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Polaris Bank Promotes SMEs, Sponsors 2021 Fashion Souk

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Polaris Bank has reaffirmed its commitment to the promotion and growth of Small and Medium Enterprises (SMEs), especially those operating in the fashion industry in Nigeria.

This position was emphasized in a statement issued by the Bank while disclosing plans to support this year’s Fashion Souk – the niche fair for fashion enthusiasts and businesses convened by Eventful Limited, Nigeria’s pioneer and leading events management company.

The one-day business fair scheduled to hold on Sunday, December 5th, 2021 at the Harbor Point, Victoria Island, Lagos will provide a platform for over 100 SMEs in Nigeria’s fashion industry who will showcase their creativity, product lines, and economic potentials.

A report by the continent’s development finance powerhouse, Africa Development Bank (AfDB) quotes the global fashion industry as worth over $2.5 trillion with Africa’s share estimated at less than 1% of the total values in 2020, putting Africa’s entire textile/clothing market at more than $31 billion, while Nigeria’s fashion industry is valued at $10 billion according to statistics quoted by Fashion Association Designers of Nigeria (FADAN).

Shedding more light on Polaris Bank’s sponsorship, the Group Head Strategic Brand Management, Nduneche Ezurike noted that Nigeria’s fashion sub-sector has huge and untapped potentials capable of reducing the rate of unemployment in the country.

According to him,” Polaris Bank will be sponsoring one of the best fashion fairs in Nigeria. The fair is curated to facilitate exhibition from four categories of SMEs in the fashion industry including Manufacturers, Retailers, Leather and Jewelry/ accessories with over 120 SME businesses in attendance with expected 2,500+ visitors and buyers expected at the fair”.

He further noted that Polaris Bank remains the preferred Bank in the provision of unique products and services across all the key market segments of the Nigerian economy; serving and impacting the public and private sector; including large and small corporate organizations, SMEs, professional groups, and institutions across; health, education, trade, merchandising, utilities, hospitality, etc.

Commenting on the essence of the SOUK, the Convener, Mrs. Yewande Zaccheaus said: “Eventful Limited has been deliberate in using the platform of the Fashion Souk to create the much-needed road to market for budding fashion entrepreneurs whilst also expanding the target market of the more established designers. The opportunities for scaling businesses have been fully optimized by our vendors through their participation at the Souk as well as the Business Pitch. We are proud to be contributing to the growth of the nation’s economy through this laudable initiative”.

Eventful Limited, is a pioneer of events management business in Nigeria and a Convener of four most-sought-after industry fairs in Lagos namely: The Beauty Souk, The Food Souk, The Fashion Souk, and The Street Souk. The 2021 Beauty Souk holding on December 5, 2021 heralds the 4th edition of the event.

Polaris Bank’s sponsorship and partnership with Eventful to host the Fashion Souk provides a further boost to budding entrepreneurs in the fashion industry, and by extension accelerates the growth of the SMEs in Nigeria and the nation’s economy at large.

Polaris Bank recently won the coveted BusinessDay Digital Bank of the Year award for delivering VULTe, a niche digital Bank.

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1 Comment

1 Comment

  1. Temitope Onigbinde

    December 3, 2021 at 9:25 am

    Nice one

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BIG STORY

JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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Federal Government To Arraign Binance Executives Over ‘Tax Evasion’ On April 4

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Anjarwalla is Binance’s regional manager for Africa, while Gambaryan oversees the company’s compliance with financial crimes.

The Federal Inland Revenue Service (FIRS) charged Binance with a crime on March 25th for “tax evasion.”

The service claims that the action is intended to maintain national economic integrity and fiscal discipline.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

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Despite not being a vacation judge, according to the report, the chief judge granted the fiat for the judge to oversee the case during vacation because it is a matter of critical national interest.

The lawsuit comes a month after Anjarwalla and Gambaryan were detained by the Nigerian authorities.

Anjarwalla and Gambaryan had flown into Nigeria but had their passports seized by ONSA.

On March 12, Anjarwalla was transferred to a local hospital after he fell ill while in detention in Nigeria.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Meanwhile, Gambaryan, on March 28, sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

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NCC Orders Deactivation Of All Registered SIMs Without Proper NIN Linkage

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In accordance with a regulation from the Nigerian Communications Commission (NCC), which requires all registered SIMs without adequate NIN linking to be either repaired or entirely disconnected from networks, the disconnections are scheduled to occur on Friday, March 29.

In an effort to counter illegal acts including banditry and kidnapping and ultimately strengthen national security, the government launched the NIN-SIM Linkage process on February 28, 2024.

There are hints of a potential third phase in April 2024.

Operators have reportedly collaborated with the NCC in implementing the directive, demonstrating their dedication to national security objectives and ensuring full compliance by the specified deadlines.

The second phase will target subscribers with five or more SIMs from a single operator that lack verified NIN-SIM linkages.

The third phase, scheduled to start on April 15, will focus on subscribers with four SIMs or fewer and unverified NINs.

While telecom companies are advocating for a review and extension of the April deadline for the third phase, indications from the NCC suggest a firm commitment to the established timelines.

The first phase resulted in the barring of 40 million lines, including approximately 17 million active SIMs without NIN submissions and 23 million inactive SIMs lacking NINs over the past year.

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