Heritage Bank, Triton Aqua N2bn Facility to Boost Job Creation

The N2billion long-term facility Heritage Bank Plc and Central Bank of Nigeria under the Commercial Agriculture Credit Scheme (CACS) granted to Triton Aqua Africa Limited (TAAL) is expected to boost job creation.

The Managing Director of Heritage Bank Plc, Ifie Sekibo, disclosed this when he led a team of the bank’s senior management on fact-finding mission to the company’s facilities.

A statement quoted the bank CEO to have said the fund was disbursed to enable TAAL expand its aquaculture businesses- nursery/hatchery for the production of fingerlings and brood stock in Ikeja; as well as earthen ponds for catfish and tilapia in Asejire, Iwo and Gambari towns in Oyo.

According to Sekibo, the disbursement of the N2billion loan and the readiness of Heritage Bank to treat Triton’s application for another credit facility for the third phase expansion is part of the bank’s support to one of the cardinal programmes of the federal government’s administration, which is job creation and diversification.

Sekibo said his team embarked on the visit to the company’s facility in Ikeja to ascertain the progress of work and ensure the credit facility was appropriately channeled. “I want to be sure whatever facility Heritage Bank is giving will add value in terms of cash flow of TAAL. If I have your cash flow as part of your production plan it would make it easy for me to treat your application for credit”, he stated.

Based on the bilateral agreement reached by the two parties when the credit was given, TAAL is expected to increase the production capacity of one of its nursery/ hatchery unit to 15,000 tonnes at the end of the second phase of the expansion process.