HERITAGE BANK REGISTERS 14 STATES’ FARMERS WITH LCFE FOR N41BN WHEAT DISBURSEMENT PROJECT

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R-L: Olugbenga Awe, Divisional Head, Agribusiness, Natural Resources & Project Development, Heritage Bank; Akinsola Akeredolu-Ale, Managing Director, LCFE; Dr. Oluwasina Gbenga Olabanji, Former Executive Director Chad Lake Institute and Olabode Abikoye, CEO AgGroup Plc, at the Media Engagement to announce Heritage Bank, LCFE registration of 14 States’ farmers for disburse of N14bn wheat project funds, yesterday Lagos

 

Heritage Bank Plc in partnership with the Central Bank of Nigeria has set up plans to disburse a whooping sum of N41billion to farmers from 14 states for the expansion of wheat production project. The Bank, however will be registering the wheat farmers with the Lagos Commodities and Futures Exchange (LCFE) for successful disbursement, as the farmers are expected to cover about 111, 025 Hectares of land to attain huge milestones in wheat production. Meanwhile, being the pioneer Bank to finance the first ever large scale rain-fed wheat production in Nigeria and also a participating financial institution (PFI) under CBN’s Anchor Borrowers’ Programme scheme, it is taken adequate steps to create enabling environment for sustainable growth in wheat production; thereby partnering with LCFE for all value-chain stakeholders to interact and trade ownership titles to specific quantities of wheat by registering members for their clients on the commodity exchange platform.

 

Speaking at the media briefing engagement with the pressmen, the MD/CEO of Heritage Bank, Ifie Sekibo stated that the partnership is basically to consummate Wheat Seed Multiplication Project under the CBN’s Brown Revolution Initiative, in order to ensure due diligence on loan administration, monitoring and recovery, which would bring about increase in the domestic production of wheat and close the wide supply gap in Nigeria agricultural space. Narrating some of the feats achieved, Sekibo who was represented by the Divisional Head, Agribusiness, Natural Resources & Project Development, Heritage Bank, Olugbenga Awe said that as a bank it partnered with CBN to ensure wheat planting on wet and dry seasons. “What we want to achieve is to end importation of seeds and make Nigeria self-sufficiency in wheat production. “We are working with about 30 firms focusing only on seed production and also working with CBN to make sure we register all farmers. We believe working with LCFE will move Nigerian farmers from informal approach to structural approach”, he said. He further explained that whilst riding on the success of the wet season, “we decided to focus on the dry season which comes naturally to our people. As a bank, we are working on two things; one is to ensure the continuous multiplication of seeds and the other is to focus on the grains.

 

 

Sekibo affirmed that the scheme would help reduce the nation’s food import bill by increasing wheat production, create market linkages between smallholders farmers and Anchors/Processors, create an ecosystem that drives value chain financing, improve access to credit by the smallholders farmers by developing credit history through the scheme and many more. Former Executive Director of Lake Chad Research Institute (LCRI), Dr. Oluwasina Olabanji commended Heritage Bank for its efforts in reducing wheat importation and saving the country from the $2 billion spent annually on the importation of wheat. He called on other banks to emulate the lender in efforts to achieving wheat sufficiency in the country. “If this money is saved it could be used for infrastructural development. It is true that there are a lot of linkages not only on financial institutions but also in the value chain, these linkages have been molded together with the intervention of Central Bank of Nigeria and Heritage Bank,” he said. He explained that the CBN and Heritage Bank’s intervention have become critical due to the high demand for wheat in Nigeria and the inability to meet that demand. Speaking also, the Managing Director, LCFE, Akinsola Akeredolu-Ale, commended the CBN and Heritage Bank for their support, which have leveraged Nigeria to be on the right track for self-sufficiency in food production. He said the commodity exchange in partnership with Heritage Bank would provide an enabling environment for farmers, warehouse owners, commodity middle men and commodity merchants, to be able to trade Wheat. He noted that LCFE have created a platform that enhances liquidity in the commodity market, enhances the revenue base of the country and enables commodity traders to manage risk.

 

READ MORE:

https://www.thisdaylive.com/index.php/2021/12/08/heritage-bank-to-disburse-n41bn-for-wheat-production/
https://leadership.ng/heritage-bank-supports-farmers-in-14-states-on-n41bn-wheat-disbursement-project/
https://punchng.com/lcfe-partners-heritage-bank-on-wheat-production/
https://guardian.ng/business-services/business/lcfe-heritage-bank-partner-on-wheat-production/

https://www.proshareng.com/news/COMMODITIES/LCFE-Partners-Heritage-Bank-in-Financing-Wheat-Production/60301
https://www.nairaland.com/6885556/heritage-bank-registers-farmers-14
http://opr.news/468a0755211206en_ng?link=1&client=news
https://www.lagospostng.com/heritage-bank-registers-farmers-in-14-states-with-lcfe-for-n41bn-wheat-disbursement-project/

https://august24news.com/heritage-bank-registers-farmers-in-14-states-with-lcfe-for-n41bn-wheat-disbursement-project/[/vc_column_text][/vc_column][/vc_row]

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.