Sunday, October 19, 2025
24.4 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Stanbic IBTC Bank Commits to Economic Growth, Supports Africa-China Trade Relations

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has reiterated its commitment to the nation’s economic development by fostering international trade. This was disclosed at the recent Africa-China Agent Proposition (ACAP) webinar, themed “Advancing Africa-China Trade Opportunities.”
During the session, panellists discussed the challenges which confronted Nigeria-China trade relations as a result of the COVID-19 pandemic, as well as the impact of recent regulatory pronouncements on trade between both countries.
In his welcome address, Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that the organisation remained committed to facilitating trade activities for clients, even in the face of prevailing challenges.
Speaking on the launch of ACAP, Dr Sogunle said: “Stanbic IBTC launched ACAP in May 2019 to boost trade transactions between Africa and Asia, especially China,and helped customers consummate the best business deals without having to travel to China. These were made possible through our parent company, Standard Bank Group, in collaboration with the Industrial and Commercial Bank of China (ICBC).”
Asides growing the nation’s Gross Domestic Product (GDP), Sogunle stressed that the Africa-China trade has potentials to create more jobs and reduce poverty. He urged participants to take advantage of ACAP, which will give them the exclusive access to an array of exporters in China through an accredited agent, Zhejiang International Trading Supply Chain Co Ltd, also known as Guamao.
Guamao is a China-based agent appointed by ICBC and Standard Bank to assist African importers execute trade seamlessly with China. Presently, Guamao has about 35,000 linked suppliers.
Ralph Deng, General Manager, Guamao, described the firm as an expert in procuring all kinds of products, raw materials and goods, with no restrictions in terms of size or volume of imports.
To free up cash-flows and help customers get more products with a reduced down payment to suppliers, Deng noted that a structured payment could be agreed on before an initial upfront payment is made.
He said that full responsibility will be taken to rectify any default on behalf of the client, and that assistance can be given in providing a Chinese government invitation letter and help with logistics arrangements if the customer intends to travel to China to see suppliers.
LuthandoVuba, Head, Africa-China Trade, Standard Bank Group, highlighted the benefits of ACAP as easy sourcing of suppliers and goods, seamless negotiations, guaranteed quality and logistics convenience, amongst others.
Speaking on the ease of making payments, Sunny Gao, Head, Strategic Corporation China, Standard Bank Group, expressed availability of Letter of Credit (LCs), Bills or Telegraphic transfers, depending on the importer’s preference.
He said: “We issue Renminbi Letter of Credit (RMB LCs) to make payments for goods procured under ACAP which eradicates the need to source foreign currency, thereby resulting in faster transactional turnaround time.”
Other panellists at the session were Gbolahan Taiwo, Regional Economist, Stanbic IBTC Bank PLC and Alastair McDougall, Chief Executive Officer, Avery Nigeria Limited.
In his closing remarks, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, said that the Bank gives its customers a competitive edge over other players and grow their business volumes.
He said: “Our goal is to become the ‘go-to’Bank as far as global trade is concerned, with emphasis on Africa-China trade. This proposition is of immense value to our clients and will help us achieve our fundamental purpose, which is to drive Africa’s growth.”
Wole Famurewa, the presenter of CNBC Africa’s daily markets programme,‘Closing Bell West Africa’, moderated the session.

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

6 Ways to Make Money on the PalmPay App in 2024

If you need an additional source of income, you...

NCDMB Exec Sec, Felix Ogbe, Appointed Member of APPO Board

The Executive Secretary of the Nigerian Content Development and...

ChamsSwitch Partners Wema Bank, Launches UnionPay Cards in Nigeria

ChamsSwitch, a leading financial technology company, is thrilled to...

Access Bank GMD, Wigwe, to Lead Discussions at The Economist Nigeria Summit 2016

Mr. Herbet Wigwe, Group Managing Director/CEO, Access Bank Plc, will lead economic and business discussions at the forthcoming The Economist Nigeria Summit scheduled for early 2016. The Economist said: “Nine months on from HE President Buhari taking office, our Nigeria Summit 2016 takes place at the opportune time—bringing key government ministries, industry and business leaders as well as representatives of Nigerian civil society; together with international investors, economists and academics to discuss and debate what the future holds for Nigeria and how the country can take its place among the world’s top emerging markets.”

CHI Renews N24m Group Personal Accident Cover for Journalists

Eddie Efekoha Group Managing Director/CEO Consolidated Hallmark Insurance Plc Consolidated Hallmark Insurance...

Covid-19: Ecobank Nigeria Restates Commitment to SMEs, Agric Sector

Ecobank Nigeria has restated its unwavering commitment to support...

Sanlam Drives Uptake of Motor Insurance with New Sales Outlet

Sanlam General Insurance, a subsidiary of Sanlam Life Insurance...

Ecobank Group Unveils Top Finalists for 2024 Ecobank Fintech Challenge

Ecobank, the pan-African Bank, has announced the top finalists...
Exit mobile version