Heritage Bank Announces Scheme To Help Gold Dealers Transact Favourably

Heritage Bank has announced its readiness to offer the country’s gold dealers access to the flourishing international market through its partnership with Dukia Gold.

Managing Director of the bank, Ifie Sekibo while observing that the country’s gold market is worth an estimated £4 billion said the bank had prepared a platform with Dukia Gold to enhance the capacity of local gold dealers.

Sekibo spoke at the Nigeria-Canada Investment Summit, in Abuja.

Sekibo, who was represented by the Team Lead, Agric Finance and Export, Adelana Ogunjirin, said that the partnership with Dukia Gold would enable local gold dealers to trade their goods under more favourable circumstances.

He said: “Mining sector is an area which has not been fully tapped in terms of the potential around it, as there are quite a lot of opportunities around that sector. Recently we secured $1 billion funding line with our funding partner AfreximBank, which also is to support areas like solid minerals.

“Now with respect to this, we have looked at the value chain of this space and we have looked at the opportunities that are there. A lot of fund providers have not really delved into this and it is because of the lack of understanding of the market.

“In terms of value, gold is an area where you can enhance the value. You hardly see Gold losing value and you see that in different exchanges you even trade those commodities.

“Looking at it in terms of trend, you see that gold is something that will appreciate definitely. So in terms of the profitability of this business, we have looked at it, the crunch, the numbers we see that is a space that the Bank will definitely earn a lot of income.”

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