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Heritage Bank, LCFE Explore Opportunities In Commodities Ecosystem To Support Cbn’s $200bn Fx Repatriation

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Heritage Bank Plc, Lagos Commodities and Futures Exchange (LCFE), and other participating financial institutions explored opportunities on export revenue from the Commodities Ecosystem as part of its support to the Central Bank of Nigeria’s (CBN) to raise $200billion in foreign exchange repatriation from the non-oil exports over the next three to five years.

At a breakfast meeting organized by LCFE with bankers, tagged, “The CBN RT200 FX Programme: And Potential of Export Revenue from the Commodities Ecosystem,” had in attendance representatives from Heritage Bank, FSDH, Agvest Limited, Novo Merchant Bank amongst others.

Speaking on the opportunities for financial institutions in the CBN RT200 FX Programme, Olugbenga Awe, Divisional Head, Agribusiness, Natural Resources & Project Development, Heritage Bank stated that the promotion of investment in commodities ecosystem by financial institutions in partnership with LCFE in its various assets traded in Agric commodities, energy, and solid minerals would increase liquidity support from local commodity exportation to boost the race for the $200billion in FX repatriation and reduce the pressure on exchange rate.

Meanwhile, he identified challenges that expediently needed to be addressed which may likely hinder financial institution’s efforts on supporting the commodities ecosystem to drive the CBN’s RT200 FX target, such as inadequate export finance resources, lack of dependable source of local product prices, risk of haulage to bad roads amongst others.

Awe explained that to significantly boost local production of exportable commodities and drastically reduce the country’s dependence on oil revenue, financial institutions must play the role of market markers to the Commodity Exchange (COMEX), thereby bringing liquidity to the Exchange.

According to him, with COMEX as a risk mitigation platform, there is a need for the Warehouse (WR) finance structure to be registered with LCFE and the collateral management in place, which is within the parameters set by banks.

He further explained that banks must actively participate in crop receipts, liaise with their brokers to develop the value chain around a well-market structure warehouse receipts systems (WRS). This, he said would help stimulate demand amongst players from the aggregators, off-takers for standardized contracts that help deepen the value chain while providing financing that increased volumes traded.

Awe, however, reiterated that promoting investment in commodities ecosystem via structured WR finance would bring about value addition to commodities with the help to moderate the prices, as the expected increase in demand would increase revenue export and make deposit money banks self-sufficient in meeting the FX needs of their customers.

Awe, who enumerated how financial institutions can partner with commodity exchange especially LCFE to deepen their footprints in various asset classes traded by LCFE, also referenced what Heritage Bank is doing in the Wheat Value Chain together with CBN investing N40billion, which will scale up wheat production during harvest season.

According to him, whatever can be achieved in wheat can be replicated across the various value chains in rice, maize, others and ensuring that there is a link to the commodity exchange.

MD of LCFE, Akin Akeredolu-Ale, who commended Heritage Bank for its sterling efforts in deepening its footprints in agro-business, called on banks and other organizations to take advantage of the catalytic and transformational approach to support the CBN RT200 FX initiative.

He stressed that to achieve the target, there was a need for the creation and registration of Bank Commodity Desks with LCFE and Central Securities Clearing System (CSCS).

He noted that the stakeholders’ structure in financing the commodities ecosystem includes Commodity Exchange, Commercial Banks, Non-Interest Banking, Merchant Bank.

Akeredolu-Ale, who decried that the Nigerian economy was still import driven and depended largely on the export of petroleum to meet FX earnings, revealed that LCFE has lined up products such as commodity instruments, commodity-backed notes, Exchange-traded funds, Commodity Spot Contracts amongst others as a bumper for driving huge export revenue from commodities ecosystem to fast track the actualization of $200billion in FX repatriation.

BIG STORY

Tokunbo Wahab at 54: A Quiet Force in Public Service —– By Ayobami Ladipo

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As Tokunbo Wahab turns 54 today, the occasion feels more than another birthday on the calendar. It is a moment to recognize a public servant who has come to symbolize steadiness, discipline, and a certain uncommon seriousness about service.

Known publicly as the Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab has spent recent years carrying out his responsibilities with a mix of firmness and restraint that is becoming increasingly rare in public life.

What stands out most about him is not noise, but consistency. In a world that often rewards the loudest voice in the room, Tokunbo Wahab has built a reputation around substance. He appears to understand something simple yet powerful: leadership is not only about holding public office but also about leaving people better than you found them. That is the kind of leadership people remember. It is the kind that builds confidence, sharpens others, and creates room for growth.

Those who admire him often speak of his human side just as much as his professional side. They describe a man who values people, takes mentorship seriously, and does not seem interested in protecting his own status at the expense of others’ rise. In many spaces, especially public service, it is easy for influence to become self-preservation. Wahab, at least by reputation, seems to lean in the opposite direction. He is the sort of leader who wants his protégés to succeed, not merely survive.

There is also something admirable in the way he carries responsibility without overplaying it. A good administrator does not always need applause to prove impact. Sometimes, impact is seen in the structure of the work, the clarity of the process, and the people who quietly grow under that leadership. That is where Tokunbo Wahab’s value seems to sit: in the patient work of building systems and building people at the same time.

