Banking
Triton’s Frozen Foods Export Business Booms After Heritage Bank’s N2bn Loan
Barely two years Heritage Bank and the Central Bank of Nigeria (CBN) disbursed a loan for building a N2 billion processing facility for Triton fish/chicken in Oyo state, the firm has commenced export of all kinds of frozen foods to some parts of Europe and African countries.
The loan that was given under the Commercial Agricultural Credit Scheme (CACS) in 2017 has fast-tracked the production of Triton’s fish/chicken in Oyo and sold as BIG SAMS in Poland, Romania, Egypt, Liberia and Ivory Coast to mention few.
The move by Heritage Bank was part of efforts to support the real sector, boost foreign exchange, unlock food and wealth creating potentials in the nation’s agricultural space.
TAAL, also known as Triton Farm, accessed the CACS through Heritage Bank to set up aquaculture businesses- nursery/hatchery for the production of fingerlings and brood stock in Ikeja; and earthen ponds for catfish and tilapia in Asejire, Iwo and Gambari towns in Oyo State.
The company said its strategy is to embrace backward integration through production of fish locally and reduce its importation of frozen fish, as well as assist small scale farms by producing quality breed fingerlings.
Meanwhile, during a tour at the farm in 2017, Minister of State for Agriculture, Mr Heineken Lokpobiri, commended the company, stating that the CBN and Heritage Banks’ financial support to the company’s achievement was very fundamental as investment in food security was probably the most profitable venture anyone could think of.
He however, said that Nigeria has a deficit of over two million metric tonnes of poultry produce, and over three million metric tonnes deficit in fish farming products, adding that the agro-production deficits show huge investment potential in the sector.
He stressed that banks should now finance more agricultural projects than trading, oil and gas, as the future is highly dependent on agriculture.
The MD/CEO of Heritage Bank, Mr Ifie Sekibo, stated that that partnership between the bank and Triton Farm local production will conserve scarce foreign exchange and enhance food security.
“Nigeria’s current demand capacity for fish is estimated at 2.7 million metric tons and the country currently produces 800,000 metric tonnes. Triton is now producing 25,000 metric tons and with them on board, about 25,000 metric tonnes capacity will be added to our current production, the company’s projection is to reach 100,000 metric tons in five years,” he said.
Mr Sekibo, who was represented by the Group Head, Agriculture Finance unit off the Bank, Olugbenga Awe, stressed that Heritage Bank’s support for small-scale enterprises is well known and most of these SMEs play in the agriculture sector.
According to him, the bank sees agriculture as one of its heritage that can empower individuals and communities in terms of creating wealth from the soil and through the entire value –chain using value addition and industrialisation.
“We are also focused on small holder farmers as we currently support thousands of farmers in Kaduna and Zamfara states in rice and soybeans production under the Anchor Borrowers Programme.
“We are also targeting the youth that are interested in agriculture through our partnership with CBN on Youth Innovative Entrepreneurship Development Programme,” he assured.
The Chairman, Triton Group, Mr Ashvin Samtani, said the farm was fully integrated in aquaculture, poultry and crop production and is a platform to create employment for teeming youth.
“Triton Farm is designed to train youth in agriculture and create employment, as well as generate wealth. This is the only farm in the whole region that is fully integrated in aquaculture, poultry and crop production,” he stated.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
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