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LCFE, Heritage Bank, others unlock N445trn commodities ecosystem for economic industrialization
…as Exchange goes live
Commodities and Future Exchange (LCFE), Heritage Bank Plc, Capital Market players and other stakeholders have unlocked the $1trillion (N445trn) commodities ecosystem as avenue to diversify the economy from a crude oil dependent economy to other critical economic sectors.
This was revealed at the historic Commissioning Ceremony and Official Launch of Lagos Commodities & Futures Exchange, with the theme, “New Order, Driving Nigeria’s Economy Through the Commodities Ecosystem,” on Thursday in Lagos.
This feat, according to key stakeholders will catalyze and transform the Nigerian economy to create value, wealth restore growth and build global competitive economy.
Giving his Goodwill message, the MD/CEO of Heritage Bank, Ifie Sekibo, specifically stated that as the Lead settlement bank in partnership with key stakeholders that are critical to the success of this project, it considered the launch of LCFE as huge potential to unlock the opportunities and wealth of the four asset classes- Agriculture, Solid Minerals, Oil and Gas and Currencies.
“I believe that this is the beginning of how we are going to possibly create values in areas that hitherto we have taken for granted. First thing it will bring about is sustainable commodity trading ecosystem, being a catalyst for capital formation, unlocking the long-time financing for the solid mineral and mining space. A frontline push to diversify the economy of this country from oil,” he emphasized.
Hinting on the partnership, Sekibo explained, “the Collaboration between Heritage Bank and LCFE is designed to align the market to transparent price discovery, standardised platform for trading of commodities across defined asset classes and straight through processing to settlement.”
He affirmed that the promotion of investment in commodities ecosystem by Heritage Bank in partnership with LCFE in its various assets traded Agriculture, Solid Minerals, Oil and Gas and Currencies 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.
Sekibo added that the partnership was one of the many initiatives of the bank’s foundational objectives of wealth creation, preservation, and transfer across generation.
In his address, the Governor of Lagos State, Babajide Sanwo-Olu who appreciated the efforts of all the stakeholders, stated that the successful commissioning of LCFE will better fulfil the catalysts of growth which is to attract cutting-edge ideas and innovation and improve the inflow of financial transactions and great ideas that will enable businesses to flourish.
This, according to him, will improve the living environment, for businesses, and for the investments in Lagos and our country.
Akin Akeredolu-Ale, MD/CEO, LCFE said, “As we are all aware, the Capital size of the Nigerian Commodities Ecosystem is so large and like I have said in the past, it can be considered as a $1trillion economy cutting across Agriculture, Oil and Gas, Solid Minerals and Currency. With a capitalisation this large, it was important to lay the right foundation as the means determined the end for us and we could not afford, not to get it right.”
He said the Exchange identified that Nigeria’s crude oil has been traded extensively outside the country in Switzerland and other areas by large scale trading companies.
“Nigeria produces only high value, low sulphur content, light crude oils – Antan Blend, Bonny Light, Bonny Medium, Brass Blend, Escravos Light, Forcados Blend, IMA, Odudu Blend, Pennington Light, Qua-Iboe Light and Ukpokiti This makes Nigeria’s crude very desirable.
“By way of sovereignty, our oil and gas products should be traded and priced within Nigeria. 400,000bbls on arbitrage can be traded on the LCFE. Whenever prices drop, we can plan for our trades in the future. This will boost the balance sheet, enhance liquidity, and shore up the value of the Naira; External reserve will become both external and internal reserves. The Exchange is currently setting up frameworks and structures to achieve this and more details will unfold in due time,” Akeredolu-Ale explained.
He noted that one of the asset classes in which LCFE has made tremendous giant strides in is the Solid Minerals asset class.
“We noticed there was an urgent need for structure, regulation, funding, and data collation in this sector and this is where Commodities Exchanges play strategic roles in introducing structure to this ecosystem,” he stated.
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FIDELITY BANK PLC REDEEMS US$400 MILLION EUROBOND AT MATURITY
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LAGOS, NIGERIA – Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting its obligations to investors and reinforcing its track record in the international debt capital markets.
Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.
The redemption was funded from internally generated liquidity as part of the Bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the Bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.
Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr/Mrs Nneka Onyeali-Ikpe, said the successful redemption reflected the Bank’s disciplined approach to financial management and its commitment to delivering on its obligations.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.
The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the Bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, wherein the Bank raised $300 million and $400 million respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the Bank’s international debt offering.
The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The Bank’s capital-raising efforts increased its eligible regulatory capital to approximately ₦533 billion, exceeding the ₦500 billion minimum capital requirement for banks with international authorisation.
The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.
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GTCO Brings Google Pay to Both Sides of the Checkout As Google Pay launches in Nigeria
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…….GTBank customers can now pay with it and businesses on HabariPay’s Squad gateway can now accept it.
