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 Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn