Banking
Stanbic IBTC Anchors Sustainability Strategy on Four Pillars
**Cuts Carbon Emission by 1.67 tonnes
By Dipo Olowookere
In order to improve societies for humanity and advance sustainable development, the United Nations (UN) came up with some Sustainability Development Goals (SDGs), which countries, organisations and others were advised to key into.
As a responsible corporate firm, Stanbic IBTC Holdings Plc, a member of Standard Bank Group, came up with a strategy to achieve these goals.
The company designed its sustainability strategy and anchored it on four pillars; building environmental resilience, expanding business model and innovation, enhancing social relationships, and strengthening leadership for sustainability governance.
These sustainability pillars are aligned with the Nigerian Sustainable Banking Principles.
Recently, Stanbic IBTC released its 2020 Sustainability Report and it highlighted its environmental, social and governance (ESG) practices, which cut across corporate social investments (CSI), environmental and social risk management practices, and performance.
The report also highlighted the progress Stanbic IBTC had made across the four sustainability pillars, and seven Social, Environmental and Economic (SEE) impact areas wherein the group had confidence in achieving significant outcomes.
It further reflected that Stanbic IBTC made significant carbon emission savings, and reduced its total carbon emission by 1.67 tonnes in 2020. Hybrid solar systems were deployed in its branches and off-site ATMs.
Additionally, a 30 per cent reduction in paper use was achieved in its Go-Green branches initiative that contributed indirectly to a decrease in tree-felling for paper production.
Stanbic IBTC conducted waste audit exercises across three head office campuses to quantify the amount and types of waste generated at the locations for better waste management insight.
As part of the group’s sustainability governance in the year 2020, Environmental and Social Risk awareness training was conducted to educate its staff on the importance of Environmental and Social Risk management.
In the year, Stanbic IBTC and its parent brand, the Standard Bank Group, partnered with UN Women to promote women’s economic empowerment through climate-resilient agribusiness.
Over 3,000 entrepreneurs were trained in business sustainability. New School Money, an initiative on financial literacy for young people, was also shown to have impacted the lives of young people.
It was revealed in the report that a total of N109.4 million was donated under its employee volunteerism scheme and was channelled towards its three CSI pillars: health, economic empowerment, and education to help achieve qualitative healthcare and education, and sustainable economic empowerment.
Other initiatives aligned to the SDGs included a partnership with GB Foods to boost productivity and the donation of foodstuff to charitable organisations in the fight against hunger.
Stanbic IBTC also helped provide medical facilities and supplies to hospitals and community health centres in terms of health and wellness.
At the same time, efforts in curtailing the coronavirus pandemic cost the organisation over N345 million in funds and relief material donations.
Other initiatives included the donation of educational facilities to different schools and learning centres and the award of scholarships to exceptional students across the country.
In support of gender equality, Stanbic IBTC established lactoriums in its offices to help working mothers’ transition back to work after maternity leave, and thus enhanced the inclusion of females in the workplace.
Furthermore, at the outset of the COVID-19 outbreak and lockdown, Stanbic IBTC put a debt relief programme in place to alleviate the potential cash flow constraints its clients faced due to the pandemic. Forbearances were granted to clients on a total exposure of N78 billion as at 31 December 2020.
“The Sustainability Report has highlighted our shared values in 2020 and is expected to help our key stakeholders better appreciate our long-term priorities to ensure financial, social, and environmental sustainability in our business operations.
“Our sustainability ambition is to become the leading financial institution driving sustainable finance solutions in Nigeria, and we have defined a sustainability strategy that is anchored on four pillars to achieve this,” the CEO of Stanbic IBTC, Mr Demola Sogunle, stated.
“As the leading end-to-end financial services organisation, we have a duty to set the standard in the way we address environmental, social and governance issues.
“We are proud to report that we are making significant progress, and we will continue to build on our 2020 milestones,” he added.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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