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 Adedapo Adesanya
Nigerian tier-1 lender, First Bank, has announced the introduction of its Naira Visa Debit Card in partnership with the global payments giant to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
According to the bank, the partnership aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels, adding that the card is intended to serve customers across the country’s diverse economic segments.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
Speaking on the launch, Mr Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.
“By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Mr Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio, continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa’s card portfolio at FirstBank, which already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
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