Connect with us

Banking Sector

Stanbic IBTC: Working Towards Net Zero Emissions

Published

on

Stanbic IBTC Bank- Investors King

As part of the Stanbic IBTC 2021 Sustainability Week event, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, organised a sustainability webinar tagged “Working Towards Net Zero Emissions”.

The objective of the virtual event which was held on Monday, 20 September 2021 via the Group’s #Bluetalks platform, was to promote public awareness on the impact of climate change and provide practical methods towards reducing carbon footprints and achieving net zero emissions.

Delivering his opening remark at the event, Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC said: “We all cannot continue to ignore our responsibility in the current changes to the climate. Through small adjustments leading to a more conscientious and sustainable lifestyle, each one of us can take part in the global climate protection project. As reflected in one of our strategic value drivers SEE (Social, Environmental and Economic) Impact, Stanbic IBTC is focused on ensuring it does business responsibly whilst positively impacting the society and environment where we operate. As such, the 2021 Stanbic IBTC Sustainability Week is an opportunity for us to advance awareness around practical steps we are taking, and more which we can take, to make our world a better place.”

The webinar featured seasoned experts including Temesoye Jack, Group Head, Sales, Banks, Gas Stations and SMEs, Starsight Energy; Professor Kenneth Amaeshi, Chair in Sustainable Finance and Governance at the European University Institute (EUI) and Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group.

Temesoye Jack stated that renewable energy sources like solar energy can help countries attain net zero emissions. She said, “Solar energy can help us move towards reducing greenhouse emissions. We need to have more energy efficient offices nationwide. However, this shift will not happen overnight as it is a gradual process.”

She explained that Nigeria has barely scratched the surface when it comes to renewable energy and emphasised that sustainable practices do not have to end in the office but must be observed in all areas of the country

Prof. Kenneth Amaeshi highlighted the importance of harmonising technology upgrades and sustainable growth to reduce carbon emissions. He explained that sustainability at the global level is targeted at mitigating the adverse effects of climate change.

According to Prof. Kenneth, “From recent surveys, it is clear individuals are ready to go green. The affordability of clean energy will determine if we will be able to reduce carbon emissions.”

Speaking on practical steps that can be adopted to help in achieving net zero emissions, Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group, said “Autogas has been around for 40 years, and Nigeria is not fully embracing it. It is safer, cleaner and more cost effective than fossil fuel and diesel. Vehicle conversion from fuel to Autogas is affordable. CNG (Compressed Natural Gas) is more efficient than fuel. The use of CNG in vehicles mitigates the emission of nitrous oxide and hydrocarbons by 40% and 90% respectively, compared to petrol.”

Omolola Fashesin, Head of Sustainability at Stanbic IBTC, thanked the panellists for the informative session, which helped create awareness of alternative sources that can help reduce carbon emissions. She urged the participants to apply learnings from the webinar to take practical steps to reduce their carbon footprint.

Finally, in his closing remarks, Kunle Adedeji, Executive Director Finance and Value Management stated that “at Stanbic IBTC, we are committed to facilitating a better and more sustainable future for all. We have already commenced various workstreams that will help us on the journey towards Net Zero emissions. Some of these include understanding our energy sources, consumption patterns and possible areas for efficiency; adoption of cleaner energy sources in our office locations (leveraging Autogas and Solar energy solutions); and adoption of Tree Planting programs which will help us with carbon sequestration.”

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.

Banking Sector

At Polaris Bank IWD Webinar, Guest Speakers Advocate Empowering Opportunities for Women

Published

on

Polaris Bank

Polaris Bank’s International Women’s Day (IWD) webinar themed: ‘Empowering Voices: Women Leading Change,’ offered a dynamic platform for insightful conversations. 

The 2024 International Women’s Day (IWD) theme “Inspire Inclusion,” recognizes that despite progress made, women face significant obstacles to achieve equal participation in the economy.

Held on March 12, 2024, at the Bank’s Victoria Island, Lagos headquarters, the webinar featured a distinguished panel of experts who discussed various aspects of women’s empowerment and inclusivity. The event witnessed participation from customers and staff alike.

The two guest speakers, who focused on inclusion in the workplace and inclusive health, did a phenomenal job.

The two panelists drawn from diverse fields, delved into crucial topics such as; self-esteem, mental wellness, workplace policies, and the importance of inclusive infrastructure.

They emphasized the need for collaborative efforts from all segments of society to support women in realizing their aspirations.

Ms. Solape Akinpelu, CEO and co-founder of HerVest, a fintech company, highlighted the significance of inclusivity and called for concerted action to dismantle societal narratives that undermine women’s capabilities.

