Economy
Stanbic IBTC Chairman Backs Adoption of Clean Energy
By Modupe Gbadeyanka
The Chairman of Stanbic IBTC Plc, Mr Basil Omiyi, has urged organisations to migrate to cleaner energy sources for their operations because of the capacity to reduce the impact of emissions on the environment.
According to him, the adoption of clean energy will help keep the environment stable to support economic and social activities, noting that for development in Nigeria to be sustainable, there must be a balance that guarantees that the environment and society are not negatively affected by economic activities now and in the future.
“Green energy is devoid of carbon emissions (unlike fossil fuel energy sources which harm the environment) and is one of the major contributors to climate change.
“Corporates can shift to cleaner energy sources for their operations. Financial institutions can help advance this shift by facilitating funding (in line with their risk appetites) which will be necessary to achieve growth in the green energy space,” he said.
The Stanbic IBTC Chairman also revealed that his organisation was committed to creating a greener environment across its operational locations, stated that, “At Stanbic IBTC, building environmental resilience is one of our four sustainability pillars. This pillar demonstrates our focus on environmental footprint management.”
In this regard, the Stanbic IBTC has continued to implement and expand on programmes to reduce its carbon emissions. Some of the ways include reduction of energy consumption in office locations using energy-efficient fittings; adoption of cleaner energy sources across the office locations, as well as the Go-Green programmes across some branch locations to reduce energy and paper consumption and improve water efficiency.
The organisation has also adopted tree planting programmes to help with carbon sequestration. Already, over 300 trees have been planted across the country and the number will grow significantly in the near future.
He added that most developing economies do not possess the capacity to implement green energy due to the technical and financial requirements while, conversely, the developed world is responsible for the bulk of carbon emitted into the atmosphere.
Mr Omiyi stated further: “As you saw at COP26 (Conference of Parties 26), the world is attempting to obtain the commitment of Nation States to the Net-zero emission world. The developed world, which is disproportionally responsible, on both gross and per capita basis for the bulk of carbon emission into the atmosphere, is unwilling to drastically cut their energy consumption, as they wish to maintain the standard of living of their people. Therefore, there is a need for a just energy transition strategy that is fair to all and affordable to all.”
“Knowing the urgency in halting climate change, Stanbic IBTC is working with vendors and customers to provide solutions that can help address climate change issues. This is reflected in one of our seven focus SEE Impact Areas – Climate Change and Sustainable Finance – where the Group seeks to provide financial solutions to support climate change mitigation and adaptation measures. We also continue to advance awareness around climate change amongst the general public; leveraging our social media platforms and webinars, for instance, the recently concluded Net Zero Webinar. Similarly, our parent company, the Standard Bank Group hosted a Climate Summit in partnership with the University of London’s School of Oriental and African Studies. We continue to take awareness communication initiatives by sharing practical tips that people can adopt to help address climate change,” he said.
Mr Omiyi was appointed as the Chairman of the Stanbic IBTC Holdings Board with effect from 15 May 2017. He spent most of his career at Royal Dutch Shell in various roles both in Nigeria and Europe, including Head of Production Technology, Chief Petroleum Engineer, Managing Director of Shell Petroleum Development Company of Nigeria Ltd, and ultimately country Chairman of Shell Nigeria.
He is currently an Independent Non-Executive Director on the Board of Seplat Petroleum Development Company Plc. He has also held a number of Board memberships and senior advisory positions including; Chairman of Greenacres Energy Limited, Chairman of the Nigerian Upstream Industry Group, Board member of the Nigerian Business Group of New Partnership for Africa’s Development (NEPAD) and Nigerian Extractive Industry.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
