Connect with us

Business

Access Bank plans international expansion through London

Published

on

The Africa Report is reporting that Nigeria’s Access Bank Group, led by Herbert Wigwe, is accelerating its international growth programme with plans to establish a subsidiary in France before the end of the year, according to a report from Africa Business+.

The group is waiting on approval from regulatory institution Autorité de contrôle prudentiel et de résolution (ACPR), one of the last stages in the process.

Other targets include subsidiaries in Dubai and Hong Kong and representative offices in Kenya and Malta. Several other plans are underway but have not yet been disclosed.

Source: The African Report

Advertisement

ALSO READ  Fidelity Bank educates customers on new FX opportunities
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

UConn MBA Student Launching Lingerie Company That Shuns Toxic Chemicals, Appeals to Health-Conscious Consumers

Published

on

Christina Phillips was horrified when she discovered that toxic and dangerous chemicals are used to manufacture women’s bras and underwear.

Who would suspect that formaldehyde, pesticides, petroleum, dyes, parabens and “forever chemicals’’ are found in the creation of most popular brands of lingerie?

Phillips, a UConn MBA candidate, is setting out to change that with her lingerie startup called “Puure.’’ She hopes to have her line of organic, non-toxic underwear available in the marketplace in 2024.

“There’s a silent threat beneath our clothing. It is a huge problem that scares me,’’ Phillips says. “I think millennial women are enlightened about healthy eating and healthy living and they’re concerned about environmental toxins. They want to make healthy decisions about their bodies. They have no tolerance for greenwashing. They seek brands that share the values that they do.’’

Advertisement

Her target customer is health-conscious Black women between the ages of 25 and 45, who are trying to optimize their reproductive health.

Nearly a quarter of young Black women have uterine fibroid tumors, as compared to just 6 percent of white women. Fibroids are benign tumors in the muscle wall that can be painful and cause a host of health problems, including interfering with fertility.

Phillips Brings a Wealth of Knowledge, Experience to Her Company

Phillips recently participated in an eight-week business accelerator, called Summer Fellowship. Sponsored by the Connecticut Center for Entrepreneurship & Innovation (CCEI), the program helps UConn-affiliated entrepreneurs with everything from legal concerns to finding financing sources.

ALSO READ  Fidelity Bank educates customers on new FX opportunities

At the conclusion of the program, Puure was one of six startups selected to compete in the Wolff New Venture Competition, the School of Business’ pinnacle entrepreneurship challenge, in October. Puure will compete for a share of $50,000 in business funding.

Advertisement

In addition to her MBA degree, which she plans to complete in spring 2025, Phillips brings a strong background in textiles and retail experience to her startup. In fact, this is not her first business venture.

Phillips started her career in sales for a home textiles company that sold bedding and bath products. There she became familiar with fabrics, natural fibers, and sustainability issues. She went on to work in retail for a table linens/kitchen company, and then for a company that made sunglasses and optical frames.

She and her sister also had a special-occasion clothing line for six years and became knowledgeable about clothing and manufacturing.

“We didn’t know what we were doing initially, but we learned a lot about entrepreneurship, business development, and manufacturing practices,’’ says Phillips, a native of Westchester, N.Y. What they lacked was a solid foundation in building a business, and that’s something that Phillips gained through Summer Fellowship.

“I needed a foundation, including developing a core strategy and defining my competitive advantage,’’ she says. “The program mentors were great and welcomed us to bounce ideas off them. I learned how to organize the company financially. And I appreciated that all the other entrepreneurs were so like-minded and supportive.’’

Advertisement

Company to Offer Comfort, Style—and Wellness Advocacy

ALSO READ  Singer, Temmie Ovwasa, never wants to have kids, she discloses why

Puure lingerie will be made of organic and non-toxic material, but Phillips is also creating garments that are comfortable, well-fitting and stylish. Her company will be very committed to advocating for feminine wellness. After mulling over the business idea for a few years, Phillips began to seriously explore her interest in the $80 billion lingerie business in February. By April, she had won CCEI’s Get Seeded competition and a $5,000, first-place prize.

Her company is off to a quick start. Phillips is already sourcing suppliers and deciding whether to manufacture in the United States or in Europe. She has a technical designer now and is looking to grow her team.

“Everything I do is very intentional, even down to the tags,’’ she says. “I want to partner with factories that are not only producing organic good but are practicing fair labor, are committed to sustainability, and are not solving one problem while creating another.’’

Because of their unique health needs, Phillips is focusing on Black women. She initially hopes to market directly to consumers and through pop-up events in New York and Connecticut, before partnering with retailers. Black women are very brand-aware, Phillips says, and she believes that interest in her products will grow rapidly.

Advertisement

The name Puure came from a friend in Summer Fellowship, after Phillips discovered that her first choice for a name was already trademarked.

“I like the name because it says what it is…pure, organic, not superficial. This isn’t a company that’s out to trick anyone,’’ she says. “Our goal is to produce something that is healthy and safe for women. Our core values are integrity, transparency and holding to what we claim.’’

