Heritage Bank Picks Three Awards in Agric, SME

Image

By Dipo Olowookere

Heritage Bank Plc is beginning to reap the reward for supporting agriculture and small and medium scale enterprises (SMEs) in the country.

This is because recently, the lender carted away with three prestigious awards when it was announced as the ‘Best SME Bank Nigeria 2018’ by Capital Finance International (CFI.co) and ‘Agriculture Bank of the Year 2018’ by the Nigeria Agriculture Awards (MAA).

Also, the bank was awarded the Best CIBN Chapter of the Year 2018. The best chapter in terms of members mobilisation and participation as well as sponsorship of the Institute programmes.

The bank won the prestigious awards in recognition of its leadership position in delivering development and growth of the agricultural sector and SMEs.

CFI is an esteemed print journal reporting on business, economics and finance, headquartered in London. The award is based on recommendations and voting from CFI Partners such as the World Bank, IMF, WTO, UN and IFC.

On the other hand, the NAA is an annual event powered by AgroNigeria aimed at recognising and rewarding men, women, businesses and institutions who have contributed to Nigeria’s re-emergence as a veritable force in agriculture.

Also, Heritage bank won ‘For Sustainable Transaction of The Year in Agriculture’ in the inaugural Nigeria Sustainable Banking Award convened by the Central Bank of Nigeria (CBN).

Commenting on the awards, Managing Director/Chief Executive Officer of Heritage Bank, Mr Ifie Sekibo, was quoted to have said, “We are highly honoured to be awarded by renowned organisations and regulators as one of the most supportive financial institutions to the agriculture and SME industries, which are key sectors of the economy and this validates the hard work and success story of the bank to create, preserve and transfer wealth across generations.”

According to him, Heritage Bank has been on the driving seat of the agricultural and SME financing revolution and will continue to compliment the efforts of the CBN by making funds available to both individuals and corporate organisations in their efforts to increase outputs in both sectors.

He, however, noted that the bank would support the drive for cash crop commodities that would boost Nigeria’s foreign exchange earnings, which the President Mohammad 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.

Mr Sekibo avowed that the bank would continue to make farming profitable to stakeholders and attractive to the youth, as Heritage Bank had taken the front seat in financing critical agricultural projects in several states in the country, especially in Oyo, Kaduna and Zamfara.

He explained, “The award is in recognition of what we are doing with youths in the SME sector and Biase Plantations Limited, a subsidiary of Wilmar International in supporting oil palm industry and Triton Aqua Africa Limited involved in aquaculture and reforestation projects.

Meanwhile, the CFI.co judging panel notes disclosed that Heritage Bank was particularly recognised for its strong presence and determination to keep close proximity to small and medium sized enterprises (SMEs) segment and customers – one of most buoyant parts of the market – and perhaps one of its most important as well.

According to the panel, the bank stands to benefit from the Nigerian government’s recent decision to improve the business climate for small entrepreneurs.

“The bank also keeps a leading edge over the competition by embracing innovation and advances in technology to offer customers an experience not matched elsewhere.

“The bank also caters to their needs with a comprehensive array of products and services, designed to dovetail with the specific requirements of SMEs. The judges are pleased to offer Heritage Bank the 2018 Best SME Bank Nigeria Award,” CFI noted.

Share
Related Stories
Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
29-February-2024

Senate Confirms Appointment of Four Nominees to CBN Board

By Aduragbemi Omiyale The appointment of four nominees to the board of the Central Bank of Nigeria (CBN) has been confirmed by the Senate. The nominees were confirmed for the position at the plenary on Thursday after the presentation of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions. Chairman of the committee, Mr Tokunbo Abiru, informed his colleagues that only four of the five persons nominated by President Bola Tinubu appeared for screening. The nominees screened and confirmed to join the board of directors of the central bank are Robert Agbede, Ado Yakubu Wanga, Murtala

Image
13-February-2024

Tunisia Joins Nigeria, Others to Adopt PAPSS

By Adedapo Adesanya Tunisia, through its central bank, Banque Centrale de Tunisie (BCT), has joined the Pan African Payment and Settlement System (PAPSS), making it the first North African country and 13th country to be boarded on the platform. PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, facilitates real-time settlement of intra-African trade and payments, in African currencies, across the continent. The platform unites central banks from across Africa and seeks to address the existing challenges faced by African businesses and individuals in accessing

Image
22-January-2024

S&P Highlights Key Risks For Nigerian Banks in 2024

By Dipo Olowookere One of the major global credit rating organisations, S&P Global Ratings, has said despite the tough operating environment and policies, Nigerian banks can remain strong and absorb the shocks. In a note made available to Business Post on Monday, the agency, however, emphasised that there is the “possibility of individual small banks breaching their minimum regulatory requirements,” especially those in the tier-2 and tier-3 categories. But it stressed that the tier-1 lenders, despite the macroeconomic pressures, “including a weakening Nigerian naira,” have positive net open position and strong earnings that will help them to “mitigate the negative

More Stories
Image
26-July-2018

Acquisition of 9mobile to be Completed Soon—CEO

By Dipo Olowookere Chief Executive Officer of Nigeria’s 9mobile, Mr Boye Olusanya, has assured that the acquisition of the telecom firm would be finalised “as soon as possible.” Mr Olusanya gave this assurance in a statement he personally signed and was made available to Business Post on Thursday. 9mobile, formerly Etisalat Nigeria, was plunged into debt by its former owners, leading to a consortium of Nigerian banks attempting to take over the company. However, prompt intervention of the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) prevented this from happening so as not to send the wrong

Image
05-May-2020

Guinness Nigeria Board Confident of Strategy Despite Poor Q3 2020 Results

By Dipo Olowookere The board of Guinness Nigeria Plc said it is very confident of the strategies put in place to turn the fortunes of the company around in the midst of the overwhelming operating challenges. Since the Mr Muhammadu Buhari-led federal government introduced an excise duty for the alcohol sector in the Nigeria few years ago, operators have been struggling to remain profitable. Also, the low purchasing power of consumers in the country has compounded the woes of beer makers, recording low turnover and profit. In the third quarter of the 2020 financial year of Guinness Nigeria, things went

Image
18-December-2023

Over-the-Counter Securities Exchange Gains 2.00% in Week 50

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 2.00 per cent in Week 50 following renewed confidence in the alternative stock market in Nigeria. This helped the value of the bourse to rise by N22.35 billion to N1.224 trillion from the N1.202 trillion it ended a week earlier, as the NASD Unlisted Security Index (NSI) added 16.49 points to close at 902.99 points compared with 886.50 points in Week 49. In the five-day trading week, the total volume of stocks traded surged by 2,233.7 per cent to 647.3 million units from 27.7 million in the preceding week,

Image
13-June-2018

Dangote’s Book: Police Arrest Former Diamond Bank Chief in Lagos

By Modupe Gbadeyanka For allegedly pirating a book written by a journalist, a former Head Credit Analysis at Diamond Bank, Mr Paul Uduk, has been nabbed by police in Lagos. The former Diamond Bank chief was accused of pirating a book titled Dangote’s Ten Commandments on Money. The piece, published by Prime Sage International, Lagos, was written by Mr Peter Anosike, who works with The Sun Newspapers. Dangote’s Ten Commandments on Money has been rated as one of the best books to have come out of Nigeria in the past one decade. According to a report by News Express, Mr

Image
06-April-2020

Nigerian Wins Swiss Govt’s Migration Entrepreneurship Prize

A Nigerian serial tech entrepreneur and software developer, Mr Chidi Nwaogu, has won the Migration Entrepreneurship Prize by the Swiss Federal Department of Foreign Affairs (FDFA) Human Security Division (HSD). Mr Nwaogu is one of the 10 winners of the prize for entrepreneurs with social business models in countries and regions prone to strong migration movements, offering innovative solutions that reduce the vulnerability of migrants. This announcement was made by Seedstars at its first online Seedstars Summit on the 3rd of April, 2020, with over 5,000 in attendance. Seedstars is a Swiss-based private group of companies with a mission to

Image
15-December-2022

Nigerian Naira Crumbles at FX Market Segments

By Adedapo Adesanya The Nigerian Naira weakened against the US Dollar at the various segments of the foreign exchange (FX) market on Wednesday amid renewed pressure triggered by a slight disruption in the supply of forex to the market. The value of the Nigerian currency depreciated against the Dollar at the Peer-to-Peer (P2P), the parallel market, and the Investors and Exporters (I&E) segments of the FX market. In the P2P window, the local currency lost N19 against the greenback to settle at N775/$1 in the midweek session compared with the previous day’s rate of N756/$1. In the parallel market, the

Image
05-July-2021

NDPHC Seeks Support to Develop Small Hydro Plants

By Adedapo Adesanya The Niger Delta Power Holding Company (NDPHC) is seeking the assistance of the Ministry of Water Resources to develop small and medium hydro projects in the country. The Managing Director/Chief Executive Officer of NDPHC, Mr Chiedu Ugbo, sought this support when he led the management team on a courtesy visit to the Ministry of Water Resources in Abuja. Mr Ugbo explained during the visit that the company was looking at setting up small hydro plants on existing dams in the country, especially those in the northern part of the country. He said: “We are here to pay

Image
30-July-2023

Interesting Shows For Kids This Holiday Season

School’s out, and now it’s time to let the fun in, and keep the kids distracted, entertained and educated this week as GOtv brings a fantastic lineup of programmes and shows for kids. They get to embark on thrilling adventures with Power Rangers Super Ninja Steel as they try to keep their nemesis from taking over the world and for the young budding chefs, brush up their culinary skills with Alice Wonderland Bakery. Below is a lineup of our must-watch superhero action and entertaining programmes  for your kids this holiday Henry Danger: Henry Hart is a regular high school student

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods