Banking
Polaris Bank, Union Bank Restate Commitment to Environmental Sustainability
By Adedapo Adesanya
In commemoration of the 2023 World Environment Day, observed yearly on June 5, Polaris Bank, one of Nigeria’s leading digital financial institutions, has restated its commitment to environmental sustainability in the country.
The annual event is led by the United Nations Environment Programme (UNEP), which is observed globally to encourage awareness and action for the protection of the environment. This year marks the 50th anniversary of the event.
The theme of the 2023 World Environment Day was Solutions to plastic pollution, with the hashtag #BeatPlasticPollution.
Plastic pollution is a major environmental problem. Every year, millions of tons of plastic waste end up in our oceans, landfills, and waterways. This plastic can harm wildlife, pollute our air and water, and contribute to climate change.
Specifically, and in line with the theme of the 2023 World Environment Day, Polaris Bank said it is taking proactive measures to address challenges of waste management and plastic pollution while supporting the United Nations’ Sustainable Development Goals (SDGs), Nigerian Sustainable Banking Principles (NSBPs) and United Nations Environment Programme Finance Initiative (UNEP FI’s) Principles of Responsible Banking
Polaris Bank, as part of its environmental sustainability focus, said it has invested in waste management, plastic collection, renewable energy adoption, education, inclusivity, and carbon reduction. The Bank contributes to individuals’ needs and societal goals by implementing sustainable practices and guidelines while ensuring a responsible and environmentally conscious business strategy.
“In managing the environmental impact of its activities, Polaris Bank has made significant efforts to reduce carbon emissions and dependence on fossil fuels. Through using solar energy to power security lights, some ATMs and business locations, and implementing automated systems and digital alternatives to paper output, the bank actively mitigates waste generation and reduces its carbon footprint.
“Polaris Bank has streamlined its vehicle fleet to further minimise its carbon footprint, while most meetings and engagement are held virtually. By prioritizing sustainable energy sources and expanding its network of ATMs, including prestigious off-site locations, the bank ensures convenient and eco-friendly access to banking services.”
The lender took its commitment a step further by partnering with some organizations to help it provide clean water and sanitation in some communities. Its Corporate Social Responsibility (CSR) projects are clearly spelt out to reflect adherence to environmental sustainability.
“Additionally, through partnerships with organizations like the United Nations Association of Nigeria (UNAN), we contributed to providing clean water and enhanced sanitation to local communities in Lagos state.
“We also partnered with the non-profit organization Evolve to launch the Girl Child Education and the Environment CSR program. This initiative strives to keep the girl child in school and educated, thereby reducing early marriages and population explosion, which impacts the Climate.
“This empowers underprivileged girls through education, providing them with school supplies and personal development tools. By supporting over 3,000 female students from 12 secondary schools nationwide, Polaris Bank fosters individual growth and inspires positive contributions to society.
“Polaris Bank’s dedication to environmental sustainability is a key component of its broader vision to create a positive and lasting impact on society. As part of the commemoration of the 2023 World Environment Day, the Bank has established dedicated plastic collection hubs across its branches in Lagos. These hubs serve as convenient drop-off points for responsible disposal of plastic waste for onward recycling while empowering individuals and communities to actively participate in reducing plastic pollution.”
On its part, Union Bank of Nigeria partnered with the Nigerian Conservation Foundation (NCF) to celebrate the day.
To create awareness of environmental responsibility and encourage collective action, Union Bank employees, together with the Nigerian Conservation Foundation, volunteered to educate students at Aguda Junior Grammar School, Surulere, Greg Girls Junior High School, Surulere, and Okun Ajah Community Senior Secondary School, Okun Ajah.
The students were educated on the detrimental effects of plastic pollution on the environment, highlighting the importance of reducing plastic consumption, reusing plastic, and practical tips for sustainable recycling.
The bank also donated waste bins to each school to encourage recycling and make it easier for students to do their part in reducing plastic waste.
Speaking on the Bank’s activities to mark World Environment Day, Union Bank’s Chief Brand and Marketing, Ms Olufunmilola Aluko, said, “At Union Bank, we are resolute in our commitment to being a sustainability champion. This year’s focus on tackling the pervasive issue of plastic pollution resonates deeply with our commitment to environmental sustainability.
“We proudly partner with NCF to educate students on solutions to beat plastic pollution. By raising awareness and advocating for responsible plastic waste management, we can collectively and significantly preserve our planet for future generations.”
With its focus set on the future, Union Bank said it committed to leading the way in shaping a better, more sustainable future for generations to come.
By Adedapo Adesanya
The operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc have been revoked by the Central Bank of Nigeria (CBN) as part of efforts to strengthen the mortgage sub-sector and enforce compliance with banking regulations.
