HERITAGE Bank Plc has signed N232million Pilot phase of Out-growers agreement with Biase Plantations Limited (BPL) and its joint venture partner, PZ Wilmar Limited.
The pact was concluded at the bank’s headquarterS, weekend, with the Managing Director/Chief Executive of Heritage Bank, Mr.Ifie Sekibo, represented by Mr. Jude Monye, Executive Director, Business Banking and; Mrs. Adaeze Udensi, Executive Director, Retail & SME Bank signing on behalf of the bank while Mr. Ahmad Mustaffa Goh, General Manager with BPL signed on behalf of his company.
Speaking at the occasion, Sekibo said the need for the partnership became imperative in view of the importance of agriculture to the sustainable development of Nigeria. He said that the initiative was taken to support the effort by the government towards diversifying the aggregate economy.
He assured the management of Biase Plantations Limited that Heritage Bank would not relent in giving the necessary financial and investment advisory support required for the success of the agricultural scheme in different parts of the country, adding that the policy thrust of the federal government is about economic development and diversification.
Speaking on behalf Biase Plantations Limited, Mr. Goh said, “Today marks a milestone in the actualization of a long dream by Biase Plantations Limited. 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 added that the agreement between BPL and Heritage Bank Plc was first of its kind in Nigeria, remarking that they see this as readiness on the part of the bank to partner and grow with the vision of the company. According to him, the out growers’ scheme is targeted at developing a sustainable small holder’s scheme which will eventually increase the product supply.