Heritage Bank, BPL Agree N232m Oil Palm Deal

July 16, 2017

By Modupe Gbadeyanka

A deal worth N232 million has been signed by Biase Plantations Limited (BPL) and Heritage Bank to boost oil palm production in Nigeria.

The agreement was sealed on Friday in Lagos by both organisations in the presence of their top management staff.

Managing Director of Heritage Bank, Mr Ifie Sekibo, explained that the deal was signed as part of efforts to support government’s diversification agenda.

He said the out-growers agreement would reposition the country as the highest oil palm producer in the world.

“We are on a quest to restoring a lost glory in Nigeria and today marks the start of greater things to come,” the lender’s chief executive said.

Group Head, Agric Finance & Export of Heritage Bank, Mr Olugbenga Awe, while also commenting on the development, noted that the scheme will cover 45 farmers grouped into four co-operatives society with a land mass of 150 hectares, adding that the funds would be administered by BPL and its joint venture partner, PZ Wilmar Limited.

PZ Wilmar Ltd is a joint venture between PZ Cussons International, UK and Wilmar International Ltd, Singapore.

Also commenting, General Manager of BPL, Mr Ahmad Mustaffa Goh, who described the deal as a “milestone,” stressed that it would boost economy of the country and as well empower local farmers.

He said the out-growers’ scheme was targeted at developing a sustainable small holder’s scheme which will eventually increase the product supply.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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