At 54, he stands at a point where experience and maturity should naturally deepen purpose, and by every indication, that is exactly what has happened. He has become one of those figures whose presence suggests order. Not the kind of order that stifles, but the kind that gives direction. Not control for its own sake, but discipline with intent. In that sense, his birthday is not just a personal milestone; it is also a reminder of the kind of leadership people still respect when they see it up close.

So, on this special day, the tribute is simple. Tokunbo Wahab deserves to be celebrated not only for what he does, but for how he does it. For the grace in his administration. For the dignity in his conduct. For the way he appears to invest in people, not just positions. And for proving, in his own quiet way, that a good man in public office is still one of the most valuable things a society can have.

Sir …. I celebrate you today and always, my mentor, my leader, and benefactor.

Ayobami Adegboyega Ladipo
(Mr Porsche)

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BIG STORY

Tinubu Confirms Killing of ISIS Leader In Nigeria-US Joint Operation

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President Bola Tinubu has announced the killing of a senior Islamic State leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, during a joint operation carried out by Nigerian and United States forces in the Lake Chad Basin.

In a statement personally signed on Saturday, Tinubu said the operation marked “a significant example of effective collaboration in the fight against terrorism” between both countries.

The President said Nigerian troops, working with the US Armed Forces, carried out “a daring joint operation that dealt a heavy blow to the ranks of the Islamic State.”

He added that “early assessments confirm the elimination of the wanted IS senior leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, along with several of his lieutenants, during a strike on his compound in the Lake Chad Basin.”

Tinubu described the operation as a major step in advancing the security objectives of both countries and commended the forces involved for their conduct.

“Nigeria appreciates this partnership with the United States in advancing our shared security objectives. I extend my sincere gratitude to President Trump for his leadership and unwavering support in this effort,” the statement read.

The President also praised military personnel from both countries, saying, “I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation.”

The development comes amid renewed military offensives against insurgent groups operating in the North-East and the Lake Chad region, where Islamic State-linked factions have sustained attacks on military formations and civilian communities.

United States President Donald Trump had earlier confirmed the operation, describing Al-Minuki as “the most active terrorist in the world.”

“Tonight, at my direction, brave American forces and the Armed Forces of Nigeria flawlessly executed a meticulously planned and very complex mission to eliminate the most active terrorist in the world from the battlefield,” Trump wrote on Truth Social on Friday.

Trump said the slain militant leader, whom he described as the “second in command of ISIS globally,” had believed he could evade capture in Africa.

“Abu-Bilal al-Minuki, second in command of ISIS globally, thought he could hide in Africa, but little did he know we had sources who kept us informed on what he was doing,” he said.

The US leader added that Al-Minuki, who was placed under American sanctions in 2023 over his ties to the Islamic State group, would “no longer terrorize the people of Africa, or help plan operations to target Americans.”

He further stated that “with his removal, ISIS’s global operation is greatly diminished,” while thanking the Nigerian government for its “partnership” in the operation.

The joint operation underscores growing security cooperation between Nigeria and the United States as both countries intensify efforts to weaken extremist networks operating across the Lake Chad Basin and the wider West African region.

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BIG STORY

ISIS Second-in-Command Killed By US, Nigerian Troops —– Trump

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US President Donald Trump says Abu-Bilal al-Minuki, the second-in-command of ISIS, has been killed in Nigeria.

Trump said al-Minuki was killed in a “complex mission” carried out by Nigerian and American troops.

The US president shared updates on the operation in a social media post in the wee hours of Saturday.

“Tonight, at my direction, brave American forces and the Armed Forces of Nigeria flawlessly executed a meticulously planned and very complex mission to eliminate the most active terrorist in the world from the battlefield,” Trump wrote.

“Abu-Bilal al-Minuki, second in command of ISIS globally, thought he could hide in Africa, but little did he know we had sources who kept us informed on what he was doing.

“He will no longer terrorise the people of Africa, or help plan operations to target Americans.

“With his removal, ISIS’s global operation is greatly diminished.”

Trump also acknowledged and thanked the Nigerian government for its “partnership on this operation”.

US-NIGERIA MILITARY COOPERATION

Nigeria had entered into a military partnership with the United States following Trump’s re-designation of the West African nation as a country of particular concern (CPC).

It was reported in February that a drone refuelling station was among the demands made by the US as part of the security partnership.

In March, the US deployed multiple MQ-9 drones alongside 200 troops to Nigeria to provide training and intelligence support to the country’s military in its fight against Islamist militants.

The Defence Headquarters had said the Nigerian troops, alongside the US forces, would commence a series of joint training engagements and intelligence-focused cooperation initiatives.

SECOND HIGH-PROFILE US OPERATION IN NIGERIA

Late last year, the US began conducting intelligence-gathering flights over swathes of Nigerian territory.

On Christmas Day, the US launched missile strikes on two terrorist enclaves in the Bauni forest in Tangaza LGA, Sokoto state.

It was widely reported that the strike involved more than a dozen Tomahawk cruise missiles fired from a Navy ship in the Gulf of Guinea.

But officials familiar with the operation told TheCable that the strikes involved drones.

Communities in Sokoto and Kwara states had reported explosions at the same time the US launched a fusillade of air strikes on ISIS terrorists.

The federal government later confirmed that the explosions in Kwara were caused by debris from the precision-guided munitions (PGMs) fired by the US.

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