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
A Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of N81.1 million to the Federal Government of Nigeria in favour of Sterling Bank.
The money was part of the N2.5 billion stolen by some customers of Sterling Bank and transferred to their own use as well as to the use of some third-party beneficiaries, owing to a system glitch experienced by the bank.
On October 2, 2025, the court granted an interim forfeiture order of the fund and also directed the publication of the same in a national newspaper for any interested party to show cause why the money should not be finally forfeited to the federal government.
When no one came forward to claim the money, Justice Yelim Bogoro on Monday, March 9, 2026, ordered the final forfeiture of the funds.
The matter was brought before the court by the Economic and Financial Crimes Commission (EFCC) after a petition from the financial institution on July 18, 2022.
The anti-graft agency, in its investigations, traced the stolen funds to various accounts, including that of a customer, Sulaiman Kehinde Ojora, who was one of the major beneficiaries of the monumental fraud.
Investigation further revealed that Sulaiman Kehinde Ojora fraudulently concealed the sum of N43.0 million in the account of his friend, Taiwo Oluwaseyi Alawode (Account No. 1233126860), domiciled in Access Bank, and the sum of N122.2 million in the account of his wife, Aminat Olatanwa Ojora (Account No. 0072889319), domiciled in Sterling Bank.
By Adedapo Adesanya
Parallex Bank Limited said it has completed the recapitalisation requirement of the Central Bank of Nigeria, surpassing the N50 billion minimum capital threshold for regional commercial banks ahead of the March 31, 2026, deadline.
The feat reinforces the bank’s position as a financially resilient and strategically forward-looking institution within Nigeria’s evolving banking landscape while positioning it for accelerated growth.
The development now places Parallex Bank among financial institutions that have complied with the apex bank’s directive aimed at strengthening the capital base of deposit money banks, improving financial system stability, and enhancing the sector’s capacity to support economic growth.
Speaking on the development, Mr Olufemi Bakre, the managing director of the lender, said the milestone underscores the belief that excellence, when consistently pursued, delivers sustainable results.
He added that the strengthened capital position will enable Parallex Bank to expand its lending capacity, deepen financial inclusion, and continue delivering innovative, customer-focused financial solutions across various segments of the economy.
“With this strengthened capital position, Parallex Bank is better equipped to expand lending, deepen financial inclusion and continue delivering innovative, customer-focused banking solutions across the retail, SME and corporate segments of the economy,” he said.
The recapitalisation exercise, announced in March 2024 by the CBN, is expected to strengthen the resilience of Nigeria’s banking sector and enhance its capacity to support economic growth.
Mr Bakre commended the bank’s stakeholders, particularly the Board of Directors, for their strategic guidance, oversight, and timely support, which he said were instrumental in ensuring that the recapitalisation requirement was met within the stipulated timeframe.
According to him, the Board’s commitment to strong governance and long-term value creation provided the foundation for disciplined capital planning and effective execution across the institution.
By Modupe Gbadeyanka
A leading provider of consumer and business financing solutions in Nigeria, Zedvance Finance Limited, intends to increase its lending to commercial entities in the country by 160 per cent in 2026.
Last year, it provided N96 billion loans to support enterprises across key sectors of the economy, including oil and gas, automotive, logistics, renewable energy, fintech, e-commerce, trade distribution value chains, agri-businesses and others.
This year, Zedvance, a subsidiary of Zedcrest Group, plans to push this amount higher to N250 billion across key economic sectors, including off-grid power, smart devices and home equipment, vehicle dealerships and mobility platforms, agribusiness and manufacturing, consumer and industrial goods distribution and hospitality.
This expansion reinforces its mission to accelerate enterprise growth by providing faster and broader access to credit across Africa.
“We are proud of our accomplishments so far, especially the impact we’ve made in sectors that are critical to economic development,” said the Managing Director of Zedcrest Group, Mr Adedayo Amzat.
“Through solar and asset on-lending, we have helped to expand energy access and improve income opportunities for gig workers by financing mobility asset platforms across Nigeria.
“Because our customers are at the heart of our business, we were intentional about designing our flagship product, Liquidity Solutions, to allow businesses to unlock faster credit delivery across all high-growth sectors. This has proven impactful as we continue to witness our clients record great successes,” Mr Amzat further said.
Leveraging its 11-year legacy, Zedvance’s Commercial Solutions business, launched in 2025, has in just one year become a major driver of credit expansion, achieving one of the highest loan disbursement rates among financial institutions, empowering thousands of local enterprises and boosting economic growth.
Through offerings such as working capital, invoice/PO financing, equipment and trade finance, and ecosystem-based solutions, Zedvance enables access to liquidity for buy-now-pay-later providers, asset acquisition, and cross-border credit lines for imports & exports, aiding business expansion and strengthening operational resilience in a dynamic economic environment.
On his part, the acting executive director for Commercial Solutions, Mr Ayooluwa Oladimeji, said Zedvance leverages technology, product innovation, deep sector expertise and risk-moderated structures to deploy diverse funding solutions, including multi-currency credit lines, BNPL facilities, and equipment financing across automotive, renewable energy, manufacturing, fintech, and trade distribution sectors.
“In 2025 alone, Zedvance Commercial Solutions business recorded tremendous growth, driven by strong partnerships and a rapidly expanding portfolio. We are proud to have supported a range of businesses, including Shekel Mobility, Tradegrid, Sapphire, CredPal and other ecosystem partners.
“Beyond these successes, our focus remains on strengthening credit access across Africa’s commercial ecosystems to enable businesses to scale with confidence and resilience,” he said.
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