Banking
Unity Bank Webinar: Stakeholders Seek Urgent Action on Plastic Pollution
By Aduragbemi Omiyale
The need for urgent and coordinated action to tackle Nigeria’s growing plastic pollution crisis has been called by environmental activists and climate change advocates.
This demand was made at a webinar hosted by the Sustainability Team of Unity Bank Plc in commemoration of this year’s World Environment Day themed Ending Plastic Pollution.
Stakeholders at the event described the country’s plastic pollution challenges as one of the greatest environmental threats.
The webinar, put together to fashion out innovative strategies to curb plastic pollution in Nigeria, had in attendance leading waste management entrepreneurs and environmental activists such as the co-founder/CEO of PETsPoint Recycling Nigeria, Mr Sunday Kolawole Sholanke; and the co-founder/CEO of Street Waste Company Limited, Omoh Alokwe.
The programme offered a platform for robust dialogue around sustainable actions and innovative solutions that can mitigate the escalating threat of plastic pollution and promote environmental protection.
In his presentation, Mr Sholanke decried the alarming volume of plastic waste in Nigeria, putting estimates on the country’s waste generation to about 596 million metric tonnes annually, with 88 per cent of it neither reclaimed nor recycled.
“Nigeria ranks as the 9th highest contributor to global plastic pollution. Much of Nigeria’s plastic waste ends up in landfills, drainage systems, and water bodies, causing extensive environmental damage and posing serious health risks,” he explained.
He also shared startling global statistics: “Over one million plastic bottles and 10 million plastic bags are produced every minute.
“In 2020 alone, eight million tons of plastic bottles were produced globally, with less than 30 per cent collected and under 10 per cent recycled. The rest is dumped, burned, or abandoned in the environment, worsening risks of flooding, climate disruption, and disease.”
He identified poor waste management culture, low public awareness, and lack of community collection infrastructure as major factors aggravating the Nigeria’s plastic waste crisis.
Calling on the financial services sector to be more proactive, Mr Sholanke urged banks to invest in green financing by increasing access to affordable credit for green businesses and eco-friendly initiatives.
Also speaking, Omoh Alokwe emphasized the role of regulators in strengthening enforcement and updating policy frameworks to reduce harmful practices that fuel the global plastic crisis.
Echoing this view was the Head of Strategy and Innovation at Unity Bank, Mr Ibukun Coker, who emphasized the bank’s commitment to sustainable practices and environmental protection, highlighting the role of the financial sector in driving meaningful change.
“Plastic pollution is not just an environmental issue, it is an economic and public health crisis,” said Mr. Coker. “At Unity Bank, we believe that sustainability should be more than a policy; it must be embedded in how we operate, the projects we finance, and the partnerships we build.”
Also, the Executive Director for Risk Management at Unity Bank, Mr Usman Abdulkadir, reaffirmed the lender’s commitment to sustainability, adding that issues like plastic pollution carry deep risk implications for businesses and communities.
“Environmental degradation is increasingly a business risk, not just a corporate social concern,” Mr. Abdulkadir stated. “We must all begin to view environmental stewardship as a duty that cuts across sectors – finance, government, industry, and civil society. Unity Bank remains committed to integrating ESG principles into its risk frameworks and sustainability agenda.”
Unity Bank has consistently championed environmental causes, including its annual Earth Day partnerships with non-profits such as RESWAYE to clean the Royal Beach in Elegushi, Lagos, part of its mission to protect marine ecosystems.
In its most recent Earth Day campaign, the company challenged every staff member across 32 states to plant a tree in their locality, driving a grassroots reforestation movement and reinforcing environmental awareness.
By Modupe Gbadeyanka
The Nigerian banking industry has been praised for its strength, capacity and resilience, following its compliance with the March 31, 2026, recapitalisation deadline.
In March 2024, the Central Bank of Nigeria (CBN) gave financial institutions operating in the country March 2026 deadline to jack up their capital base from N25 billion.
Banks with international licence were asked to have at least N500 billion, while national lenders were told to raise the capital base to N200 billion, with regional banks pegged at N50 billion.
Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital.
The banking reform was to prepare operators for the $1 trillion economy target for 2030 by the federal government.
Data showed that almost all the Nigerian banks have shored up their capital ahead of the CBN recapitalisation deadline.
According to the CBN Governor, Mr Yemi Cardoso, 32 banks have already met the new capital requirements under the ongoing recapitalisation programme.
“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements.
“This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1 trillion economy,” he said.
One group that is over the moon over this development is the Association of Corporate Affairs Managers of Banks (ACAMB), which applauded the disciplined execution of the exercise by all financial institutions and extended special praise to the regulator for its regulatory oversight.
The president of ACAMB, Mr Jide Sipe, said, “The Nigerian banking industry has once again demonstrated its innate strength and resilience.
“Achieving over 96 per cent compliance ahead of the recapitalisation deadline is no small feat; it is an indication of the capacity of our financial institutions to adapt and overcome.
“We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape,” he said.
Mr Sipe also congratulated the CBN on its recent recognition as Central Bank of the Year 2026 by the London-based Central Banking Awards Committee, a prestigious honour bestowed at a global gathering of central banks.
According to ACAMB, Mr Cardoso’s stewardship continues to reposition the nation’s economy with clarity, discipline, and a transformational outlook, earning Nigeria increased respect on the global stage.
The association reiterated its commitment to supporting policies that promote transparency, stability, and sustainable growth in the Nigerian banking industry.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has reaffirmed Mr Kamaldeen Adekilekun as the substantive Chairman of Living Trust Mortgage Bank Plc, easing recent uncertainty about the bank’s leadership.
In an official letter dated March 27, 2026, addressed to the Osun State Government, the banking sector regulator stated that Mr Adekilekun’s appointment remains valid and binding.
The CBN explained that once board nominations and appointments are approved by the regulator, they are tenured and guided by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria, adding that such appointments cannot be withdrawn arbitrarily without clear regulatory grounds.
The CBN noted that its earlier communication (reference number OFI/DOL/CON/PLI/001/213) highlighted that the appointment was tenured in line with Sections 2.4.5 and 2.4.6 of the Code.
The apex bank also stated that there was no regulatory breach of relevant provisions of BOFIA 2020 or any CBN regulation that would disqualify him or prevent him from completing his term.
Rejecting the request for his removal, the CBN directed that the current board structure be maintained, stating, “Based on the foregoing, we therefore decline your request to withdraw Dr Adekilekun’s appointment.”
The development followed an earlier request seeking the withdrawal of the chairman’s appointment. The CBN said it had previously communicated the same position in a letter dated January 19, 2026.
The development reaffirms the central bank’s commitment to regulatory discipline, corporate governance, and institutional stability in Nigeria’s financial sector.
The clarification is expected to bring confidence to stakeholders, investors, and customers of Living Trust Mortgage Bank as operations continue under the existing leadership.
Incorporated on March 9, 1993, the bank converted from a Private Limited Liability Company to a Public Limited Liability Company on January 25, 2013 and subsequently listed on the Nigerian Exchange (NGX) on December 11, 2013, where its shares are being publicly traded.
By Adedapo Adesanya
Nigerian business-banking unicorn, Moniepoint, is eyeing a considerable foothold in East Africa as it completed the acquisition of a 78 per cent stake in Kenya’s Sumac Microfinance Bank.
The deal was finalised on Thursday and provides Moniepoint with a deposit-taking licence, an essential requirement for its credit-led expansion strategy.
The acquisition of Sumac allows Moniepoint to bypass the Central Bank of Kenya’s (CBK) policy to halt new licences to new foreign players. It will also ease worries after its move to buy payments firm Kopo Kopo failed.
By securing a majority stake in the 20-year-old institution, Moniepoint gains the regulatory infrastructure needed to deploy its high-velocity lending model to Kenya’s small and medium -sized enterprises (SMEs).
Sumac is a tier-three lender, and with its existing branch network and regulatory standing, the lender offers Moniepoint one of the ways to scale in a region increasingly shaped by digital-first credit.
The move also signals the company’s ambition to build a cross-border ecosystem that captures the entire merchant value chain, rather than solely on transaction fees.
Moniepoint’s entry into Kenya follows its acquisition of Orda, a cloud-based restaurant software provider for an undisclosed sum earlier this week, in a push to tap into the billion-dollar restaurants’ economy.
The company plans to export its business-in-a-box strategy, which integrates inventory management, payroll, and working capital by combining Orda’s vertical Software as a Service (SaaS) capabilities with Sumac’s banking infrastructure.
Orda will be rebranded Moniebook for Restaurants and integrated into Moniebook, Moniepoint’s business management platform. Orda will continue to operate as a standalone business until the full integration is completed in the coming months.
Orda currently operates in Nigeria and Kenya, but the acquisition only covers its Nigerian operations. However, with its presence in Kenya, it may set the tone for the acquisition of that subsidiary.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn