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Food security: Heritage Bank restates commitment to deepen Agro-business funding

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7 years ago

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Heritage Bank Plc has reiterated its commitment to further deepen the drive to support agribusiness value chain in order to fast track food security and sufficiency in the country.

The MD/CEO of the bank, Mr Ifie Sekibo, who disclosed this, stated that in a bid to support food sufficiency, Heritage Bank would not relent in boosting the agric base of the nation and; making farming profitable to stakeholders and attractive to the youth.

Specifically, he affirmed that the bank would focus in supporting the agric space via financing farmers to purchase modern technology; as the funding will bring about transformative development in the sector.

According to him, the bank would support the drive for cash crop commodities that would boost Nigeria’s foreign exchange earnings, which the President Muhammadu Buhari’s administration has always been cautious given the dangers the continuous reliance on imported food items pose to its efforts to create jobs as well as develop and diversify the economy.

The bank’s Group Head, Agriculture Finance, Mr Olugbenga Awe, also disclosed that Heritage Bank is committed to the development of agribusiness and small and medium enterprises (SMEs).

“Our support cuts across the entire value chain with focus on large corporates and small holder farmers.  We encourage value addition and ultimately export,” he said.

He, however, noted that the bank’s support goes beyond food sufficiency to increasing cash crop commodities that would boost Nigeria’s foreign exchange earnings.

He hinted that Heritage Bank is effectively tackling the bottlenecks since it has long identified the opportunities in agribusiness, thereby offering solutions to ease of doing business in the sector.

“For ease of financing, we would be better off with functional commodity exchanges as a country. We can start by refinancing commodities through a warehousing receipt systems, gradually we will move to crop receipt. With commodities exchange, the value-chain is strengthened and the whole system is structured. Exchange helps in reducing the long marketing chain, it helps in enforcement of commodity standards, it provides price certainty and in some cases storage and warehousing facilities,” Awe suggested.

He further noted, “if we sustain the current momentum on rice, we shall surely export rice in the nearest future, and the operative word here is sustaining the momentum. However, there is need for strategic alignment on objectives. The current focus by government is on small holders’ farmers using the instrumentality of the Anchor Borrowers Programme (ABP) by Central Bank of Nigeria.”

The Group Head, Agriculture Finance, said to hasten the export drive, commercial farmers will have to step in and drive the process using mechanization on thousands of hectares of farmland with vast irrigation networks and all year round farming as most importers need large quantities delivered on schedule.

Meanwhile, he noted that with the Heritage Bank strategic partnership, CBN had continued to provide lot of supports through various on-lending scheme, as ABP has made visible and measurable impact especially in rice, while hoping other commodities especially grains would follow.

Awe explained that via the strategic partnerships Heritage Bank have achieved vast footprints in agribusiness.

For example, through our partnership with Triton Aqua Africa Limited and on-lending support from CBN, Heritage Bank have provided N2billion for fishery to reduce our heavy reliance on fish import.  Nigeria’s current annual demand for fish is estimated at 2.7million metric tonnes and we currently produces about 800,000metric tonnes. With support from CBN through Commercial Agriculture Credit Scheme CACS, Triton is now producing about 27,000metric tonnes and their projection is to reach 100,000 metric tonnes in five years. From recent forecast, they will meet that projection easily. The bank is also supporting rice farmers under the ABP in Bakolori, Zamfara, Sanga in Kaduna and Soyabeans farmers in Rijana, Kaduna. Heritage Bank also have ongoing projects across the country.

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Lagos broadcast stations decry union violence, 48-hour shutdown

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20 hours ago

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January 14, 2025

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The management of Lagos State Government-owned broadcast stations has condemned the recent violent actions by striking union members, which disrupted operations and forced the stations off-air for 48 hours.

In a statement issued on Tuesday by the Head of Service, Establishments and Training, Afolabi Ayantayo, it was disclosed that the affected stations—Lagos Television, Radio Lagos/Eko 89.7FM, and Traffic Radio—were attacked on Monday by workers allegedly affiliated with the Nigeria Labour Congress, the Radio, Television, Theatre, and Arts Workers Union, and the Nigeria Union of Journalists.

The statement noted that striking workers reportedly vandalised studio doors, assaulted on-air presenters, switched off transmitters, and severed cables in an attempt to enforce the strike.

“The stations—LTV, Radio Lagos/Eko 89.7FM, and Traffic Radio—were forced off-air for 48 hours by workers who destroyed studio doors and assaulted presenters. They switched off transmitters and severed cables in unprecedented acts of violence, captured on video. Many workers were also whipped for refusing to join the strike, which aimed to pressure the government into placing about 400 workers on the civil service payroll,” the statement read.

Describing the incident as unprecedented, the station managers expressed their disappointment with the unions’ approach.

“Despite the State Government’s open communication channels, the leadership of NLC, RATTAWU, and NUJ chose the path of violence—both in words and actions,” the managers said in the statement.

They further described the strike as not only an attack on the broadcast stations but also a show of disrespect towards state authorities.

“The strike, which the managers have described as an attack and a sign of disrespect for the authorities, has raised doubts about the leadership of the NLC, RATTAWU, and NUJ in Lagos being committed to an amicable resolution of the crisis.”

The statement added that the union leaders have been invited to another meeting scheduled for Wednesday, 15 January 2025, to discuss the issues in dispute.

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CBN Fines Zenith, First Bank, Globus Bank, Others N1.3 Billion For Not Dispensing Cash

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24 hours ago

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January 14, 2025

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The Central Bank of Nigeria (CBN) has fined nine deposit money banks in Nigeria a sum of N150 million each, amounting to N1.350 billion for failing to dispense cash through their Automated Teller Machines (ATMs) during the yuletide season.

According to the apex bank, the sanctioned banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and two others.

This is according to a press statement on Tuesday by CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.

The statement read “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.

“Each bank was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

 

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Police uncover two gun manufacturing factories in Benue, arrest suspects

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1 day ago

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January 14, 2025

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Operatives of the Benue State Police Command have uncovered two gun manufacturing factories in Guma and Kwande local government areas of the state.

This was disclosed in a statement released on Tuesday by the state Commissioner of Police, Mr Steve Yabanet.

The CP noted that through credible information about criminals manufacturing arms at Mbaafa, Adikpo, Kwande LGA, detectives were deployed to the areas for investigation.

According to him, on January 11, police stormed a gun factory at Mbaafa and arrested one Friday Aduduakamve and Iorwashima Iornyume, aka AK-35.

The CP said that the operatives searched the factory and recovered nine fabricated pistols and one yet to be completed AK-47 rifle, amongst others.

He said that the team also uncovered another gun manufacturing factory in Daudu, Guma LGA, where more arms were recovered.

“As police detectives began intelligence gathering on criminal activities in Daudu, information was received that one Meme Ihoon, 50 years old, was responsible for all short arms being used by kidnappers, armed robbers, and cultists in Daudu.

“During the investigation, the said suspect was arrested on January 10; six dane guns and three long pipes used for fabricating guns were recovered from his house.

“The suspect confessed to having been producing and selling arms. Investigation is ongoing to arrest other criminals connected with the case,” the police spokesman said.

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