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Heritage Bank identifies high prospects in Nigeria’s £4bn Gold market

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R-L: Managing Director /Chief Executive of Nigeria Export -Import Bank (NEXIM ) Mr Abba Bello; Chief Executive of Bullion Mart, Mr Moniruz Zaman; Team Lead, Agric Finance and Export Heritage Bank, Mr Adelana Ogunjirin; Minister of State for Mine and Steel Development, Dr. Uchechukwu Ogah and Dr. Hadiza Gado, during NCIS Summit 2019 – Mining Master Class held at Transcorp Hotel Abuja.

R-L: Team Lead, Agric Finance and Export Heritage Bank, Mr Adelana Ogunjirin; Dr. Hadiza Gado; Managing Director /Chief Executive of Nigeria Export -Import Bank (NEXIM ) Mr Abba Bello; Managing Director Dukia Gold, Bose Owolabi and Mr Tunde Fagbemi during NCIS Summit 2019 – Mining Master Class held at Transcorp Hotel Abuja
Heritage Bank Plc, Nigeria’s most innovative banking service provider, disclosed that Nigeria’s Gold market is worth £4 billion Pounds with high prospects of profitability for all players in the subsector.
The MD/CEO, Ifie Sekibo, who stated this at the Nigeria-Canada Investment Summit, held in Abuja, yesterday also disclosed that the enormous potential of the industry was one of the reasons why Heritage Bank delved into the mining sector despite enormous risks.
According to him, the bank has Dukia Gold as its partner that would facilitate access to local miners and artisans to get value for their commodity at international market price after being registered with Dukia Gold.
Sekibo, who was represented by the Team Lead, Agric Finance and Export, Adelana Ogunjirin, explained that prior to now, local miners of Gold found it difficult to trade their commodities favourably but with the involvement of Dukia and its partner, Heritage Bank, a Quality-and-Quantity test will be conducted based on the arrangement they made with Dukia Gold and that will lead to additional value to the small holder miners. He explained that this will leverage the small miners the opportunity to also trade their commodities at international market price.
He further stated that a metric tonne of Gold is currently valued at $30million adding that it is worth investing in the industry, especially as gold is a kind of commodity that does not easily lose its value.
He said: “Mining sector is an area which has not been fully tapped in terms of the potentials around it, as there are quite a lot of opportunities around that sector. Recently we secured $1 billion funding line with our funding partner AfreximBank, which also is to support areas like solid minerals.
“Now with respect to this we have looked at the value chain of this space and we have looked at the opportunities that are there. A lot of fund providers have not really delved into this and it is because of the lack of understanding of the market.
“In terms of value, gold is an area where you can enhance the value. You hardly see Gold losing value and you see that in different exchanges you even trade those commodities.
“Looking at it in terms of trend, you see that gold is something that will appreciate definitely. So in terms of the profitability of this business, we have looked at it, the crunch, the numbers we see that is a space that the Bank will definitely earn a lot of income.”
He also expressed optimism that other banks would like to come into the Nigerian mining sector, but may be studying to understand the sector properly.
“Definitely other banks will come into the sector. For us we are leading, but the truth is they need to play in an area and space that they understand, as not everybody would be able to play in that space.
“Heritage Bank has already carved a niche for itself in agribusiness space, just like the Gold commodity, this would be exported. So, in terms of export proceeds too, there are opportunities to be explored. Generally, looking at the Nigerian outlook, on the long run, this will also enhance the country’s external reserves. There are multiplier effects of what we are doing today and that is why we are also moving in this direction,” the MD noted.
Also speaking, Managing Director, Nigeria Export-Import Bank, NEXIM, Abba Bello, revealed that the bank had gone into high level discussions with heavy equipment manufacturers and suppliers that would lease equipment to miners for exploration and processing, adding that this was expected to make the equipment accessible and affordable.
Bello said, “For equipment supplier or outright purchase of equipment, we have gone into discussions with Bluecare and now Mantrac for the supply of heavy equipment for gold processing or exploration on lease basis and, it is something that does not exist currently within the industry.
“Barrick Gold and Bullion Mart is something that happen in the mining world. You don’t have to own the equipment, but there are vendors who supply the equipment for explorers to hire.
“Discussions have gone very far with the equipment suppliers and very soon we will announce the programme.”
Meanwhile, the Country Manager, ITM, Nigeria, Habibah Waziri, raised concerns on human resources development that would sustain the sector.
Waziri also said there is need to formalize the sector and also invest in human capital in the sector for growth and development.