ALSO READ  Okonjo-Iweala, Ruto to Discuss Climate Growth, Investment, Trade Frameworks

Continue Reading

Business

Court Orders Service Of Contempt Charge On GTBank MD Over Frozen Customer Account

Published

on

Barring any unforeseen development, the managing director of Guaranty Trust Bank, Miriam Olusanya will, from next week, be subjected to trial for contempt of court for allegedly blocking a customer’s account domiciled in the bank’s Apata, Ibadan branch with an order purportedly obtained from a magistrates’ court in Kano state.

The trial for contempt of court was ordered by Justice A. L. Akintola of the High Court of Oyo state, following an ex-parte motion brought by Musibau Adetunbi (SAN), lawyer to the bank’s aggrieved customer, Omolara Abosede Ogunkoya.

By the order issued on September 18, a copy of which was seen in Abuja on Tuesday, September 19, Justice Akintola directed that court documents relating to the contempt proceedings be served on the bank’s MD and its Apata branch’s Manager, Ms. Funmi Olutayo.

Part of the order reads: “Furthermore, by this order, the applicant herein, is hereby allowed to serve Form 48 (notice of consequences of disobedience to order of this honourable court made on the 7th day of September 2023 and Form 49 (notice to show cause why the order of attachment should not be made and other subsequence processes in these contempt proceedings on the Managing Director of Guaranty Trust Bank Pic, Miriam Olusanya by substituted means to wit; by pasting the said processes on the wall of, Guaranty Trust Bank Pic, Apata branch/business office, Ibadan Oyo state.”

Advertisement

The contempt case was informed by the bank’s alleged refusal to obey the court’s orders contained in a judgment delivered on September 7 directing it to, among others immediately lift the restriction it placed on Mrs. Ogunkoya’s account.

ALSO READ  Singer, Temmie Ovwasa, never wants to have kids, she discloses why

Mrs Ogunkoya had sued the bank following its alleged refusal to lift the restriction it placed on her account without allegedly offering any reason for its action.

In the fundamental rights enforcement suit, marked: M/696/2023 Mrs. Ogunkoya said she had operated the account without hindrance until the bank suddenly placed a lien on it earlier this year.

She added that her efforts to make the bank rethink or provide a reason for its action proved abortive, prompting her to sue.

Delivering judgment on the suit on September 7, Justice Akintola found among others that the bank’s action was unjustified, noting that the order on which the bank relied to act was doubtful.

Advertisement

The judge said: “It is doubtful if the enrolled order of the Kano Chief Magistrate Court, attached as Exhibit B to the respondent’s (the bank’s) counter affidavit is a certified true copy of such an order.

“To the extent that it purports to be a public document, but which is not certified as a true copy of the original, this court cannot take cognizance of same.

“In the end result, the basis upon which the respondent (GTBank) has placed the lien or embargo on the applicant’s account maintained with the respondent is of doubtful validity, and same cannot be recognized or given any effect to by this court.

“It is on this premise that this court finds merit in the applicant’s application, and the same accordingly succeeds. It is consequently, hereby ordered as prayed.”

The judge proceeded to declare that GTBank’s placement of lien or seizure of Mrs. Ogunkoya’s account amounted to a violation of her right to own property guaranteed under Sections 43 and 44 of the Constitution.

Advertisement
ALSO READ  Buhari commissions $2.5 billion Dangote Fertiliser plant, Africa’s biggest

Justice Akintola ordered the bank to immediately lift the restriction on the account, orders the bank has failed to comply with, promoting Mrs. Ogunkoya’s resort to the contempt proceedings to compel GTBank to comply with the subsisting orders of the court.

Continue Reading

Business

Nigeria: Mobilise Finance To Meet Sustainable Development, NESG Advises Govt

Published

on

The Nigerian Economic Summit Group (NESG) on Monday, said mobilising finance in high-growth sectors was critical towards achieving sustainable development in Nigeria.

Dr Olusegun Omisakin, Director of Research, NESG, gave the advice in a statement in Abuja, ahead of its 29th economic summit (NES 29), scheduled for Oct. 23 -24.

“Efforts should focus on domestic revenue mobilisation by expanding the tax net and improving collection efficiency.

Omisakin, explained that Nigeria should leverage a compelling portfolio of competitive investment-grade projects and social investment programmes to access and deploy financial resources in support of sustainable development initiatives.

Advertisement

“Promoting innovative financing mechanisms, strengthening public and private financial institutions, and enhancing public-private partnerships are essential for mobilising the necessary funds.

” Hence, it is crucial to shift Nigeria from a predominantly government-led funding approach to a private sector-led investment-driven economy, while also improving transparency, efficiency, and accountability in public revenue and expenditure.”

He said the forthcoming NES 29, themed: ” Pathways for sustainable economic transformation and inclusion,” was in view of the urgency of translating economic growth into improved and sustainable living standards for all citizens.

He explained further that the summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development. (NAN)

Advertisement
ALSO READ  5.5 Billion Debt: Supreme Court Affirms Honeywell’s Indebtedness To Ecobank
Continue Reading

Trending

Copyright © 2022 TheHeute.