Business Hilights
Tracking Nigeria's Headline Business News Online

Heritage Bank, Afreximbank give life to $1bn resources dev deal in Zamfara

Leading financial institution, Heritage Bank Plc and African Export Import Bank have agreed to pull resources together to develop natural resources in Zamfara State in partnership with other bodies and government.

The parties have already sealed a $1billion Memorandum of Understanding (MoU) in the areas of mining, agriculture, water resources and others.

Whereas Heritage Bank is the banker to the project, another financial handler involved in the MoU is PAC Capital Limited.

Business Hilights gathered that PAC Capital is the investment banking arm of Pan African Capital Holdings, committed to facilitating investment activities and enabling growth across the continent.

In his remarks shortly after the signing ceremony in Abuja, the MD/CEO of Heritage Bank, Ifie Sekibo, said the understanding was designed for a win-win collaboration amongst the institutions so as to fast track support to Zamfara and enable it explore its unharnessed resources for the benefit of its people and the nation’s economy.

Heritage Bank boss averred that “The bold initiative would help unlock massive opportunities inherent in solid minerals and support efforts on local content promotion, facilitate industrial development and export development.”

Continuing, he added that “It is a game changer that will drive formidable economic growth for the state government, serve as backbone to the economy through job creation, as well a way of cushioning the present economic situation.”

Efforts to find the actual takeoff of the deal considering the level of insecurity in Zamfara State failed.