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In a bid to further support the real sector and unlock the nation’s food potential, Heritage Bank Plc, in collaboration with the Central Bank of Nigeria (CBN), has provided a N2 billion long term facility under the Commercial Agriculture Credit Scheme (CACS) to Triton Aqua Africa Ltd (TAAL).
TAAL, known as Triton Farm, accessed the CACS through Heritage Bank, which was used to set up aquaculture businesses; nursery/hatchery for the production of fingerlings and brood stock in Ikeja and earthen ponds for catfish and tilapia in Asejire, Iwo and Gambari towns in Oyo State.
The company’s strategy is to embrace backward integration through production of fish locally and reduce its importation of frozen fish and as well to assist small scale farms by producing quality breed fingerlings.
The Minister of State for Agriculture, Senator Heineken Lokpobiri, during a tour at Triton Farms commended the firm, adding that the CBN and Heritage Bank’s financial support to the company’s achievement was fundamental as investment in food security was probably the most profitable venture anyone could think of.
He, however, said that Nigeria has a deficit of over 2 million metric tonnes of poultry produce, and over three million metric tonnes deficit in fish farming products, adding that the agro-production deficits show huge investment potential in the sector.
He further called on banks to finance more of agricultural projects than trading, oil and gas, as the future was highly dependent on Aagriculture.
The Group Head, Agric Finance of Heritage Bank, Olugbenga Awe, stated that the partnership between the bank and Triton Farm’s local production will conserve scarce foreign exchange and enhance food security.
“Nigeria’s current demand capacity for fish is estimated at 2.7 million metric tonnes and the country currently produces 800,000 metric tonnes. Triton is now producing 25,000 metric tonnes and with them on board, about 25,000 metric tonnes capacity will be added to our current production, the company’s projection is to reach 100,000 metric tonnes in five years,” he said. Awe stressed that Heritage Bank’s support for small scale enterprises was well known, saying that most of these SMEs play in the agricultural sector.
According to him, the bank sees agriculture as one of its heritage that can empower individuals and communities in terms of creating wealth from the soil and through the entire value chain using value addition and industrialisation.
AIBEN Group plans N15bn housing estate
From Uche Usim, Abuja
A local real estate company, AIBEN Group, is planning a $30 million (N15 billion) housing estate in Lekki area of Lagos State as part of its efforts to generate employment and bridge the housing gap.
The Managing Director of AIBEN Group, Andy Elerewe, disclosed this at the weekend at the official commissioning of the company’s corporate head office in Abuja.
According to him, the N15 billion was being put together by the company and its offshore partners over the next three years for the project.
He stated that construction work would commence in mid 2017, adding that off-plan sales had since begun.
“The project is tagged Biltmore Garden City and it’s our conviction that the project will not only generate employment but equally deplete the huge housing deficit in the country.
Elerewe noted that the company had acquired 18 hectares of land along Lekki-Ajah-Epe Expressway, pointing out that the estate mimmicks a smart city project.
“The project comprises 250 luxury buildings, a five-star hotel, olympic-size football field, club house, water recreational activities, among others. Our ongoing projects are spread across four states – Lagos, Abuja, Katsina and Uyo,” he said.
Elerewe also listed the challenges facing the company to include difficulty in accessing lands for development; government’s inability to provide primary infrastructure services and banks’ inability to provide funding for developers or mortgages to subscribers.
He also sought the support of the FCT administration to make land acquisition for genuine developers seamless.
“We need to access land without buying from the open market at exorbitant prices. This, by extension, would reduce the cost of finished buildings in Abuja,” he noted. He urged the FCT administration to pay closer attention to the real estate business as it is currently losing so much revenue due to its poor coordination, unlike Lagos State that is reaping from the sector having made land acquisition processes seamless.