She stressed that women are not helpless and advocated for proactive measures to counter sub-conscious biases.

On her part, Dr. Ifeyinwa Nwakwesi, CEO of Healthy Living Services Nigeria Ltd., provided valuable health tips for women to balance their professional and family lives; while prioritizing their well-being.

Dr. Nwakwesi underscored the pivotal role of women in maintaining family health and urged them to shield themselves from undue pressures.

Earlier in his opening remarks, Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal emphasized the indispensable contributions of women to societal progress and economic development.

He reaffirmed the Bank’s commitment to fostering an inclusive workplace culture that values diversity and empowers women to excel.

Reflecting on the global theme of IWD 2024, “Inspire Inclusion,” Lawal highlighted the importance of creating a culture where everyone feels valued and respected.

He reiterated Polaris Bank’s dedication to providing a conducive work environment for its female workforce, free from biases and discrimination.

In her own contribution, Bukola Oluyadi who has oversight on Sustainability in Polaris Bank, emphasized the importance of connecting with women in the workplace. According to her, when women feel appreciated and encouraged to bring their best to the table, it enhances their sense of value and contribution.

The webinar concluded with a call to action for all stakeholders to prioritize inclusivity and collaborate towards creating equitable opportunities for women in all spheres of life.

Polaris Bank, was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

Continue Reading

Banking Sector

Nigerian Banks Forbidden from Using Forex Revaluation Gains for Dividends, Operations – CBN

Published

on

Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has issued a directive reaffirming the prohibition on Nigerian banks from utilizing foreign exchange (forex) revaluation gains for dividends or operational expenses.

The circular, signed by the acting Director of the Banking Supervision Department, Adetona Adedeji, emphasized the necessity for banks to exercise prudence by setting aside forex revaluation gains as a counter-cyclical buffer against adverse movements in the exchange rate.

This latest directive follows a previous letter dated September 1, 2023, where the CBN initially instructed banks to refrain from using such gains for dividends or operational costs.

The CBN’s unwavering stance underscores the importance of safeguarding the financial stability of Nigerian banks amidst evolving economic conditions.

Forex revaluation gains occur when there’s an increase in the value of a bank’s assets and liabilities denominated in foreign currency due to exchange rate fluctuations.

While such gains may present an opportunity for financial flexibility, the CBN maintains that they must be reserved for mitigating potential risks rather than being allocated for dividends or operational expenses.

The regulatory move aims to ensure that Nigerian banks maintain robust financial resilience and remain adequately capitalized to withstand market volatilities.

By adhering to these guidelines, banks are positioned to navigate uncertainties in the forex market and uphold their stability within the broader financial ecosystem.

The CBN’s directive serves as a critical reminder to banks of their responsibility to prioritize prudence and financial soundness, especially in light of recent economic challenges.

Compliance with these regulations is crucial for fostering long-term sustainability and resilience in Nigeria’s banking sector.

Continue Reading

Banking Sector

Aigboje Aig-Imoukhuede’s Return Sparks Investor Confidence, Access Holdings Shares Rise

Published

on

Access bank

The resurgence of investor confidence in Access Holdings Plc’s shares comes on the heels of the appointment of Aigboje Aig-Imoukhuede as the chairman of the financial group.

Access Holdings, trading under the AccessCorp ticker on the Nigerian Exchange, gained 1.52% on Thursday, reflecting a positive market sentiment following Aig-Imoukhuede’s return to the helm.

Aig-Imoukhuede’s reemergence into the fold of Access Holdings has reignited optimism among investors, propelling the company’s shares from N23 to N23.35.

The volume of stocks traded also saw a significant increase, reaching 25,273,345 units compared to the previous session’s 18,240,481 units, signifying heightened interest in the company’s prospects under his leadership.

The veteran banker and former managing director of the Access Bank Group, Aig-Imoukhuede, assumes the chairmanship role, succeeding Mr. Abubakar Jimoh.

Aig-Imoukhuede’s return to Access Holdings comes a decade after his departure, following the tragic passing of his friend and co-founder, Herbert Wigwe.

His appointment heralds a new chapter for the financial group, underlining his commitment to realizing the shared vision he once championed alongside Wigwe.

In response to his appointment, Aig-Imoukhuede expressed enthusiasm about rejoining the Access Group ecosystem, emphasizing his confidence in delivering outstanding value to stakeholders.

His reassurance resonates with investors, who anticipate a strategic direction that aligns with the company’s growth trajectory and reinforces its position in the market.

As Access Holdings charts its course under Aig-Imoukhuede’s stewardship, the recent surge in share prices reflects not only investor confidence but also a renewed sense of optimism surrounding the company’s future prospects in the Nigerian financial landscape.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending