Heritage Bank Plc, Nigeria’s Most Innovative Banking
Services Provider, is set to restore Nigeria lost glory in the agricultural
sector and reposition the country as the highest oil palm producer in the world
with its recent signing of N232million Pilot phase of Out-growers Agreement
with Biase Plantations Limited (BPL) and its joint venture partner, PZ Wilmar
Limited.
The pact was sealed at the bank’s Headquarter, weekend,
which saw the MD/CEO of Heritage Bank, Mr.Ifie Sekibo, represented by Mr. Jude
Monye, Executive Director, Business Banking and; Mrs. Adaeze Udensi, Executive
Director, Retail & SME Bank signing on behalf of the bank while Mr. Ahmad
Mustaffa Goh, General Manager with BPL signed on behalf of his company.
Speaking at the occasion, Sekibo, MD/CEO, Heritage Bank,
said the need for the partnership became imperative in view of the importance
of agriculture to the sustainable development of Nigeria. Sekibo said that the
initiative was taken to support the effort by the government towards
diversifying the aggregate economy.
He assured the management of Biase Plantations Limited that
Heritage Bank would not relent in giving the necessary financial and investment
advisory support the latter required for the success of the agricultural scheme
in different parts of the country, adding that the policy thrust of the present
Federal Government is about economic development and diversification.
On Behalf Biase Plantations Limited, Mr. Goh said, “Today
marks a milestone in the actualization of a long dream by Biase Plantations
Limited. It has always been our priority
to improve the socio-economic status of our landlord communities by developing
an out-growers scheme that will build the resilience of local farmers to
changing agricultural trend. “He added that the agreement between BPL and
Heritage Bank Plc was first of its kind in Nigeria, remarking that they see
this as readiness on the part of the bank to partner and grow with the vision
of the Company.
According to him, the out growers’ scheme is targeted at
developing a sustainable small holder’s scheme which will eventually increase
the product supply.
Group Head, Agric Finance & Export of Heritage Bank,
Olugbenga Awe explained that the pilot scheme covers 45 farmers grouped into 4
co-operatives Society with a land mass of 150 hectares and the funds to be
administered is from BPL.
Specifically, he stated that Heritage Bank will leverage its
expertise in agribusiness to organise the outgrowers and administer the fund
bearing in mind the peculiarity of Oil Palm as a cash crop with long gestation
period. He also mentioned that the programme will ensure financial inclusion
and empower the farmers, create market access for the farmers and increase
their yield through trainings on sustainability and good agricultural
practices.
PZ Wilmar Ltd is a joint venture between PZ Cussons
International, UK and Wilmar International Ltd, Singapore. In Nigeria, Wilmar
is involved in oil palm cultivation with a total land hectare of 26,500 located
in Akamkpa, Biase, Odukpani and Akpabuyo local government areas of Cross River
State.
Other Wilmar’s business activities globally include Oilseed
crushing, edible oil refining, sugar milling and refining, specialty fat,
oleochemical, bodiesel and fertilizer manufacturing and grain processing.
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