E-Financial
Heritage Bank, CBN Adopt Novel Approach to Boost Wheat Production Capacity
In a bid to meet high demand amid poor production capacity of wheat, the Central Bank of Nigeria and Heritage Bank Plc have adopted a novel but more robust approach to boost local production and reduce dependence on importation.
The partnership is basically to consummate Wheat Seed Multiplication Project in Jos as part of the CBN’s Brown Revolution Initiative, the apex bank’s wheat value chain intervention to address the challenges in Wheat value chain, thereby increasing the domestic production of wheat and closing the wide supply gap in Nigeria agricultural space.
The novel initiative that will boost wheat production annually is being process via rain-fed cultivation, as this approach is actually the first ever wheat programme that it would be planted in wet season.
Meanwhile, as part of the pilot phase of the initiative, Heritage Bank financed the first ever large scale rain-fed wheat production in Nigeria.
Speaking at the flag-off ceremony for the Brown Revolution Initiative, which was the pilot project and also declared the 2021 dry season farming open in Jos yesterday, Edward Adamu, deputy Governor, CBN, stated that the short-term benefit is the addition of about 2, 000 metric tonnes (MT) of high yield seed variety to the national wheat seed stock which is 20, 000MT currently.
According to him, this effort has the potential to add about 750, 000MT of wheat annually through rain-fed cultivation.
He noted that estimated that only one per cent or 63,000MT of wheat, out of the five to six million metric tons of wheat consumed annually was produced locally, whilst with the Brown Revolution and in partnership with Heritage Bank and others, CBN seeks to eliminate dependence on imported wheat by 60%.
Ifie Sekibo, managing director/ceo of Heritage Bank; who frowned at that the country’s increased wheat importation bills affirmed that this strategic partnership would help reverse the trends and upscale domestic production of wheat to close the wide supply gap in the agricultural space.
As part of the bank’s efforts to support the high yield seed variety to national wheat seed stock, Sekibo represented by Ugonwa Ikegwuonu, head Agricbusiness and Export, explained that the bank set out to cultivate a total of 1, 000 hectares of farm land at the end of the year with at least producing about 5tonnes of wheat seeds per hectare in terms of yield.
“We set out to cultivate a total of 1,000 hectares of farm land but at the end of the day because of time constraints & other challenges, we have been able to cultivate 357 hectares. The crops according to the project manager are doing very well & in few weeks they will be ripe for harvest, in fact part of the farm is already ripe for harvest. So we set out with this partnership with two anchors which we call service providers,” he further explained.
Speaking during his welcome address, the Governor of Plateau State, Simon Lalong affirmed that Nigeria was on the path of Agricultural food sufficiency with the ‘Brown Revolution’ the rain-fed wheat would help curtail the $2billion spent on importation of wheat.
He further noted that the target of his administration was to attain zero-importation of wheat, attain wheat sufficiency in the economy and commence exportation to raise foreign reserve.
Salim Muhammad, President of Wheat Farmers Association of Nigeria, stated that they have good understanding with Heritage Bank for its proactive approach to the objective of the rain-fed wheat production in Agriculture value chain.
He assured, “I assure you that at the end of this programme, by next season, it will be a different scenario/story because we are now doing on a very small scale but I’m sure by next season, the real revolution will start off and it will be seen all over Nigeria. Because, currently we are producing wheat in 16 wheat producing states.
“By the coming of this wheat dry season, seeds available and practicable; we are going to expand our scope to cover other areas that can produce wheat during the dry season.
“I’m not saying that we are going to cover the whole 36 states of the Country, but I assure you, by next season we will be thinking of about 20 to 27 states that we have.”
Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s first Pan-African card scheme.
Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank,
Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.
PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Currently, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa.
Speaking at the launch, Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.”
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.
Muzaffer Khokhar, executive chairman, Mercury, said the launch represents a milestone in Africa’s move toward financial sovereignty.
“We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”
John Bosco Sebabi, acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.
He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”
Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD.
This initiative was made possible by strategic partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.
African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.
This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.
United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.
Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
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