The Nation Newspaper

Category: Money

  • UBA is West Africa’s best bank

    UBA is West Africa’s best bank

    United Bank for Africa (UBA) Plc has emerged as the Best Regional Bank – West Africa at the prestigious African Banker Awards 2024.

    The annual African Banker Awards, organised by the African Banker Magazine, took place at the JW Marriott Hotel in Nairobi, Kenya, on the side-lines of the African Development Bank Annual Meetings.

    The ceremony was attended by over 300 of the continent’s leading figures in banking and finance and UBA being recognised as the Best Regional Bank – West Africa, marks a significant milestone especially as the bank celebrates 75 years of delivering on its promises, solidifying its legacy as Africa’s Global Bank.

    While receiving the awards on behalf of the bank, Managing Director, UBA Kenya, Ms. Mary Mulili, highlighted the significance of this achievement in line with the bank’s commitment to its customers and partners.

    She stated, “We are honoured to be recognised as the Best Regional Bank – West Africa. This award is a testament to the hard work, dedication, and innovation of the entire UBA team. It reflects our commitment to excellence and our unwavering focus on delivering value to our customers. For our global presence, this award reinforces UBA’s position as a leading global financial institution with a deep understanding of the African market and a strong international network.

    Continuing, she said, this award also showcases our ability to serve as bridge between Africa and the world, providing seamless financial solutions that drive growth and prosperity. As we celebrate 75 years of UBA, we remain committed to inspiring innovation, growth, and excellence. This award is not just a recognition of our past achievement but a motivation to continue striving for greatness in the years to come.”

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    In his speech, Chair of the Awards Committee, Omar Ben Yedder, noted that banks and financial institutions are going through an important transition and are playing a critical role in financing growth especially with the retreat of international banks from the continent.

     “We are seeing a coalition of DFIs taking shape and these will have to see considerable capital increases to plug the gap in infrastructure, trade, climate and also SME Financing. We are also seeing further reform and new capital requirements for banks. This will lead to bigger banks and we have seen how the likes of UBA play a role in financing big conglomerates and large infrastructure projects, something unimaginable two decades ago,” he said.

    United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

  • Aig-Imoukhuede gets lifetime achievement award

    Aig-Imoukhuede gets lifetime achievement award

    Chairman of Access Holdings Plc and Coronation Group, Aigboje Aig-Imoukhuede, has been honoured with the prestigious African Banker Lifetime Achievement Award. This distinguished accolade was presented at the African Banker Awards gala dinner and awards ceremony held in Nairobi, Kenya, on the sidelines of the 2024 Annual Meetings of the African Development Bank.

    Aig-Imoukhuede’s journey epitomises his dedication to transforming the African banking and financial landscape. His illustrious career, spanning over three decades, has been marked by exceptional leadership and transformative accomplishments.

    As the Group Managing Director and Chief Executive Officer of Access Bank from 2002 to 2013, he led the lender’s transformation from a minor player into one of Nigeria’s top five banks, extending its presence to nine other African countries and the United Kingdom. With a vision to democratise wealth creation opportunities for millions in Africa, Aigboje established Coronation Group – a conglomerate encompassing most aspects of investing, lending, and insurance with a presence in Nigeria and other African countries.

    Speaking on the award, Aig-Imoukhuede said: “This award honours the collective efforts of over ten thousand talented individuals, mostly Africans whom I have had the privilege to work with throughout my journey. As professionals, recognition spurs us to strive for greater levels of excellence. I am deeply humbled and motivated to continue contributing to Africa’s growth and development.”

    “We would like to honour your remarkable career achievements as a leader in Africa. Today, Access Bank stands as a behemoth in African banking. As brilliantly described in your book, “Leaving the Tarmac” Access bank started its life as a third-tier bank, but your visionary leadership, as well as that of the late Herbert Wigwe, transformed it into an institution that commands immense respect and admiration,” said Omar Ben Yedder, Group Publisher & Managing Director, African Banker.

    Read Also: Thoughts on Aig-Imoukhuede Foundation’s Public Leaders Programme

    As part of the celebration of his lifelong contributions to the African financial markets, Aig-Imoukhuede had the distinct privilege of a visit to His Excellency, President William Ruto, at the state house in Nairobi. Their discussions centred on strengthening financial markets, enhancing public sector effectiveness, and fostering sustainable economic growth across Africa.

    This visit exemplifies Aigboje’s belief in the power of collaborative leadership and the pivotal role that strong financial institutions play in driving national development.

    Reflecting on the courtesy visit to President William Ruto, Aig-Imoukhuede stated that, “In meeting with President Ruto, I was inspired by our shared commitment to driving economic growth and fostering sustainable development across Africa. Our discussions reinforced the critical role that collaborative leadership and robust financial institutions play in nation-building. I look forward to continuing our collective efforts to create a prosperous future for our continent.”

  • Lucidum Finance gets CBN’s Approval-In-Principle

    Lucidum Finance gets CBN’s Approval-In-Principle

    Lucidum Finance Company Limited (Lucidum Finance) has obtained approval in principle from the Central Bank of Nigeria (CBN) to begin the process of setting up operations as a full-fledged finance company.

    The Approval-In-Principle (AIP) confirms Lucidum Finance’s completion of pre-licensing and fulfilment of the requirements of the revised guidelines, including the submission of all required documentation as specified by the CBN and ultimately leading to the issuance of final approval to commence business.

    Securing the CBN’s approval-in-principle is a significant step and certainly a milestone moment for the team at Lucidum Finance, which was conceptualized in mid-2023, and according to its promoters is poised to recalibrate the ethos of customer-centric service delivery in the nation’s financial services industry.

    By fulfilling the requirements of the CBN Revised Guidelines for Finance Companies in Nigeria, the promoters of Lucidum Finance have now received the apex bank’s nod to proceed with the incorporation of the company and approval for its pioneer Board of Directors. The pioneer board of Lucidum Finance as approved by the banking industry regulator will comprise of five (5) accomplished professionals, with a combined wealth of experience of over 120 years.

    Lucidum Finance’s CBN-approved pioneer Board will be chaired by the renowned realtor and businessman Dr. Samson Efuwape Agbato, principal partner at Samson Agbato Consulting (SAC), a leading firm of estate surveyors and valuers based in Lagos, Nigeria. A fellow of the Nigerian Institution of Estate Surveyors and Valuers and consummate real estate consultant, researcher, author, and public speaker, Dr. Agbato received his bachelor’s, master’s, and doctor of philosophy degrees in estate management from the prestigious Obafemi Awolowo University, Ile Ife, Osun State.

    The CBN also approved the erudite economist and banker Mr. Lekan Sanusi as the pioneer managing director of Lucidum Finance. Currently, the founder of Bancor Group, a finance, consulting, real estate, and investment management group based in Lagos, Lekan, as he is widely known in the banking industry, is an experienced executive business leader with over 33 years of extensive and incisive exposure to the national, regional and international financial markets – over 17 years of which were spent in executive management (CEO) roles in three commercial banks in West and East Africa.

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    Until recently, he was CEO/Managing Director of Guaranty Trust Bank (GTBank) Uganda. Prior to his stint in Kampala, he led GTBank Ghana and GTBank Gambia as CEO/Managing Director of both banks. Lekan was also once the Chief Economist at the Nigerian LNG Limited and has sat on several boards cutting across key sectors, namely, financial services (banking, insurance), manufacturing, real estate, arts & culture, and agriculture.

    An Honorary Member of the Chartered Institute of Bankers Nigeria (CIBN), Lekan holds a first-class honours degree in economics, a master’s degree in economics, and a master’s degree (with distinction) in Money, Banking & Finance. He is a British Chevening Scholar (1996/97), and also the winner of the Chancellor’s Prize as the best all-around graduating student at the Olabisi Onabanjo University, Ogun State (1989).

    Other members of the CBN-approved pioneer Board for Lucidum Finance are Messrs. Taiwo Sowole, Ademola Fajobi, and Ademisola Sanusi. Mr. Sowole is an economist, fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and managing partner of Taiwo Sowole & Co, a Lagos-based accounting and tax advisory firm. Mr. Ademola Fajobi is an economist and banker who served for several years in Sterling Bank and its legacy institutions in various key functional areas. Mr. Ademisola Sanusi is a law graduate of Lancaster University with a postgraduate qualification in law (LLM) from the University of Buckingham, United Kingdom.

    The foresight and resilience of the team have brought Lucidum Finance to this milestone. By taking a strategic, long-term view of the inherent opportunities, risks, and challenges in the operating environment, members of Lucidum Finance’s pioneer board seek to plug the gaps in service delivery in the finance companies’ subsegment of the Nigerian financial services industry and are positioned to make a difference.

    In tandem with the corporate character and visionary ideals of this nascent financial institution, the pioneer board of Lucidum Finance is very aware that fulfilling the apex bank’s AIP conditions and subsequent smooth commencement of operations will require focus, diligence, discipline, and the robust application of their professional, intellectual, and ethical governance capabilities.

  • IFC unveils platform to boost MSMEs

    IFC unveils platform to boost MSMEs

    International Finance Corporation (IFC), a member of the World Bank Group, has  launched a new initiative to help financial service providers deliver funds to small businesses in emerging markets, especially those owned by women and those focused on agriculture and climate.

    The MSME Finance Platform (the Platform) will include a financing package of up to $4 billion from IFC’s own account to banks, non-bank financial institutions, microfinance institutions, and innovative digital lenders that focus on micro, small, and medium enterprises (MSMEs). It will be available to both new and existing IFC clients.

    The Platform will also utilize various forms of credit enhancement to mobilize private capital, including an innovative Catalytic First Loss Guarantee, which together aim to crowd in an additional $4 billion in financing from eligible financial service providers to expand lending to these businesses.

    “Micro, small, and medium enterprises(MSME) form the backbone of most developing economies, yet they face significant financial barriers that hinder their potential,” explained  Managing Director of IFC,Makhtar Diop. “Our new financing platform addresses these challenges head-on, empowering financial service providers to extend critical support to these businesses, particularly those that are women-led or environmentally focused.”

    MSMEs make up over 90 percent of all firms and account, on average, for 60-70 per cent  of total employment and 50 per cent  of gross domestic product (GDP) worldwide. Still, according to the SME Finance Forum, there is currently a roughly $5.7 trillion financing gap for MSMEs.

    The Platform will be supported by the International Development Association’s Private Sector Window (IDA PSW) to help de-risk the credit and foreign currency exposures in projects in low-income countries. Up to $100 million will come from the IDA PSW Blended Finance Facility (BFF).

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    In emerging markets, MSMEs and the informal sector are essential to economic growth, job creation, and poverty alleviation. Recent crises have weakened financial service providers financially, constraining their ability to meet increasingly stringent lending requirements. As a result, businesses are seeing a credit contraction in emerging markets and developing economies due to tighter credit conditions, rising interest rates, and a limited appetite for risk.

    As the largest development finance institution supporting the private sector in emerging markets, IFC is well positioned to help financial service providers offer support.

    IFC will leverage its risk capital to extend first loss protection to eligible financial service providers, which often have ample local currency liquidity but have limited exposure to MSMEs due to the segment’s perceived high risk.

    Through this mobilization approach, the MSME Platform aims to create a financing solution through capital optimization structures and potentially redirect significant amounts of local currency financing to businesses.

    In addition, resources from the Global SME Finance Facility (GSMEF) and the Women Entrepreneurs Opportunity Facility (WEOF) will be allocated to support and incentivize lending to businesses in the agriculture sector and women-owned MSMEs.

  • Interswitch Group empowers top talent at third edition of Career Fair

    Interswitch Group empowers top talent at third edition of Career Fair

    Interswitch Group has reiterated its commitment to empowering young Nigerians on their career paths for personal and professional success. The firm disclosed this at the just concluded Interswitch Career Fair 3.0 held at the Landmark Event Centre, in Lagos on Saturday, May 25, 2024.

    The Interswitch Career Fair 3.0 event, tagged ““Reimagining Work: People, Culture, Technology” spotlighted the various resources and insights available to skilled, career-driven individuals and young professionals to properly position them for the workplace of today and the future.

    Building on the successes of previous seasons, this year’s edition played host to experts from Interswitch Group and other industry experts across various fields including Finance, Technology, Sales, Marketing, and Human Resources, who unraveled the theme in the first panel session. The panel, which featured Robinta Aluyi, Vice President Sales and Account Management, Interswitch; Elizabeth Okonji, Founder TGL Labs; Ivie Temitayo-Ibitoye, Head, Employee Experience, Sahara Group and Adora Ikwuemesi, Founder, Kendor Consulting, fielded questions from attendees and offered inspiration and empowerment by sharing extensive career-development advice and strategies on how to thrive in their respective careers.

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    Speaking at the event and setting the pace for the day, Mitchell Elegbe, Founder and Group Managing Director, Interswitch Group, underscored the essence of the Interswitch Career Fair 3.0 event, highlighting that the career programme is an avenue to discover emerging talents and raise transformative leaders that can bring innovative solutions to the Nigerian economy and Africa’s labour market.

    According to Elegbe, “The Interswitch Career Fair demonstrates our long-standing vision for African talent. At Interswitch, we host this Career Fair to support talents who can take full responsibility for leadership, good management and deliver great impact in any organisation they find themselves. This platform serves as a catalyst for any career growth, bridging the gap between top talent and opportunities.

