Business A.M
No Result
View All Result
Saturday, October 17, 2026
  • Login
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE
Subscribe
Business A.M
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE
No Result
View All Result
Business A.M
No Result
View All Result
Home Banking

Heritage Bank extends campaign for agri-business, commerce to Lagos-Kano summit

by Admin
March 5, 2018
in Banking

Heritage Bank Plc has taken its campaign for concerted efforts for the growth of agribusiness and commerce in Nigeria to another level as it wants the bilateral agreement signed by Lagos and Kano States to provide for a Commodity Exchange.

The two states signed the Memorandum of Understanding (MoU) at the recently held Lagos-Kano Economic and Investment Summit in Lagos.

The goal of the pact was to ensure the collaboration between the two states boost commerce and agribusiness and consequently increase the revenue generation by the states.

Speaking at the event during the plenary session on: Growth & Investment Opportunities in Agribusiness – Value Chain Approach, Olugbenga Awe, Group Head, Agric Financing, Heritage Bank, said there was an urgent need for the establishment of a Commodity Exchange; stating that it would provide the platform necessary for the success of the MoU signed by the states.

Awe said if the Exchange was established, it would make future contracts between traders and speculators in both states and others more possible and thereby enhance agribusiness in the country generally. Specifically, he stated that the establishment of a Commodity Exchange would help to put the activities of grain farmers and others in Dawanau market, Kano; and others in spotlight.

According to him, the volume of agribusiness and commerce going on daily in Dawanau market, which is the hub of grains and seeds trading across the world, needs to be complemented by appropriate policies.

Based on this, Awe advised the two states to ensure that the MoU they signed captures the establishment of a Commodity Exchange. Doing that, he stated, would make traceability possible for every produce traded on the floor of the exchange unlike now when grains sourced in Kano or Lagos could be sold and consumed in other parts of the country without knowing its source.

Today, goods sourced at Dawanau are, daily, transported to Togo, Burkina Faso, Cameroon, Chad, Niger, Ghana Central African Republic, South Africa, Libya and other African countries. Again, traders from Burma, Dubai, India, China, Britain, America, Saudi and other countries patronize the grains/seeds market for items like Moringa seed and leaf, Sesame seed, Hibiscus flower (Sobo) and other items such as Soya beans, Beans, Cassava, Millet, and Guinea corn without any credit given to their farmers and Nigeria.

Awe, therefore, said the Commodity Exchange would help to address issues like that, adding that it would also encourage farmers to put in more efforts in planting more grains.

Similarly, Sani Hussaini Sagagi, Deputy Country Director, Sasakwa Africa Association, Nigeria; said any country that wants to progress must take cognizance of its population structure when formulating policies.

According to him, Africa’s population would increase to 1.4 billion in the next 12 years, while it would be 2.5 billion in 2030. Sagagi warned that over 50% of that would be majorly young men and women who would choose to live in urban areas with the motive of getting white collar jobs. He disclosed that there would be food shortage and climate change, which would cause 50% yield reduction in agribusiness.

Sagagi, therefore, said the two state governments must, as from today, begin to put the mechanism in place to address the social menace that would arise because of the surge in the populace.

He expressed optimism that the agreement signed by Lagos and Kano States would help a lot in finding solace to the possible challenges that would arise in the future.

Also present at the occasion was Richard Sandall, Senior Private Sector Development Adviser, the UK’s Department for International Development (DFID). Sandall identified financing, security and land as some of the challenges militating against smooth agribusiness in Africa. However, he said the DFID was established with the aim of supporting Africa to address issues like that.

Sandall stated: “Apart from working on alleviating the constraints, DFID also focuses on assisting in formulating appropriate policies that would nip those challenges in the bud”.

Admin
Admin
Previous Post

Eni, Shell trial begins in Milan over Nigeria kickback scandal

Next Post

IEA sees U.S. oil output fulfilling most of world’s growing appetite for the next 5 years

Next Post

IEA sees U.S. oil output fulfilling most of world's growing appetite for the next 5 years

  • Trending
  • Comments
  • Latest

How UNESCO got it wrong in Africa

May 30, 2017

CBN to issue N1.5bn loan for youth led agric expansion in Plateau

July 29, 2025
MMA2 enters new commercial era after 20-year concession dispute

MMA2 enters new commercial era after 20-year concession dispute

August 28, 2026
NGX taps tech advancements to drive N4.63tr capital growth in H1

Insurance-fuelled rally pushes NGX to record high

August 8, 2025

6 MLB teams that could use upgrades at the trade deadline

Top NFL Draft picks react to their Madden NFL 16 ratings

Paul Pierce said there was ‘no way’ he could play for Lakers

Arian Foster agrees to buy books for a fan after he asked on Twitter

Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

Onafriq winds down Baxi as Nigeria’s agent banking economics worsen

October 17, 2026
LCFE links petroleum trading to capital market in pricing transparency drive

LCFE links petroleum trading to capital market in pricing transparency drive

October 17, 2026
Copper rebounds to $14,480 as US tariff risks cloud price outlook

Copper rebounds to $14,480 as US tariff risks cloud price outlook

October 17, 2026

Popular News

  • How UNESCO got it wrong in Africa

    0 shares
    Share 0 Tweet 0
  • CBN to issue N1.5bn loan for youth led agric expansion in Plateau

    0 shares
    Share 0 Tweet 0
  • MMA2 enters new commercial era after 20-year concession dispute

    0 shares
    Share 0 Tweet 0
  • Insurance-fuelled rally pushes NGX to record high

    0 shares
    Share 0 Tweet 0
  • Glo, Dangote, Airtel, 7 others prequalified to bid for 9Mobile acquisition

    0 shares
    Share 0 Tweet 0
Currently Playing

CNN on Nigeria Aviation

CNN on Nigeria Aviation

Business AM TV

Edeme Kelikume Interview With Business AM TV

Business AM TV

Business A M 2021 Mutual Funds Outlook And Award Promo Video

Business AM TV

Recent News

Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

Onafriq winds down Baxi as Nigeria’s agent banking economics worsen

October 17, 2026

Categories

  • Frontpage
  • Analyst Insight
  • Business AM TV
  • Comments
  • Commodities
  • Finance
  • Markets
  • Technology
  • The Business Traveller & Hospitality
  • World Business & Economy

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy
Business A.M

BusinessAMLive (businessamlive.com) is a leading online business news and information platform focused on providing timely, insightful and comprehensive coverage of economic, financial, and business developments in Nigeria, Africa and around the world.

© 2026 Business A.M

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE

© 2026 Business A.M