General
Stanbic IBTC: Impacting Communities Through CSI, Employee Volunteerism
Global climate change affects countries differently. The negative consequences such as flooding are usually more pronounced in developing countries. Poor urban planning, population growth and poor regional cooperation in the use of natural resources such as rivers and lakes are also factors that contribute to incidences of flooding, for instance, in Nigeria.
The National Emergency Management Agency (NEMA) in 2018 earmarked 12 states as frontline states to be affected by flooding in that year and by September 2018, a national disaster had been declared in the four worst affected states while the others were flagged under red alert.
In one of its reports in 2018, NEMA revealed that 327,052 people were directly affected in the 12 flooded states of which 77,460 were displaced. There were 70 recorded cases of loss of life and 151 injuries. Displaced individuals also faced a higher risk of contracting diseases such as malaria and cholera on account of living in makeshift/temporary shelters and poor water supply.
Along with the efforts of the federal and state governments, succour came to the victims of the 2018 floods in the form of support from notable corporate organizations who responded as part of their corporate social responsibility initiatives.
One of such organizations was Stanbic IBTC Holdings which made a timely intervention to ameliorate the plight of the flood victims. The institution donated relief materials to victims in five of the affected states namely Jigawa, Katsina, Delta, Rivers and Ogun states.
Upon selecting the states that would benefit from the relief materials, Stanbic IBTC immediately deployed staff on ground in these states/regions to conduct thorough impact assessments of the affected locations as well as living conditions in the relief shelters. Major considerations included; food, potable water, health/hygiene and comfort. The institution also identified and partnered with relief agencies in the respective locations.
Therefore in meeting the need for potable water for instance, boreholes were provided in shelters for which potable water was lacking; a major boost to the prevention of water borne diseases such as cholera and diarrhea. In addition, ample supply of water also fosters the attainment and maintenance of better hygiene levels.
For the comfort of the victims, Stanbic IBTC provided mattresses with blankets and bed sheets, treated mosquito nets were also provided to prevent the scourge of malaria. The financial institutions also provided soaps and detergents among other essentials.
For the displaced victims, for many of whose sources of livelihoods had either been completely damaged or destroyed, adequate feeding was a major issue. For these non-perishable food items (in packets, tins, etc) were provided and distributed.
For Stanbic IBTC, Corporate Social Investment is ingrained in its corporate philosophy and DNA, it says it’s just as critical as adhering to the highest corporate governance principles. It is viewed as part of its business operations.
This partly explains why its flagship CSI initiative, tagged Together for a limb checks all the boxes on novelty, innovativeness and multidimensional approach to transforming the lives of indigent children who have suffered limb loss(es). Beneficiaries are offered prostheses and educational trust funds of N1.5m each. They are thus provided quality education along with the improved quality of life that the prostheses provision engenders.
The beneficiaries being young growing children also get a replacement of their prostheses as they grow and as required until they turn 18 years of age. Therefore the beneficiaries receive regular health checks as their usage of the prostheses is monitored and additionally get a comprehensive medical check every time replacement prostheses are to be fitted.
Stanbic IBTC goes further to bring attention to the plight of citizens with limb losses through an annual charity walk that is incorporated in its annual events calendar. In fact, the launch of the Together for a limb initiative in December 2015 was preceded by the charity walk on November 14 of that same year and the charity walk has been held every year ever since, usually preceding the unveiling of beneficiaries for the year to further raise public awareness for the cause. So far, 20 young Nigerians have benefitted from this initiative.
As its tagline, “Moving Forward” suggests, the organization has a desire for a nation with prosperous citizens but also understands that beyond corporate CSI, a lot more mileage will also be covered by the active involvement of individuals. Therefore it has encouraged and actively promoted a staff volunteer scheme for all its employees.
Volunteering enables individuals to connect better with their communities to make them better places while offering a lot of benefits to the volunteers themselves. Expert opinions that outline the many benefits of volunteering are replete in health and business journals.
According to the Chief Executive, Stanbic IBTC Holdings, Mr Yinka Sanni, the staff CSI and volunteer scheme has seen staff contribute and invest over N100 million towards various charitable courses that cover health, education and economic empowerment, which are the core CSI pillars of Stanbic IBTC.
Employees with similar interests are encouraged form groups and raise funds to address respective causes that each group has identified with. Consequently, the staff volunteer scheme has donated classrooms, libraries, health facilities, boreholes and other social interventions over time across Nigeria.
Along with carrying out its core business operations, Stanbic IBTC has consistently promoted deliberate social investment programmes to improve the lot of individuals and communities across Nigeria. Its 360 approach which has birthed the employee volunteer scheme is further extending the frontiers of and giving a new meaning to CSI in Nigeria.
By Adedapo Adesanya
Three African subsidiaries of global advisory firm, PricewaterhouseCoopers (PwC), have been debarred by the World Bank Group for 21 months after being found guilty of manipulating procurement processes for a major cross-border electricity project.
In a statement on Wednesday, the Washington-based multilateral lender said PricewaterhouseCoopers Associates Africa Ltd, based in Mauritius, along with its Kenyan and Rwandan affiliates, engaged in “collusive and fraudulent practices” linked to the Eastern Electricity Highway Project, a flagship initiative to transmit hydropower from Ethiopia to Kenya.
The decision sidelines PwC from lucrative World Bank-funded projects on the continent, dealing a blow to one of the region’s most influential audit and advisory firms.
This development could reshape competition for high-value consulting work across emerging markets, potentially disrupting startups and tech firms reliant on World Bank funding, as scrutiny over governance and compliance tightens.
The World Bank, through its private sector arm, International Finance Corporation (IFC), offers grants and low-interest loans to startups across emerging markets.
Earlier this week, the IFC committed $20 million to invest in high-growth startups in Kenya, Nigeria, and South Africa.
“The debarment makes PwC Associates, PwC Kenya, PwC Rwanda, and any affiliates they control ineligible to participate in Bank Group-financed projects and operations,” the World Bank said. “It is part of a settlement agreement under which the three companies admit culpability for sanctionable practices.”
The determination was based on the company’s conduct between 2019 and the award of contracts for consultancy services and asset valuation work for the Ethiopian state power utilities.
According to the World Bank statement, the firm obtained confidential procurement documents to improperly influence the award of a contract for the implementation of International Financial Reporting Standards at the Ethiopian Electric Power Corporation.
They also attempted to steer a separate contract for a fixed asset inventory and revaluation for the power utility towards PwC Associates. During the bidding and execution of that contract, the bank found that the company misrepresented the availability and qualifications of key experts and failed to disclose the full list of subconsultants involved.
According to the World Bank, the debarment is shorter than would otherwise apply because PwC admitted misconduct. The advisory firm also agreed to a series of remedial measures, including internal investigations, disciplinary action against responsible staff, terminating relationships with all subconsultants involved, and additional staff training.
By Adedapo Adesanya
The Nigeria Sovereign Investment Authority (NSIA) has signed a Memorandum of Understanding (MoU) with UK‑based Asset Green Limited to advance the development of a $496 million large‑scale integrated dairy livestock production and processing platform set to transform Nigeria’s dairy industry and strengthen national food security.
This was signed on Tuesday in London ahead of President Bola Tinubu’s state visit. The MoU outlines the framework for collaboration and the project‑development cost commitments leading up to the formal shareholders’ agreement.
It will combine 20,000 hectares of climate‑smart, regenerative crop and forage production with a modern 10,000‑milking cow dairy operation, supported by a state‑of‑the‑art processing plant capable of producing fresh milk, milk powders, butter, cream, and up to 15,000 metric tonnes of infant formula annually.
Designed to reduce Nigeria’s reliance on imported milk powder, the project aims to modernise agricultural practices, improve nutrition, and integrate up to 10,000 rural households into the supply chain through inclusive out‑grower schemes. Once operational, the platform is expected to generate over $620 million annually and create 2,500 direct and 5,000 indirect jobs nationwide.
Speaking on this, the British Deputy High Commissioner, Mr Jonny Baxter, said, “Over a decade ago, the UK provided pivotal support to Nigeria in establishing the NSIA, offering legal and financial expertise that helped lay the foundation for its successful launch and strengthening its governance and credibility. That early institutional investment has paid dividends, helping to build a resilient Nigerian institution capable of creating jobs and driving transformational, long‑term development.
“The NSIA and Asset Green partnership is a powerful example of how that groundwork continues to deliver impact – a full‑circle moment that reflects the long-term economic cooperation between the UK and Nigeria and the shared commitment to deepening sustainable, private‑sector‑driven growth.”
The NSIA Managing Director, Mr Aminu Umar‑Sadiq, said, “NSIA is pleased to partner with Asset Green on this transformative investment. With a project size of almost US$500 million, this is one of the most ambitious initiatives aimed at strengthening Nigeria’s food and nutrition security in a generation. By combining climate‑smart farming, advanced processing capacity, and inclusive out‑grower participation, we are laying the foundation for a modern, competitive dairy sector that reduces import dependence, creates meaningful jobs, and delivers long‑term value for Nigerians.”
On his part, Asset Green’s Director & Agrium Capital Ltd chief executive, Mr Rod Bassett, explained that the partnership between NSIA and the firm is the business and investment innovation required to unlock the potential of the agriculture sector in Nigeria, with the development of such a future (dairy) food system.
“The foundation of the approach is one of collaborating with NSIA and their shared vision and purpose to establish a platform to catalyse the development of such a national strategic priority. We are incredibly proud to partner with Nigeria’s premier investment institution.”
“The development of greenfield projects has consistently played a major role in our history, establishing industries or nurturing young businesses that are able to deliver catalytic transformation. This $500 million greenfield investment in Nigeria’s dairy industry allows for the development of advanced and necessary infrastructure spanning the full production and supply system to enhance local production, reduce the reliance on the huge imports of dairy goods into Nigeria, deliver environmental services and strengthen national food sovereignty and nutritional resilience,” he added.
By Aduragbemi Omiyale
A Federal High Court in Warri, Delta State, has affirmed the right of Nigerians to film personnel of the Nigeria Police Force (NPF) on duty.
The judgment was given by Justice H. A. Nganjiwa on Tuesday in a case filed by Mr Maxwell Uwaifo in suit number FHC/WR/CS/87/2025.
The court held that Nigerians have the constitutional right to use any device to record police officers executing their official duties in public.
It was ruled that police officers must wear visible name tags, display their force numbers, and must not harass, intimidate, arrest, or seize devices from citizens documenting their activities.
The court awarded the applicant N5 million in damages for the violation of his fundamental rights and N2 million for the cost of litigation.
Business Post reports that the respondents in the case were the Inspector General of Police (IGP), the NPF, the Police Service Commission (PSC), and the Attorney-General of the Federation (AGF).
The lawyer filed the case in accordance with Sections 34, 35, 36, 37, 38, 39, 40, and 41 of the Constitution of Nigeria and others.
“This judgement has significant implications for policing standards, civil liberties, and public accountability across Nigeria,” Mr Uwaifo said after the judgement.
-
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