    Also commenting on the programme, Franklin Ali, Chief Human Resource Officer, Interswitch Nigeria, said that “The Interswitch Career Fair is not just for job seekers but serves as a platform to equip top talent with skills required to thrive in today’s changing workplace.” He added “As an organisation that believes strongly in collaborations for success, we have partnered with leading organisations such as LinkedIn, ProductDive, ALX, Oscar Temple, Kendor, Udemy, Decagon, and Semicolon, to expand the offerings available to attendees.”

    Delivering her keynote address, Debola Deji-Kurunmi, Founder, IMMERSE Coaching Company, said that “A job fair like Interswitch Career Fair 3.0 is created for talents ready to advance their careers in various professional fields with a driving force and a sense of vision. This event is a great opportunity for aspiring individuals who can leverage today’s cutting-edge technology and productivity tools that are responsible for capacity building to deliver value and stand out in the job market.”

    The event also featured a second panel session which focused on building a tech career and featured industry eggheads such as Obinna Onuekwusi, Divisional Head Technology Innovation, Interswitch; Lanre Basamta, Co-Founder Optimus AI Labs and Sikemi Tayo, CEO, KIT for Professionals among others, who shared key tips with attendees planning to build Tech careers. The panelist noted that aspiring tech enthusiasts must understand innovation and be able to build a network with other tech communities.

    In closing, the event featured a Job Fair session where attendees had interactive one-on-one sessions, mentorship sessions and talent assessment sessions with Interswitch experts in various sectors, underscoring Interswitch’s focus on supporting Nigerian youths.

  • How financial inclusion reduces poverty, creates prosperity

    How financial inclusion reduces poverty, creates prosperity

    A payment services firm, 9Payment Service Bank (9PSB) has re-emphasised that financial inclusion is the key enabler to poverty reduction and economic prosperity in Africa.

    The position was made during Regtech Africa Conference held recently in Lagos, themed: Harnessing Partnerships for Africa’s Prosperity – Bridging the Data Trust Gap, is a convergence of financial experts and thought leaders in the digital financial service industry across Africa, aimed at sharing knowledge and proffering strategies to increase data trust in the last mile digital financial service delivery.

    Delivering a keynote presentation, the Managing Director, and Chief Executive Officer, 9 Payment Service Bank (9PSB), Branka Mracajac stated that financial inclusion remains a key focus in Nigeria and in Africa. It plays significant role in reducing poverty and fostering prosperity of the people. Achieving the desired results requires conscious effort by players in the industry to make financial products and services available, accessible, and affordable for all unbanked and underserved individuals and businesses, regardless of their age, gender, geographical region, and social economic status. It also aims at empowering people with knowledge through financial literacy programmes and providing them with tools such as savings account and other payment options to participate in formal financial systems.

    “A survey conducted in Nigeria in 2008 by EFinA revealed that about 53 per cent of adult were excluded from financial services, furthermore, financial inclusion as a vehicle for economic development have notable positive impact in Nigeria, it decreased the exclusion rate from the initial 53 per cent of about 40 million of adults to 36 per cent which today means about 29 million of adult Nigerians.

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    59 per cent of households in Nigeria are income providers, while most of the income providers are women, unfortunately, they are the ones that are mostly excluded from formal financial services, since Nigeria has about 26 per cent of adult Nigerians that are financially excluded, the target for this year as mandated by the Central Bank of Nigeria is to attain 25 per cent inclusion figure,” Mracajac added.

    ‘As we strive to grow financial inclusion, lack of access to financial services, low financial literacy among the populace, prohibitive cost of financial services and lack of trust in financial institutions are standing as roadblocks. Therefore, stakeholders and various industry players should begin to adopt localization of financial literacy and education, reduce minimal cost of accessibility for the people, simplified products, and processes. She remarked.

    The 2024 RegTech Africa Conference had a line-up of stellar speakers, case studies, panel discussions, engaging discussions, unique presentations providing access to a wealth of industry-leading knowledge, sharing best practices and experiences, spotlighting trends, information exchange, cutting-edge insights, and outlooks with actionable takeaways.

  • Access Holdings, NBDN partner on confab

    Access Holdings, NBDN partner on confab

    The Nigeria Business and Disability Network (NBDN) is set to hold the second edition of The Nigeria Diversity and Inclusion Conference on Wednesday, May 29, 2024.

    To be hosted by Access Holdings, the conference will serve as a platform for employers to enhance disability confidence, foster inclusion practices, and promote job readiness for people with disabilities in the workplace. Under the theme ‘Disability Inclusion in Corporate Sustainability,’ the event aims to highlight the economic value of disability inclusion and its significance in achieving sustainable business practices.

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    NBDN, an employer-led initiative, recognises that disability inclusion is not only a matter of social responsibility, but also makes good business sense. By creating a disability-smart business environment, employers can tap into the potential and capabilities of over 30 million Nigerians with disabilities, thereby increasing business revenue, growth, and enhancing brand reputation.