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FIRSTBANK MARKS SIGNIFICANT MILESTONE: ₦1 TRILLION IN INSTANT DIGITAL LOAN DISBURSEMENTS

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 FirstBank, a leading financial institution and provider of financial inclusion services in West Africa, announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements. This accomplishment further consolidates the Bank’s reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment within.

Since its inaugural digital loan in August 2019, FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment. The Bank created a multi- channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions. Through its FirstAdvance, FirstCredit and AgentCredit products, 1.5 million unique borrowers enjoyed instant and secure access to credit. This is irrespective of whether they are salary earners, non-salary earners, or micro business owners. They also have the convenient options of accessing these loans through platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp and the FirstMonie Agent App.

Regarding this milestone, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, stated: “This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.’’

He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”

FirstBank currently disburses about N1 Billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians. By consistently investing in advanced technologies and developing customised financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.

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FIRSTBANK PARTNERS UNGC TO DRIVE SUSTAINABLE FINANCE AND UNLOCK CAPITAL FOR DEVELOPMENT

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FirstBank, the West Africa premier financial institution and financial inclusion services provider, has strengthened its partnership with the United Nations Global Compact (UNGC) to reaffirm its commitment to driving sustainable finance and unlocking capital for development. This ongoing partnership was reinforced at the recently concluded Fourth International Conference on Financing for Development (FfD4) hosted by the United Nations Department of Economic and Social Affairs (UN DESA) in Seville, Spain.

 The FfD4 Conference brought together global leaders, policymakers, and private sector experts to discuss innovative solutions to address the growing SDG financing gap and unlock capital for development in fragile and underserved regions.

FirstBank’s Chief Risk Officer, Patrick Akhidenor, represented the bank at the conference and highlighted two FirstBank flagship initiatives driving resilience finance in Nigeria: The Solar Equipment Financing initiative and the revamped FirstGem Fund. The Solar Equipment Financing initiative offers tailored financing options for the purchase and installation of solar power systems, ensuring access to clean, reliable, and affordable energy solutions. The FirstGem Fund, a women-focused proposition, provides single-digit interest loans to women entrepreneurs without collateral requirements, targeting funding gaps in critical sectors.

‘’We are committed to driving sustainable finance and unlocking capital for development,” said Patrick Akhidenor. “Our partnership with UNGC and participation in the FfD4 Conference demonstrate our dedication to innovative finance solutions that address the SDG financing gap.”

Sanda Ojambo, CEO of UNGC, emphasized the need for innovative, inclusive financial models for underserved regions. “The private sector must play a central role in shaping fit-for-purpose, scalable finance solutions,” she said. “De-risking tools and blended finance can help unlock capital and drive meaningful impact.

FirstBank’s partnership with Development Finance Institutions (DFIs) and its SMEConnect hub demonstrate its capacity to lead efforts in sustainable finance. The bank provides training, networking, and tailored financing to SMEs across various sectors, including education, healthcare, and retail

 

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Access Holdings Reaffirms Strategic Growth Plan from Expansion to Optimisation

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Access Holdings PLC, the parent company of Access
Bank, has reaffirmed its long-term strategic blueprint anchored on a deliberate and
structured progression: scale, optimise, and sustain.
This roadmap, which has driven the Group’s aggressive expansion across Africa and
into key global markets, is now entering a crucial optimisation phase, expected to unlock
significant value for stakeholders as the organisation heads toward 2027.
Speaking on the strategy, Bolaji Agbede, Acting Group Chief Executive Officer, noted:
“Our approach has always been clear: scale first through strategic expansion, then
optimise through consolidation, synergy realisation, and operational efficiency. During
the scale-up phase, a considerable amount of funding is required to drive investments in
people, systems, infrastructure, and acquisitions.
“But as we move deeper into the optimisation phase, we will begin to see the full benefits
manifest, especially in terms of profitability, capital efficiency, and shareholder returns.”
Access Holdings’ five-year strategic plan, which runs through to 2027, also places
financial inclusion and impact at the core of its growth agenda. By expanding digital
access and scaling low-cost delivery platforms, the Group aims to onboard millions of
previously unbanked and underserved individuals and MSMEs across Africa into the
formal financial system. This is part of a broader strategy to enhance intra-Africa trade,
empower smallholder businesses, and strengthen the value chain across key sectors
including agriculture, commerce, and manufacturing.
The Full Year 2024 financial results demonstrate that the Group’s investments are
already yielding meaningful outcomes. Gross earnings rose to N4.878 trillion from
₦2.594 trillion in 2023, while profit before tax increased by 19% to N867.0 billion. Total
assets surged by 55.5% to N41.498 trillion, reinforcing Access Holdings’ position as one
of Africa’s most formidable financial services institutions.
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