HERITAGE BANK, LCFE EXPLORE OPPORTUNITIES IN COMMODITY ECOSYSTEM TO SUPPORT CBN’S $200BN FX REPATRIATION

R-L: Olugbenga Awe, Divisional Head, Agribusiness, Natural Resources & Project Development, Heritage Bank Plc; Akin Akeredolu-Ale, MD of Lagos Commodities and Futures Exchange (LCFE), Osepiribo Ben-Willie, Directorate Head, South-South, South-East & PWM, Heritage Bank; Abubakar Lawal, Group Managing Director/CEO of GTI Group and Hajara Adeola, MD of Lotus Capital Limited, during a breakfast meeting organized by LCFE on the CBN RT200 FX Programme, held weekend in Lagos

 

Heritage Bank Plc, Lagos Commodities and Futures Exchange (LCFE) and other participating financial institutions explore opportunities on export revenue from the commodity ecosystem as part of its supports to the Central Bank of Nigeria’s (CBN) to raise $200billion in foreign exchange repatriation from the non-oil exports over the next three to five years. At a breakfast meeting organised by LCFE with bankers, tagged, “The CBN RT200 FX Programme: And Potential of Export Revenue from the Commodities Ecosystem,” had in attendance representatives from Heritage Bank, FSDH, Agvest Limited, Novo Merchant Bank amongst others. Speaking on the opportunities for financial institutions in the CBN RT200 FX Programme, Olugbenga Awe, Divisional Head, Agribusiness, Natural Resources & Project Development, Heritage Bank stated that the promotion of investment in commodity ecosystem by financial institutions in partnership with LCFE in its various assets traded in Agric commodities, energy and solid minerals would increase liquidity support from local commodity exportation to boost the race for the $200billion in FX repatriation and reduce the pressure on exchange rate. He explained that to significantly boost local production of exportable commodities and drastically reduce the country’s dependence of oil revenue, there was need for development of structured markets in agricultural commodity exchanges (COMEX) and warehouse receipts systems (WRS), as improvement in their performances would help stimulate demand from off takers for standardized contracts that would help deepen Agric Value Chain while providing financing that increased volumes traded.

 

Awe disclosed that for farmers, traders, processors, and the financial institutions to see potential value embedded in a structured market, COMEX and WRS must be fully explored for smallholders’ farmers to embrace, whilst citing successful international experience of Malawi’s framework. He, however, reiterated that promoting investment in commodity ecosystem via structured WR finance would bring about value addition to commodities with the help to moderate the prices, as the expected increase in demand would increase revenue export and make deposit money banks self-sufficient in meeting the FX needs of their customers. Awe, who enumerated how financial institutions can partner with commodity exchange especially LCFE to deepen their foot prints in various asset classes traded by LCFE, also referenced what Heritage Bank is doing in the Wheat Value Chain together with CBN investing N40billion, which will scale up wheat production during harvest season. According to him, whatever can be achieved in wheat can be replicated across various value chain in rice, maize, others and ensuring that there is link to the commodity exchange. MD of LCFE, Akin Akeredolu-Ale, who commended Heritage Bank for its sterling efforts in deepening its footprints in agrobusiness, called on banks and other organisations to take advantage of the catalytic and transformational approach to support CBN RT200 FX initiative. He stressed that to achieve the target, there was need for creation and registration of Bank Commodity Desks with LCFE and Central Securities Clearing System (CSCS). He noted that the stakeholders’ structure in financing the commodities ecosystem includes Commodity Exchange, Commercial Banks, Non-Interest Banking, Merchant Bank. Akeredolu-Ale, who decried that Nigerian economy was still import driven and depended largely on export of petroleum to meet FX earnings, revealed that LCFE has lined up products such as commodity instrument, commodity backed notes, Exchange traded funds, Commodity Spot Contracts amongst others as a bumper for driving huge export revenue from commodities ecosystem to fast track the actualisation of $200billion in FX repatriation.