Guaranty Trust Holding Company Plc (“GTCO” or “the Group“) today announced that two of its subsidiaries are live with Google Pay on the day it launches in Nigeria. Customers of Guaranty Trust Bank Limited (“GTBank”) can add their GTBank debit cards to Google Wallet and pay with Google Pay online, in Nigeria and internationally. Businesses that use Squad, the payment gateway run by the Group’s payments subsidiary HabariPay, can now offer Google Pay to their customers at checkout.
The Group is therefore present at both ends of the same transaction: with the person paying and with the business being paid.
For GTBank customers, the change is simple. They add their GTBank debit card to Google Wallet once. After that, they choose Google Pay at checkout, pick the card and confirm, without typing a card number, expiry date or CVV again. Google Pay replaces the card number with a secure digital token, so the merchant does not receive the actual card details. The card can be used wherever Google Pay is accepted online, including for subscriptions, travel bookings, food delivery, bills and digital services.
For businesses on Squad, “Pay with Google Pay” now sits at the top of the Squad checkout, alongside card, bank transfer, USSD, bank payments and Squad’s buy-now-pay-later options. A customer with a card in Google Wallet selects Google Pay, chooses the card, confirms, and is returned to the merchant’s site once the payment is verified. Google Pay is switched on by default for every business on Squad, and a merchant can choose to turn it off. Merchants set up for international payments can accept Google Pay from customers anywhere in the world, which opens Nigerian businesses to buyers abroad, including the diaspora. Fewer fields mean fewer points at which a customer can abandon a purchase, which matters most to the small and growing businesses that make up much of Squad’s merchant base.
Commenting on the launch, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said: “Most failed online payments are not refused, they are abandoned. Somewhere along the way the customer gives up, and the business never learns about the sale it lost. As a customer centric Financial Services Group, we are committed to ensuring that we continue to deliver payment solutions that make transacting safe and simple for our various customer Groups. With Google Pay, what matters to us is that we are ready on both sides from the first day: a GTBank customer can pay with it, and a business on Squad can accept it.”
He added: “This is what a group structure is for. Our Bank and our Payments Business were built to do different jobs, and today they meet at the same checkout. We will keep putting the full weight of the Group behind those small moments where people decide whether paying digitally is worth the effort. When it is, everyone in the transaction wins: the customer, the merchant and the wider economy that depends on both.”
The Managing Director of HabariPay, Mr Eduofon Japhet, said: “For a merchant, every extra field at checkout is a reason for a customer to leave. Squad businesses now get Google Pay inside the checkout they already use, so their customers can pay in a few taps with a card they have already saved. A merchant set up for international payments can now be paid with Google Pay by a customer anywhere in the world, with nothing new to integrate.”
Availability. GTBank customers can add an eligible GTBank debit card through the Google Wallet app on Android or through their Google Account. From today, Google Pay is on by default for all businesses on the Squad payment gateway, and merchants can choose to turn it off. Squad merchants set up for international payments can accept Google Pay from anywhere in the world. More information is available at www.gtbank.com and www.squadco.com.
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ZENITH BANK SET TO HOST SIXTH EDITION OF ANNUAL TECH FAIR
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Zenith Bank Plc is set to host the sixth edition of its flagship technology event, Zenith Bank Tech Fair 2026: Future Forward 6.0, on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct.”
Renowned for its scale and showcase of technological innovation, the annual Tech Fair has evolved into a platform for connecting ideas, talent and opportunities. Over the years, the event has brought together technology leaders, entrepreneurs, and young innovators to explore emerging technologies, showcase solutions and examine the future of the digital economy.
Conceived by the Bank’s Founder, Jim Ovia, CFR, the initiative reflects his vision of empowering young Nigerians through technology and nurturing inventors capable of developing solutions with global relevance. It also reinforces Zenith Bank’s commitment to digital advancement and the growth of Nigeria’s technology ecosystem.
The impact of the Tech Fair is evident in the solutions emerging from its competitions. Previous winners include JumpnPass, which developed a self-checkout solution for retail, and CreditChek, which uses artificial intelligence and open banking to streamline credit verification. At the 2025 edition, TrustLoopwon the hackathon for its digital identity verification solution, while Cubbes Technologies won the startup pitch competition with its AI-powered EdTech learning platform. Through millions in prize funding and mentorship, the Tech Fair continues to support promising innovators in developing practical solutions to real-world challenges.
For the first time, the Tech Fair will be held virtually, opening participation to a wider borderless audience across Nigeria and beyond. This year’s theme explores the growing influence of AI and challenges individuals and organisations to consider howbest to harness its potential in an increasingly technology-driven world. The event will offer participants an opportunity to discover emerging innovations, gain fresh insights and engage with ideas shaping the future of work and business.
The Tech Fair will be accessible via Zoom, Instagram, X, TikTok, Facebook and YouTube.
Be part of the future of technology. Register now at www.zenithbank.com/techfair and experience the possibilities of AI at Zenith Bank Tech Fair 2026.
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