Top tier Nigerian Bank pumps N232 into mega oil project

Heritage Bank has continued its push to rebuild the economy after it signed off on a deal worth N232 million to reinstate “Nigeria as the world’s largest palm oil producing county”.

Heritage Bank’s managing director Ifie Sekibo joined Biase Plantations Limited on Friday to seal the deal.

It’s understood the multi million Naira deal would help BPL established an “out-growers scheme” where small landholders form co-operatives to help boost palm oil production.

In a statement Mr Sekibo said the deal with BPL showed Heritage Bank’s commitment to the agriculture sector as well its support for the government’s push to diversify the economy.

“I’m excited about @heritagebankltd’s partnership with Biase Plantations Limited (BPL) to restore the lost glory of agriculture in Nigeria,” Mr Sekibo tweeted.

“Today marks the start of greater things to come.”

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Heritage Bank’s head of Agric, Finance and Export, Mr Olugbenga Awe said the out-growers scheme would enable 45 farmers to come together to form four co-operatives groups with about 150 hectares to work on.

The scheme would be governed by BPL and its partners PZ Wilmar Limited.

BPL is based in Cross River State and is a subsidiary of PZ-Wilmar, which is based in Singapore.

BPL general manager Ahmad Mustaffa Goh said the deal with Heritage Bank was a milestone and would boost the Nigerian economy, create jobs and empower local farmers.

Mr Goh said the aim of the scheme was to develop sustainable practices that would ultimately increase production.

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 said.