Heritage Bank, Afreximbank, Zamfara Sign $1billion Deal

world news, trump, u.s., business news, stock market, entertainment news, business news, company news, market, commodities, commodity, Africa news

Heritage Bank Plc, the African Export Import Bank and Zamfara State Government have signed a $1billion Memorandum of Understanding (MoU) agreement in the areas of mining, agriculture, water resources and others, which the bank is the banker to the project.
Another financial handler involved in the signing of the MoU was PAC Capital Limited, which is the investment banking arm of PanAfrican Capital Holdings, committed to facilitating investment activities and enabling growth across the African continent.
Speaking at the signing of the agreement in Abuja, the MD/CEO of Heritage Bank, Ifie Sekibo, was quoted in a statement to have said the win-win collaboration amongst the institutions would promote and fast track support that helps Zamfara explore its unharnessed resources for the benefit of its people and the nation’s economy.
According to him, the initiative would help unlock opportunities inherent in solid minerals and support efforts on local content promotion, facilitate industrial development and export development.
Sekibo, who was excited for Heritage Bank being involved in the partnership said, “it is a game changer that will drive formidable economic growth for the state government, serve as backbone to the economy through job creation, as well a way of cushioning the present economic situation.”
President/Chairman, Board of Director, Afreximbank, Prof. Benedict Oramah, said the bank was happy to be part of the partnership towards unlocking the abundant opportunities in the state.
He said “We had a very fruitful meeting with the delegation from Zamfara State led by the governor.
“In Afrexim Bank we are pleased that the leadership of Zamfara State has a clear vision. They have identified clearly the strengths of their state, the opportunities and what they need to unlock these opportunities.
“They have decided to take their own destiny in their hands, which is actually the foundation of the federal structure that we operate in Nigeria, that states should do all they can to maximise the use of the resources they have for the benefit of their people, so that collectively, we can grow the economy of Nigeria to become more that it is today.
“We also discussed how to support Zamfara State with regards to Animal Husbandry and production of beef using modern facilities.
“So, altogether, the investments we have discussed which we prioritise based on the speed of having to get them done amounts to about $1billion.
on his part, Zamfara State Governor, Bello Matawalle, who commended Heritage Bank for facilitating the funds, noted that the discussion commenced barely two weeks ago in Dubai.
“We started this discussion just about two weeks ago when we met with some Afreximbank people in Dubai with the Managing Director of Heritage Bank for which he promised to deliver our message to the bank. Within that week, he contacted him and the Afreximbank Presisent decided to come to Nigeria.
“Zamfara State, as you are all aware, had so many issues before my emergence as the governor, for which reason and to limited time, just a month, God helped us to tackle some of these issues. He said that his administration is committed to making the state a full secured state.”