E-Financial
Heritage Bank Identifies High Prospects in Nigeria’s £4Bn Gold Market
Heritage Bank Plc, Nigeria’s most innovative banking service provider, has disclosed that Nigeria’s Gold market is worth £4 billion Pounds with high prospects of profitability for all players in the subsector.
Ifie Sekibo, managing director/ceo, Heritage Bank Plc stated this at the Nigeria-Canada Investment Summit, held yesterday in Abuja.
He 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 Adelana Ogunjirin, team lead, Agric Finance and Export, 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.
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.
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 indifferent 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, Abba Bello, managing director, Nigeria Export-Import Bank, NEXIM 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, Habibah Waziri, country manager, ITM, Nigeria 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.
Fidelity Bank Plc said it has raised the required minimum share capital for lenders with international authorisation, boosting its capital base as Nigerian lenders race to comply with tougher regulatory requirements scheduled to end by March 2026.
Nneka Onyeali-Ikpe, GMD, Fidelity Bank
The push-up in its eligible capital, raised through a private placement, effectively placed Fidelity Bank among lenders that have successfully scaled through the regulatory mandate.
The Lagos-based bank, in a disclosure on the Nigerian Exchange on Tuesday, said the offer, which opened and closed on December 31, 2025, was approved by the Central Bank of Nigeria and the Securities and Exchange Commission. Proceeds from the transaction lift Fidelity’s eligible capital to about N564.5 billion from N305.5 billion, subject to final regulatory approvals.
The private placement was carried out under a mandate granted by shareholders at an extraordinary general meeting on February 6, 2025, authorising the bank to issue up to 20 billion ordinary shares.
Fidelity did not disclose the pricing or investor mix for the transaction.
The fundraising caps an aggressive capital-raising drive by Fidelity over the past two years. In 2024, the lender raised N175.85 billion through a public offer and rights issue, which brought its eligible capital to N305.5 billion. That left a shortfall of about N194.5 billion relative to the new minimum capital threshold.
Nigeria’s central bank in 2024 announced a sweeping recapitalisation programme aimed at strengthening the banking system, raising the minimum capital for commercial banks with international authorisation to N500 billion.
The apex bank mandated an increment in capital for national banks, pushing it to N200 billion and N50 billion for regional banks. The 24‑month compliance window ends on March 31, 2026, a regulation that’s triggering a wave of equity issuances, merger talks, and balance-sheet restructuring across the sector.
Fidelity’s latest capital raise places it above the regulatory floor, potentially easing pressure on the bank as peers continue to tap markets. The additional capital is also expected to support balance-sheet expansion, larger ticket lending, and resilience against macroeconomic shocks in Africa’s fourth-largest economy, which has been grappling with currency volatility, double-digit inflation, and elevated interest rates.
Analysts stated the scale and speed of this transaction validate Fidelity Bank’s standing among tier‑one lenders. Recently, Fitch Ratings affirmed the bank’s Long‑Term Issuer Default Rating at ‘B’ and upgraded its National Long‑Term Rating to ‘A+(nga)’, citing stronger capital buffers and improved profitability.
Fitch also recognised the bank’s expanding franchise, sound fundamentals, and healthy foreign‑currency liquidity, noting it was Nigeria’s sixth‑largest lender by assets at the end of 2024.
Kuda Microfinance Bank has unveiled the 2025 edition of “My Year on Kuda,” its annual recap providing customers with personalised insights into their spending, saving, and money management habits from the previous year.
Kuda Microfinance Bank
The tool analyses transaction data across categories like transfers, card payments, online purchases, and bills, revealing patterns such as highest-spending months, biggest payments, saving frequency, and savings from Kuda’s 25 free monthly transfers. Customers can compare 2025 activity against 2024, including income versus expenditure.
In an era of inflation and economic uncertainty, the recap promotes financial literacy by highlighting responsible borrowing via Kuda Overdraft usage, including access frequency, amounts borrowed, and repayment patterns.
Customer-shared screenshots on X reflect national trends: Nigeria recorded over 2.2 billion electronic transactions worth ₦285 trillion in Q1 2025, up 20 percent year-on-year, with POS terminals driving the shift to cashless commerce.
Kuda Group CEO Babs Ogundeyi, in the recap’s opening video, urged users: “Before you carry on with January, this is the perfect time to see everything you did with your money on Kuda last year and learn something.”
The feature underscores Kuda’s focus on actionable insights to help Nigerians navigate evolving personal finance amid shifting earning and spending behaviours.
Wema Bank has introduced SAW, a new AI voice assistant integrated into the ALAT 2.0 app, allowing customers to manage finances through natural voice commands similar to Siri, Bixby, or Alexa.
Wema Bank
SAW understands everyday language and delivers instant responses tailored to banking needs, such as checking account balances, transferring money, reviewing transactions, and accessing support.
This feature brings conversational banking to Nigerian users, eliminating complexity and enhancing accessibility.
The bank positions SAW as a pioneer in AI-powered financial services, aligning with global trends where millions interact daily with voice assistants for tasks like setting reminders or playing music.
ALAT 2.0 represents the next evolution in digital banking, making services more efficient, personal, and human-like for everyday Nigerians.
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