 

READ MORE:

 

https://thenationonlineng.net/commodities-ecosystem-can-drive-cbnn200b-forex-target/

https://guardian.ng/business-services/how-commodities-ecosystem-can-drive-cbns-fx-policy/
https://www.societyreelnews.com/heritage-bank-lcfe-explore-opportunities-in-commodities-ecosystem-to-support-cbns-200bn-fx-repatriation/
http://www.societyherald.com.ng/index.php/component/k2/item/6753-heritage-bank-lcfe-explore-opportunities-in-commodities-ecosystem-to-support-cbn-s-200bn-fx-repatriation
https://www.beats-onit.com/2022/03/22/heritage-bank-lcfe-partner-on-commodities-ecosystem-to-support-cbns-200bn-fx-repatriation/

https://omeganewsng.com/heritage-bank-lcfe-explore-opportunities-in-commodities-ecosystem-to-support-cbns-200bn-fx-repatriation/
https://www.lagospostng.com/heritage-bank-lcfe-explore-opportunities-in-commodities-ecosystem-to-support-cbns-200bn-fx-repatriation/

https://www.omonaijablog.com/2022/03/heritage-bank-lcfe-explore.html

L-R: Dr. Sophia Horsefall, Corporate Relations Manager, SPDC; Osepiribo Ben-Willie, Executive Director of Heritage Bank and Ivy Davies-Etokakpan, President of Eveafrique News at the Women Must Conference 2.0, titled “The Woman and Her Must” organised by The Kilali Tribe held in Port Harcourt.

PRESS RELEASE

Heritage Bank is agent for actualisation of SDG 5-Gender Equality, women empowerment – Kilali Tribe

05/12/2022:  Heritage Bank has been commended for being an agent for the actualisation of Sustainable Development Goals SDG 5 – Gender Equality, as well women empowerment for socio-economic growth.

This was stated by Kilali Tribe at the Women Must Conference 2.0, titled “The Woman and Her Must” organised by The Kilali Tribe which held in Port Harcourt.

The Kilali Tribe is an association of prolific Rivers and Bayelsa State women who come together to support themselves through peer learning, capacity-building initiatives, networking, and mentoring. Also, provide similar structured support to other women within the community.

Speaking at the event, Ivy Davies-Etokakpan, President of Eveafrique News who also member of Kilali Tribe, commended Heritage Bank for taking the lead in championing the empowerment of women over the years in the country.

“We are proud of Heritage Bank for making us soar while promoting women empowerment. Over the years, Heritage Bank has proved to be an agent for the actualisation of achieving SDG 5 – Gender Equality, as well women empowerment,” she said.

The Executive Director of Heritage Bank, Osepiribo Ben-Willie affirmed the need to deliberately adopt measures to deepen women empowerment to drive the nation’s socio-economic growth.

In her closing remarks, Osepiribo Ben-Willie hinted that the Conference had leveraged Kilali Tribe to come up with blueprint in promoting women’s equal right to socio-economic empowerment, as this is at the heart of the SDG5-Gender Equality.

The Executive Director of Heritage Bank affirmed that women all over have proved to be huge economic asset in the act of creation of a new sustainable economy, hence gender inclusiveness and women’s empowerment must be taken as a priority.

According to her, after evaluating the bottlenecks restraining the Kilali Tribe and other women to attain the platforms to grow professionally and thrive in all spheres of t heeconomy, it is a call to action to “tackle the challenges of gender disparity and lack of inclusiveness that have continued to impede the expected rapid economic empowerment that could help unshackle our women’s entrepreneurial prowess and foster more representation for women and girls at decision-making forums and Board levels in comparison to their peers in the developed countries.”

Ben-Willie added that for women to emerge economically and socially as independent there was an urgent need to tackle psychological, social and skill constraints.

Collaborating Ben-Willie’s, the Co-founder and former Group Executive Director of Sahara Group, Tonye Cole, advocated for women and girl inclusiveness across all sectors of the society, including economic participation and decision-making.

According to him, the country should be conscious of gender equality, whilst emphasising that dealing with the psychological constraint will enable women to be balanced emotionally.

He stressed the need for organisation to leverage women positions on Board level, as they are resourceful and could enormously impact to the growth of any society.

Cole also charged women in being deliberate to position and champion course that would put them at the forefront of making difference. //END.//

Ozena Utulu, Ag. Group Head, Corporate Communications