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How Stanbic IBTC Has Succeeded in Attaining Gender Equity

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Stanbic IBTC - investorsking.com

Determined to foster gender parity and sustain its reputation as a gender-friendly organisation, Stanbic IBTC Holdings PLC continued to ensure that every female employee has equal opportunities for career growth within the group. 

There have been gales of promotions of deserving female employees to senior executive positions, which was perhaps unprecedented in the financial services industry. These female executives were promoted as a reward for their excellent performance and outstanding contributions to the growth of Stanbic IBTC. 

Some of the executive appointments comprised the elevation of Wunmi Ehis-Uzenabor to the position of Executive Director, Operations, Stanbic IBTC Asset Management; Busola Jejelowo as Executive Director, Investments, Stanbic IBTC Asset Management and Titi Ogungbesan as Chief Executive of Stanbic IBTC Stockbrokers. Others were Emi Agaba-Oloja and Sakeenat Bakare, who assumed the roles of Executive Director, Stanbic IBTC Trustees; and Executive Director, Business Development, Stanbic IBTC Insurance, respectively. 

These promotions, which were in line with Stanbic IBTC’s corporate governance structure and succession policy, further showcased the financial institution’s pedigree as an equal-opportunity organisation. 

Stanbic IBTC has always been forward-looking in terms of its recruitment and succession policies. The organisation has always believed that females are as talented as their male counterparts. They also contribute immensely to the growth of the business and the society at large if given the opportunity. 

Proof of this belief is Sola David- Borha, who rose through the ranks to become the Chief Executive, Stanbic IBTC Bank and later of the Stanbic IBTC Holdings PLC before moving to Standard Bank Group where she became Chief Executive, Standard Bank Africa Regions, a role she held till her retirement in April 2021. 

Bunmi Dayo-Olagunju also transitioned from Chief Executive, Stanbic IBTC Asset Management to becoming the Executive Director, Engineering of the Bank. Other top females in the group include Funke Amobi; Head People and Culture Stanbic IBTC, Bridget Oyefeso-Odusami; Head Brand and Marketing , who are Non-Executive Directors at Stanbic IBTC Asset Management. Ibiyemi Mezu, Executive Director, Stanbic IBTC Insurance Brokers, Bunmi Olarinoye; Executive Director, Stanbic IBTC Stockbroking, Olusola Carrena and Oyinda Akinyemi Executive Directors in Stanbic IBTC Capital, Omolola Fashesin; Head Risk and Capital Management a Non-Executive Director with Stanbic IBTC trustees and Nnenna Anyim Okoro; Head Consumer Sector, Wholesale Clients, Non – Executive Director Stanbic IBTC Pension Managers Limited.

“For us, achieving gender inclusiveness is not only a fundamental human right but also a business imperative. We have teams headed by females who are doing great things for the business. Stanbic IBTC has remained at the forefront of gender equality and inclusion by providing platforms through which women flourish and excel. We have continued to demonstrate our belief in a gender-balanced representation in all areas of society through women-focused initiatives,” Dr Demola Sogunle, the Chief Executive, Stanbic IBTC Holdings PLC, said.

In 2020, the Bank temporarily changed its logo colour from blue to magenta to celebrate the UN Women HeForShe movement focused on women’s solidarity and gender equality. Also, the HeForShe campaign was massively supported by the institution to drive the narrative of improving the representation of women in leadership positions across the board.

Addressing the commitment of the Bank in ensuring a gender-inclusive workplace, Demola highlighted that Stanbic IBTC, as an organisation, remained at the forefront of championing women empowerment in Nigeria through laudable projects such as its seed funding initiative for women in agriculture in partnership with the United Nations, and the promotion of women-focused products such as the Blue Blossom account which is targeted at female entrepreneurs to help them drive business growth.”

 Evidence of Stanbic IBTC’s backing for the female gender is also inherent in its support for the Blue Women Network (BWN), a network of female employees of the Stanbic IBTC Holdings PLC. Nnenna Anyims Okoro, Chairperson, BWN, said: “Stanbic IBTC has truly created an environment where women feel appreciated, rewarded, and are encouraged to blossom and achieve their full potentials. As a result of this support, the BWN can galvanise support, thereby creating positive impacts in society through our numerous corporate social initiatives and empowerment programs. Internally, the BWN as a network has supported female employees through various mentorship engagements and knowledge sharing resulting in the enhancement of their professional skills.”

The leading end-to-end financial organisation continues to challenge gender discrimination and stereotypes, thereby changing the workplace as we know it.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

UBA Director Aisha Hassan-Baba Invests NGN30.63 Million in Bank Shares

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Aisha Hassan-Baba, an Independent Non-Executive Director of the United Bank for Africa Plc (UBA), has invested NGN30.63 million in the purchase of shares.

According to a disclosure by UBA, Hassan-Baba purchased 1,401,769 ordinary shares at NGN21.85 per share on June 27, 2024.

This acquisition was conducted on the Lagos Nigerian Exchange (NGX), solidifying her stake in the financial institution.

Aisha Hassan-Baba, who holds the prestigious title of Officer of the Order of the Niger (OON), has been a part of UBA’s board, contributing her extensive experience and expertise in guiding the bank’s strategic direction.

Her decision to increase her shareholding is viewed as a testament to her belief in UBA’s growth and profitability.

UBA, with its wide reach across Africa and beyond, has been a cornerstone of financial services in the region.

The Group Company Secretary and Legal Counsel, Bili A. Odum, confirmed the transaction in a press release published on the Nigerian Exchange Group website.

This move by Hassan-Baba comes at a time when UBA continues to expand its operations and innovate its services to meet the evolving needs of its customers.

The bank’s strategic initiatives, coupled with its solid financial performance, have positioned it as a leading financial institution in Africa.

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Banking Sector

Angola to Sell Minority Stake in Standard Bank Angola Amid Anti-Corruption Drive

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The Angolan government has announced plans to sell a minority stake in Standard Bank de Angola SA, previously controlled by a former insurance magnate currently serving a prison sentence.

This step aligns with President Joao Lourenco’s ongoing efforts to dismantle the legacy of corruption from his predecessor’s administration.

The Angolan government seized a 49% stake in Standard Bank Angola from Carlos Sao Vicente in 2020.

Sao Vicente, once a prominent figure in the nation’s business landscape, was convicted of embezzlement and tax fraud, leading to his nine-year prison sentence.

According to a recent presidential decree, President Lourenco has approved the sale of up to 34% of Standard Bank Angola through an initial public offering (IPO).

The state will retain a 15% stake in the Luanda-based lender. Standard Bank Group Ltd., Africa’s largest lender, currently owns the remaining 51% of Standard Bank Angola and has the option to acquire an additional 24% stake during the IPO.

The decree, however, did not specify the timeline for the IPO. This sale aims to bolster investor confidence in Angola’s financial sector while further distancing the state from assets linked to corrupt practices.

Standard Bank Angola, which began operations in the southern African country in 2010, has been a significant player in the region’s banking sector.

The move to partially privatize the bank comes as part of broader economic reforms aimed at increasing transparency and efficiency in Angola’s financial system.

Carlos Sao Vicente, the former owner of the seized stake, was a key figure during the latter years of former President Jose Eduardo dos Santos’ regime, which concluded in 2017.

Vicente amassed significant wealth by heading a conglomerate that sold insurance contracts to the state oil company, Sonangol.

His vast fortune enabled him to acquire substantial shares in Standard Bank Angola, among other investments. Following his conviction, he was ordered to pay Angola $500 million.

The decision to liquidate Vicente’s assets is part of President Lourenco’s broader initiative to recover assets misappropriated during the dos Santos era.

This anti-corruption drive has led to several high-profile prosecutions and asset seizures, sending a strong message that the current administration will not tolerate financial impropriety.

The planned IPO is expected to attract significant interest from both local and international investors, given Standard Bank Angola’s robust market position and growth potential.

By reducing state ownership and increasing private sector participation, the Angolan government aims to foster a more competitive and transparent banking environment.

This development underscores Angola’s commitment to reforming its financial sector and curbing corruption, essential steps for attracting foreign investment and promoting sustainable economic growth.

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Banking Sector

Unity Bank Empowers 400 Fresh Graduates, Invests Over N100 Million in Corpreneurhip Challenge

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No fewer than 400 fresh graduates have benefited from Unity Bank’s entrepreneurship development initiative, also known as Corpreneurship Challenge over the past five years.

This reflects the Bank’s commitment to driving economic growth by supporting the next generation of Nigerian entrepreneurs.

Launched in 20219 with pilots in 4 states – Lagos, Edo, Ogun, and Abuja and scaled to 10 States in 2020, the Corpreneurship Challenge initiative is promoted in partnership with the NYSC Skills Acquisition and Entrepreneurship Development, SAED. The initiative features a business pitch presentation where participants, who are mostly fresh graduates participating in the one-year compulsory NYSC service, get the opportunity to present their business plans and stand a chance to win business grants.

The Bank recently increased the prize money to 16 million Naira per stream, allowing participants who emerge winners in the business pitch to win N800,000, N500,000, and N300,000 Business grants for the 1st, 2nd, and 3rd positions respectively as against the previous editions in which the sum of N500,000; N300,000 and N200,000 were handed out to respective winners in the Corpreneurship Challenge.

Reflecting on the impact of the initiative, The Divisional Head, Digital Banking and Fintech Partnerships, at Unity Bank, Mr Olufunwa Akinmade, who led the pioneer team that designed the initiative and launched the pilot, said: “The Corpreneurship Challenge has proved to be a viable enterprise development and empowerment initiative due its high-level of success in supporting budding entrepreneurs in the target demographic, as well as the size of the problem it is designed to solve for the Nigerian economy”.

Olufunwa expressed satisfaction with Corpreneurship Challenge’s rising profile as one of the leading sector-agnostic business incubators in Nigeria and said the Bank is committed to sustaining the programme to attain even greater impact required to boost job creation, with young entrepreneurs leading the charge.

Also speaking, the Divisional Head of Retail and SME Banking, Mrs. Adenike Ambimbola said, “We have seen the positive impact of the Corpreneurship Challenge over the past five years because of its innovative approach to youth empowerment and job creation, including a holistic strategy of supporting budding entrepreneurs with mentorship, and skills development, besides the financial backing.”

Since its launch, the Corpreneurship Challenge train has crisscrossed the length and breadth of Nigeria, making a stop in 10 States per stream to turn the dreams of fresh graduates and aspiring entrepreneurs into reality, thus supporting the growth of the SME sector in Nigeria.

The latest edition was held across 10 States, including Taraba, Kogi, FCT, Lagos, Yobe, Ogun, Ebonyi, Enugu, Adamawa, and Imo State, with three winners emerging in each State to make up 30 winners for the edition.

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