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Stanbic IBTC Unveils Tree-Planting Campaign in Cross Rivers

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Stanbic IBTC

By Modupe Gbadeyanka

One of the leading financial services providers in Nigeria, Stanbic IBTC Holdings, has launched an extensive tree-planting and conservation initiative aimed at restoring degraded watersheds and supporting local communities in Cross Rivers State, Nigeria.

The company partnered with One Tree Planted and the African Research Association managing Development in Nigeria (ARADIN) to execute this significant environmental project titled Enhancing Biodiversity Conservation and Sustainable Livelihoods in Afi Mountain Wildlife Sanctuary (AMWS).

The three-year project, spanning from April 2024 to March 2027, began with a flag-off ceremony on Friday, June 21, 2024, in celebration of World Rainforest Day.

The event featured the planting of tree seedlings and was attended by Stanbic IBTC staff, representatives from the Cross Rivers State Government, and officials from One Tree Planted. This collaboration underscores a shared commitment to environmental preservation and sustainable development.

The project is set to significantly impact the local environment. In the first phase, from June to September 2024, 60,000 trees will be planted across 120 hectares. These trees will include environmentally beneficial indigenous species such as Mahogany, Achi, Opepe, African Nutmeg, Cedar, and Apa wood.

Throughout the project’s duration, approximately 420 jobs will be created, with 84 positions already filled during the seedling preparation phase, 64% of which are held by women.

Additionally, the initiative will benefit 300 small-scale farmers through capacity building and environmental conservation efforts, positively impacting several communities in the Boki Local Government Area. The restoration efforts will enhance soil stabilization and reduce the risks of erosion and landslides.

Supported by the Cross Rivers State Forestry Commission, the project focuses on restoring degraded watersheds in the Badu and Mkperebong river corridors within AMWS. This initiative aims not only at enhancing local biodiversity but also at improving the livelihoods of surrounding communities.

In the second and third years of the project, from April 2025 to March 2027, efforts will concentrate on-site maintenance to ensure the long-term survival and growth of the planted seedlings.

This comprehensive approach guarantees a sustainable impact, fostering a healthier environment and stronger community resilience.

“Stanbic IBTC is committed to fostering sustainable development and environmental stewardship in Nigeria. Our tree-planting initiative demonstrates our dedication to enhancing biodiversity and supporting local communities.

“By restoring the Afi Mountain Wildlife Sanctuary, we aim at making a lasting positive impact on both the environment and the people who depend on it,” the chief executive of Stanbic IBTC Holdings, Mr Demola Sogunle, said.

On his part, the chief executive of One Tree Planted, Mr Harry P. Lynch, said, “Planting trees in degraded or deforested areas helps the environment by accelerating and ensuring the re-establishment of healthy forests. Through reforestation, the canopy is restored, ecosystems are revitalized, and biodiversity can thrive.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Boko Haram: Senate Seeks Speedy Military Deployment to Borno, Yobe

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Boko Haram attack lake chad UN

By Adedapo Adesanya

Amid the resurgence of attacks by Boko Haram in Borno and Yobe States, the Senate on Tuesday asked the military to urgently redeploy personnel and advanced equipment to tackle terrorists in the areas.

The resolution followed the recent killing of over a dozen soldiers in Marte town of the Monguno Local Government Area on Monday, May 12, and a subsequent assault early Tuesday on Gajiram, the headquarters of the Nganzai Local Government Area.

In a motion raised by the Senate Chief Whip, Mr Tahir Munguno, lawmakers claimed while two-thirds of the local government areas in Borno were once under Boko Haram control, collaborative efforts between the Nigerian military and civilian joint task force had successfully reclaimed the territories.

They, however, said the restored peace has led to a relocation of the tactical command to the North-West, where the military is combating kidnapping and banditry.

Expressing concern over the militants’ evolving tactics, Mr Munguno highlighted the use of modern technologies by the group, including drones and an increase in the deployment of improvised explosive devices, which have led to high civilian and military casualties, disrupting transportation networks.

The Senate urged the military high command to swiftly redeploy sufficient troops to the North-East and ensure they are adequately equipped with modern technology to effectively combat the renewed threat, as well as mandate the committees on the army and air force to monitor and ensure compliance with this directive.

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PenCom Targets 20 Million Pension Contributors by 2027

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Nigeria's pension assets

By Adedapo Adesanya

The National Pension Commission (PenCom) has said it hopes to achieve about 20 million pension contributors by the end of year 2027, as against the over 10.65 million it currently counts.

The Director-General of PenCom, Ms Omolola Oloworaran, said this over the weekend at the Pension Industry Leaders’ Retreat in Lagos.

According to her, the target would be achieved through the expansion of Personal Pension Plan (PPP) formerly known as Micro Pension Plan (MPP); constant engagements with stakeholders; enforcement of pension compliance certificates, especially by state governments amongst other initiatives.

She noted that the retreat has provided opportunities for the industry to adopt new strategies, stating that the resolutions reached will be fully implemented before the end of first quarter 2026.

On pension contributions, she said the industry expects a 50 per cent growth, stating that pension growth is essential for economic growth and development.

As of February 28, 2025 the pension fund assets was N23.27 trillion and Retirement Savings Account (RSA) holders 10.65 million.

Recall that recently, the pension regulator announced the recovery of N1.58 billion from defaulting employers through enhanced enforcement efforts as total pension assets under management (AuM) surpassed N23 trillion as of February.

The DG also announced state remittances had also improved, reflecting a greater adoption of the Contributory Pension Scheme (CPS).

Ms Oloworaran noted that in spite of these advancements, challenges remain, as only 25 states and the Federal Capital Territory (FCT) had enacted laws to implement the CPS.

“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.

“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,” she explained at the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT) held in Kano in late April.

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CBN Warns Against Fictitious Persons Offering Contracts, Grants

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CBN IMTOs

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has again reacted to the activities of individuals and groups falsely claiming to represent or act on its behalf, warning Nigerians against falling for these schemes.

According to the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, in a statement, these persons continue to circulate fictitious offers of contracts, loans, grants, intervention funds, and other financial benefits allegedly issued or endorsed by the CBN.

“Despite the public advisory issued on November 18, 2024, through the Bank’s official channels and news outlets, these misleading schemes have persisted, targeting unsuspecting members of the public with false and deceptive narratives,” the statement said.

“The CBN wishes to reiterate that it has not authorised, licensed, or appointed any individual, group, or organisation to act as an agent or intermediary in offering contracts, financial grants, or intervention funds to the public. The CBN also does not endorse or support such claims in any form.

“Members of the public are advised that the Central Bank of Nigeria (CBN) does not award contracts or disburse funds through unsolicited communications such as emails, phone calls, SMS, WhatsApp, or any social media platform. It also does not request payment of fees in exchange for contracts, grants, or financial interventions, nor does it engage intermediaries or third parties to offer financial services or opportunities to the public.

“If you are approached by individuals or entities making such claims, we strongly advise that you do not engage with them. Instead, such incidents should be reported immediately to the relevant law enforcement agencies or the nearest CBN Branch.

“The Central Bank of Nigeria remains committed to safeguarding the financial interests of the Nigerian public and continues to work closely with security agencies to investigate and address fraudulent activities,” the statement said.

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