Heritage Bank, Gezawa Set to Transform Nigeria’s Agric Sector to Huge Commercial Hub

Emerges Lead Settlement Bank, Transaction Adviser

 

The Nigerian agricultural sector is set to witness a huge growth, as Heritage Bank Plc the lead settlement bank for Gezawa Commodity Market (GCMX) has collaborated with key stakeholders to revolutionise agricultural value-chain, aimed at providing a fully integrated ecosystem for commodity Exchange.

 

Heritage Bank was appointed as the Lead Settlement Bank and Transaction Adviser to the Gezawa Commodity Market and Exchange Ltd and Memorandum of Understanding (MoU) was signed between the two firms, whilst over 10, 000 farmers in 3000 cooperatives in the 44 local governments of Kano States were hosted. The partnership between Heritage Bank and the Exchange would facilitate the ease of agro commodity trading in a more structured way, especially with the closeness to the Dawanu, the largest grain market in Africa. The MD/CEO of Heritage Bank Plc, Ifie Sekibo, who was a panellist at the 2nd GCMX Farmers’ Cooperative Forum in Kano at the weekend, stated that the partnership is targeted to de-risk the sector that would bring about structured and enhanced agro-business and attain food security that leads to economic development.

 

 

Sekibo, who was represented by the Executive Director, Jude Monye explained that the partnership which would help bridge the huge gap associated to risk, will fast track effective price discovery mechanism and traceability and enhanced trade settlement services. Specifically, the bank’s helmsman stated that under the Central Bank of Nigeria’s Anchor Borrowers Programme (ABP) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Heritage Bank would provide on-lending funding to aggregated farmers in the 2020 farming season to grow various products that will serve as raw materials to the processors, thereby ensuring market linkages and access to the market as well as reduce importation and conserve Nigeria’s external reserves. According to him, with its assigned position  Heritage Bank would play a pivotal role in ensuring that there would be an effective and readily available platform Heritage Bank Internal for market linkages among players in the agribusiness value chain, involving FMCGs, warehouse operators, collateral managers, processors, farmers’ cooperatives to transact in a seamless way that guarantees quality, quantity, payment and delivery.

 

Speaking the event, the ED/CEO of Nigerian Export Promotion Council (NEPC), Segun Awolowo said affirmed that the initiative would help foster diversification of non-oil export trade. He, however, stated that NEPC would ensure that the primary for the signing of the MoU would be achieved, whilst calling for the need to ensure adequate and seamless supply of agricultural commodities for the business to be sustainable. The Gezawa Project Consultant, Binchang Binfa, Managing Director of Makarios Global Resource, disclosed, “the ultimate goal was to unlock the vast potential of agricultural value chain via partnerships and synergy with like-minded enterprises, organisations and institutions that will mutually create wealth, generate local employment and contribute significantly to the economic growth and GDP the nation.” He stated that the Exchange would provide services on price discovery and transparency, increase foreign exchange earning capacity, commodity storage and warehouse receipt system, employment generation of 15, 000 direct and indirect jobs, investment opportunities, increase in non-oil export, ease of doing business, weather report, soil test report, as well as 24/7 online trading of commodities on a live trading platform.

 

Read More:

https://www.vanguardngr.com/2020/03/heritage-bank-emerges-lead-settlement-bank-for-gezawa-exchange/

 

http://integrityreporters.com/index.php/2020/03/15/heritage-bank-gezawa-set-to-transform-nigerias-agric-sector-to-huge-commercial-hub/

Heritage Bank will increase wallet of business transactions with Lagos State Govt - George-Taylor
Akinola George-Taylor, Managing Director of Heritage Bank Plc, and his Team, paid courtesy visit yesterday to the Governor of Lagos, Babajide Olusola Sanwo-Olu, at the State House, Alausa yesterday.

The Managing Director of Heritage Bank, Akinola George-Taylor has disclosed that the bank would continue to increase the wallet of its business transactions with Lagos state government.  

He gave this assurance yesterday when he led a team of the bank on a courtesy visit to the Governor, Babajide Sanwo-Olu at the government house, Alausa, Ikeja.

George-Taylor commended Sanwo-Olu’s administration, whilst aligning with the great works in Lagos State.

“We are here to introduce ourselves as the new management of the Heritage Bank and being that we have had a relationship with the state (Lagos) for a number of years now, we felt it was necessary to come and present ourselves to the Governor; to say thanks for the business that we enjoyed with the government and that we align and commend the great work he is doing for Lagos State.

“And of course, as bankers, we want to try and increase our own size of the wallet of the business that we do with the government and to extend our best wishes to him and his government. It was a courtesy call to say thank you and wish him well in the next coming elections,” he said.

Speaking earlier, the Governor, Sanwo-Olu said his administration was poised to do more as it continued to play its roles in providing an enabling environment, improving the ease of doing business and being forward-looking in its dealings with financial institutions.

The governor also said that his administration will continue to ensure a mutually beneficial relationship with financial institutions in the State.

He said: “Lagos is the Centre of Excellence and the commercial, economic nerve centre, so we cannot but ensure that we have a very forward-looking mutually beneficial relationship with all of our financial institutions and of course, Heritage Bank is not an exception.

“I want to implore you and your team to be intentional and think something fresh; think something different that can indeed stimulate us. You can rest assured that we know how important it is to spread our businesses and to ensure that everybody gets a part of it knowing that you and your staff will also have a corporate responsibility on the Personal Income Tax component. It is expected that we will continue to play our roles and play our parts.”

Governor Sanwo-Olu congratulated the Managing Director and his new team on the huge and great responsibilities that shareholders and other stakeholders in Heritage Bank have reposed in them,” he said.