By Dipo Olowookere

The Bank of Industry (BoI) has taken a significant move to deepen its sustainability finance proposition in Nigeria with a Memorandum of Understanding (MoU) with FSD Africa.

This partnership will see FSD Africa providing technical assistance, strategic guidance, and capacity development initiatives to the lender.

A statement made available to Business Post disclosed that this would involve supporting the bank in strengthening its sustainability strategy, delivering decarbonisation pathways and advancing its adaptation finance initiatives.

These resources will better position BOI to offer tailored lending solutions and business support for Nigerian climate-focused projects, further solidifying its position as a key driver of green finance in the country.

It was stated that the partnership represents the beginning of a transformative journey, creating a framework for innovative and impactful collaboration.

BoI and FSD Africa have reaffirmed their shared commitment to advancing the climate finance agenda in Africa and addressing the pressing challenges of climate change.

“This partnership with FSD Africa is a critical step in our efforts to promote climate resilience and sustainability as one of our central pillars of our operations.

“Together, we will pioneer innovative solutions that address the challenges of climate financing while unlocking opportunities for businesses and communities across Nigeria.

“With the support of strategic partners like FSD Africa, we are confident that BOI will continue to play a leading role in fostering sustainable development and driving positive change across Nigeria’s economic landscape,” the chief executive of BoI, Mr Olasupo Olusi, said.

On his part, the Chief Financial Markets Officer for FSD Africa, Mr Evans Osano, said, “Our partnership with the BoI in advancing sustainable finance is pivotal at this critical time.

“Nigeria’s annual climate finance gap is estimated at $27.2 billion. Bridging this gap requires concerted effort including catalysing domestic capital in addition to international investments to drive sustainable investments.

“We are excited about the bank’s commitment to promoting climate transition and driving Nigeria’s climate commitments towards net zero, and we are happy to be part of this journey.”

By Adedapo Adesanya

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso has announced that forensic verification to clear all pending foreign exchange backlogs is now completed and payments will commence soon.

Speaking during the launch of the foreign exchange code, Mr Cardoso lamented how it took the bank over 12 months to clear the $7 billion foreign exchange backlog in 2024.

In March last year, the CBN announced clearance of the backlog, effectively eliminating a legacy burden.

The apex bank boss said the era of multiple exchange rates which accorded privileges to a select few was gone, adding that all deposit money banks that flout the ethics of the FX code will face sanctions.

Mr Cardoso also criticised what he described as the era of unprecedented ways and means of financing which impacted negatively on the economy, leading to a high inflation rate and currency depreciation.

The FX Code is a guideline for the banking industry to promote ethical conduct among dealers in the Nigerian foreign exchange market.

On the Electronic foreign exchange matching system launched in December 2024, the central bank governor assured that the intervention has led to improved market transparency and efficiency.

He reiterated the bank’s commitment to exchange rate stability, saying the nation’s external reserve grew to $40.7 billion as of December 2024.

The CBN noted that the new FX Code was in response to developments in the financial landscape in recent years, adding that it will set out standards to holistically strengthen and promote the integrity and effective functioning of the wholesale foreign exchange (FX) market in Nigeria.

“It will facilitate better functioning of the market, further reinforcing Nigeria’s flexible exchange rate regime.

“The FX Code is expected to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of market participants, supported by resilient infrastructure, can confidently and effectively transact at competitive prices that reflect available market information in a manner that conforms to acceptable global behavioural standards and best practices.

“The FX Code applies to Market Participants. “These are Authorised Dealers licensed by the CBN under the CBN Act 2007, and the Bank and Other Financial Institutions Act (BOFIA) 2020 and other participants that engage in the wholesale foreign exchange business in Nigeria as part of their licensed business.”

According to the apex bank, the FX Code is structured around six leading principles, namely ethics, governance, execution, information sharing, risk management and compliance, and confirmation and settlement processes.

By Modupe Gbadeyanka

Over 4,000 members of staff of Zenith Bank Plc have been promoted, with salaries increased by 20 to 30 per cent across various employee grades.

The number of the persons elevated by the company is about 50 per cent of the workforce, as Zenith Bank boasts over 8,000 workers on its payroll.

The decision of the bank to promote its staff reflects its belief that its workforce is its most valuable asset.

A statement from the lender disclosed that the salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery.

Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.

The chief executive of Zenith Bank, Ms Adaora Umeoji, expressed confidence that this development would boost staff morale and productivity, emphasising the importance of maintaining a motivated workforce.

She stated that the bank’s dedication to its employees would translate into superior service experiences for customers, highlighting the organisation’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.

Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.

By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.

As a major player in Nigeria’s financial landscape, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.

At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.

The financial institution’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.

Its growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.

As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.

In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.

The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.

It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS.