI) showing the late Obafemi Awolowo, who is originally on the N100 note, on the N5,000 note and the late Nnamdi Azikiwe, originally on the N500 note, on the N10,000 version.
“The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management,” the viral circular widely shared online and falsely attributed to the CBN, stated.
The document further alleged that one Deputy CBN Governor, Mr Ibrahim Tahir Jr, justified the move as a way to reduce cash-handling costs while offering Nigerians more efficient options for larger transactions.
However, the apex bank refuted the claims, urging the public to verify information through its official website.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the CBN stated, emphasising its commitment to transparency and accurate communication.
In 2022, the apex bank announced the redesign of the N200, N500, and N1,000 notes with the new notes entering circulation on December 15, 2022. This initiative aimed to address issues such as currency counterfeiting, the prevalence of currency outside the banking system, and to promote a cashless economy.
According to the CBN, under then Governor Godwin Emefiele, said the redesigned banknotes feature enhanced security measures and updated designs to improve their durability and aesthetic appeal.
The CBN emphasized that introducing new designs aligns with global practices, where national currencies are periodically redesigned to combat counterfeiting and enhance security.
The old versions of these denominations remained legal tender and circulated alongside the new notes until January 31, 2023, after which they were phased out.
By Aduragbemi Omiyale
A tier-2 financial institution, Sterling Bank, has confirmed the introduction of a zero-transfer-fee policy for customers with immediate effect.
The bank has urged others in the banking industry to emulate this initiative, saying customers should not be overburdened with bank transfer charges.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” the Growth Executive Leading the Consumer and Business Banking Directorate at Sterling Bank, Obinna Ukachukwu, stated.
Recall that on April Fool’s Day, Sterling Bank announced waiving bank transfer fees for customers and many thought it was just a marketing prank.
But in a statement today, the lender reaffirmed that it introduced this policy to set a new benchmark for customer-focused banking in Nigeria by championing the cancellation of bank transfer charges.
With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.
Under the new policy, Sterling Bank customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.
This customer-first orientation is not new for the bank. During the COVID-19 pandemic, the company stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support.
The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.
“We’re proud to lead this change. We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values,” Ukachukwu added.
Sterling Bank’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.
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