Mortgage banks are financial institutions that provide home loans and other housing finance products, and so, they are strictly regulated by the CBN to protect customers and ensure the stability of Nigeria’s financial system.
According to a post by the Acting Director of Corporate Communications of CBN, Mrs Hakama Ali, on the apex bank’s X handle on Tuesday, the affected institutions were accused of violating several provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Guidelines for Mortgage Banks in Nigeria.
The revocation is part of the central bank’s ongoing efforts to maintain a safe and reliable banking sector, protect customers’ deposits, and ensure that only financially sound institutions operate in the mortgage market.
“The breaches included failure to meet the minimum paid-up share capital requirement, insufficient assets to meet liabilities, being critically undercapitalised with a capital adequacy ratio below the prudential minimum, and non-compliance with directives issued by the CBN,” the post noted.
The CBN emphasised that the revocation aligns with its mandate to ensure financial system stability and maintain public confidence in the banking sector, assuring it is committed to promoting a sound and resilient financial system in Nigeria.
By Adedapo Adesanya
A five-member panel of the Supreme Court, led by Justice Lawal Garba, last Friday ruled in favour of Fidelity Bank in its appeal against Sagecom Concepts Limited.
The judgment brings definitive closure to a legacy case that has attracted attention across the financial sector for more than two decades. It also marks a significant victory for Fidelity Bank in a long-running legal dispute.
In a motion dated October 8, 2025, Fidelity Bank sought clarification from the Supreme Court, requesting a consequential order that the judgment debt be paid in Naira. The bank also asked that the interest rate be set at 19.5 per cent per annum rather than 19.5 per cent compounded daily.
It also requested the exchange rate used for conversion be the rate applicable as of the date of the High Court judgment, in line with the Supreme Court’s decision in Anibaba v. Dana Airlines.
Fidelity Bank further requested the judgment debt be fixed at N30,197,286,603.13 and that interest on this amount be payable at 19.5 per cent per annum until full settlement.
In the judgment delivered by Justice Adamu Jauro, the apex court granted the bank’s first three prayers but declined the fourth and fifth. As a result, the judgment sum will be paid in Naira at an annual interest rate of 19.5 per cent, rather than the daily compounded rate previously awarded by the High Court.
The Supreme Court equally affirmed that the applicable exchange rate should be the rate as of the date of the High Court judgment, consistent with its earlier decision in Anibaba v. Dana Airlines.
The dispute originated from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. It stemmed from a 2002 credit facility extended to G. Cappa Plc and subsequent legal proceedings tied to the collateral.
This ruling provides finality for years of litigation and confirms a significantly lower liability than the N225 billion previously speculated in the review of decisions leading up to the decision.
By Adedapo Adesanya
The operating licences of all legacy Bureau De Change (BDC) operators who failed to meet the new licensing requirements have been revoked by the Central Bank of Nigeria (CBN).
This happened after the central bank streamlined the BDCs to 82 in order to sanitise the foreign exchange (FX) market in the country.
The latest development was revealed by the apex bank in its Frequently Asked Questions document on the current reform of the bureau de change, published on its website on Tuesday.
According to the document, the CBN has now enforced the final cutoff, declaring that any BDC that did not meet the requirements by the end of November is no longer recognised.
“The guidelines provided a transition timeline of six months from the effective date, 3 June 2024, with a deadline of 3 December 2024, for all existing BDCs to meet the requirement of the new Guidelines or lose their licence(s). However, the management of the CBN graciously extended this deadline by another six months, which ended 3 June 2025, to give ample time for as many legacy BDCs desirous of meeting the new requirements to do so.
“Consequently, any legacy BDC that failed to meet the requirements of the new Guidelines as of 30 November 2025 has ceased to be a BDC, as its licence no longer exists. Please visit the CBN website for the updated list of existing BDCs in Nigeria,” the apex bank said.
According to the CBN, before its latest decision, an extended compliance window was granted under the revised BDC Guidelines. Existing operators were initially given six months, June 3 to December 3, 2024, to satisfy the new regulatory conditions.
The CBN later granted an additional six-month extension, which elapsed on June 3, 2025, to allow more operators to align with the updated standards.
The new measures form part of broader efforts by the CBN to strengthen transparency, compliance, and stability within Nigeria’s foreign exchange market.
The new CBN regulatory framework for BDCs, introduced in February 2024, mandated BDC operators to meet higher capital requirements. Tier-1 operators are required to meet a minimum capital requirement of N2bn, while Tier-2 operators must meet N500m as MCR.
The bank added that it would continue to receive applications on its Licensing, Approval and Requests Portal from prospective promoters, and those that meet the criteria will be considered for a license.
However, the CBN said it reserves the right to discontinue the licensing of BDCs at any time.
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