Zamfara,Heritage Bank signs $1 Billion Deal

Heritage Bank Plc, African Export Import Bank and Zamfara State Government have signed $1bn Memorandum of Understanding in the areas of mining, agriculture, water resources and others.

A statement on Monday said Heritage Bank would be the banker to the project.

It stated that another financial handler involved in the signing of the MoU was PAC Capital Limited, the investment banking arm of PanAfrican Capital Holdings, was committed to facilitating investment activities and enabling growth across the African continent.

Speaking during the signing of the MoU in Abuja, the Managing Director/Chief Executive Officer, Heritage Bank, Ifie Sekibo, stated that the win-win collaboration among the institutions would promote and fast-track the support that would help Zamfara explore its untapped resources for the benefit of its people and the nation’s economy.

The initiative, it added, would help unlock massive opportunities inherent in solid minerals and support efforts on local content promotion, facilitate industrial development and export development.

Sekibo, explaining Heritage Bank’s involvement in the partnership, said, “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.”

The President/Chairman, Board of Directors, Afreximbank, Prof. Benedict Oramah, said the bank was pleased to be part of the partnership towards unlocking the abundant opportunities in the state.

He said, “We had a very fruitful meeting with the delegation from Zamfara State led by the governor.

“In Afrexim Bank, we are pleased that the leadership of Zamfara State has a clear vision. They have identified clearly the strengths of their state, the opportunities and what they need to unlock these opportunities.

“They have decided to take their own destiny in their hands, which is actually the foundation of the federal structure that we operate in Nigeria; that states should do all they can to maximise the use of the resources they have for the benefit of their people, so that collectively, we can grow the economy of Nigeria to become better than it is today.