    The International Labour Organisation (ILO) established the Global Business and Disability Network (GBDN) to champion disability mainstreaming within the framework of workplace diversity and inclusion. NBDN, as the national body of employers in Nigeria championing disability inclusion, is an offshoot of this global network. Incubated by Sightsavers Nigeria and the Chartered Institute of Personnel Management in 2020, NBDN is currently chaired by Access Holdings.

    The conference will feature a lineup of esteemed speakers, including Omobolanle Victor-Laniyan, Head, Group Sustainability, Access Holdings PLC; Dr. Joy Shuaibu, Country Director, Sightsavers; Dr. Toyin Aderemi, Senior Global Advisor, Save the Children International; Rotimi Odusola, Corporate Affairs Director, Guinness Nigeria; Godfrey Adejumo, Head of Corporate Affairs and Sustainable Business, Unilever; Tonye Osifo, CSR Manager, Total Energies Nigeria; Dr. James David Lalu, Executive Secretary/CEO, National Disability Commission; Olaitan Olatunde, Sustainability Manager, Standard Chartered, and more.

    The event will feature keynote addresses, plenary and panel discussions, networking sessions, and interactive workshops, providing attendees with an opportunity to share success stories and foster partnerships for accessible workplaces and inclusive employment.

  • Lotus Bank strengthens community engagement

    Lotus Bank strengthens community engagement

    Lotus Bank has donated no fewer than 18,500 gift items to intending pilgrims heading to Mecca as part of its commitment to supporting the members of the Muslim community who will be undertaking the journey to the holy land later this month.

    In collaboration with the National Hajj Commission of Nigeria (NAHCON), LOTUS Bank delivered the gift items after initially supporting the National Hajj Conference, a two-day intensive workshop held in Abuja FCT, aimed at enhancing the pilgrimage experience for Nigerian Muslims.

    The branded souvenirs which included relevant items that make the pilgrims’ journey more convenient and enhance their travel experience were distributed to the intending pilgrims across key locations in Nigeria including Lagos, Abuja, and Kano. The Bank also extended the gesture to NAHCON officials, Armed Forces personnel, and other private carriers who are customers of Lotus Bank.

    Pilgrimage for Hajj is of enormous spiritual significance to Muslims across the world, and the support by Lotus Bank emphasizes its commitment to empowering the members of the community it serves in fulfilling their religious obligations and meeting other material and spiritual aspirations.

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    The partnership with NAHCON will play a vital role in ensuring that pilgrims embark on the journey with certainty of comfort which underscores the Bank’s core values of empathy and social impact.

    Commenting on the initiative, the Managing Director/Chief Executive Officer of Lotus Bank, Kafilat Araoye commended the Hajj Commission for the opportunity to collaborate with them in facilitating this year’s pilgrimage, adding “that the donations of the gift items indicates the Bank’s dedication to serving the interest of the community”.

    While noting that the gesture also reflects the Bank’s priorities of active engagement with communities and creating enduring value of social impact, Araoye further added that, “Lotus Bank’s involvement in this initiative is not only about providing material support but also about fostering a sense of community and care among its customers and partners”.

    “The collaboration with the Hajj Commission highlights the bank’s role in supporting significant cultural and religious events, reinforcing our commitment to customer and community service,” she said.

    Founded in 2021 as a Non-Interest Financial Institution, Lotus Bank has quickly established itself as a leader in non-interest banking and gaining a reputation for its ethical banking practices and innovative services. The Bank’s ongoing Corporate Social responsibility (CSR) initiatives highlight its vision in building partnerships geared towards community development.

  • Access Holdings seeks responsible use of AI at smart banking summit

    Access Holdings seeks responsible use of AI at smart banking summit

    Access Holdings Plc, a leading financial services group, has reiterated the need for ethical considerations in using Artificial Intelligence (AI), calling stakeholders in the financial industry to factor its sustainability implications.

    This call to action was driven by a compelling keynote address delivered by Executive Director of IT & Digitalisation at Access Holdings, Lanre Bamisebi, at the Smart Banking Summit 2024 held in Kenya on Wednesday.

    Speaking on the topic, “AI Guardians: Securing Compliance and Mitigating Risks,” Bamisebi’s keynote shed light on the imperative to strike a balance between innovation and responsibility as the banking sector and broader society embrace AI’s transformative potential.

    “Artificial Intelligence has the power to revolutionise our societies. Over the years, this has become increasingly evident, offering unprecedented opportunities for growth, efficiency, and innovation. From enhancing customer service to optimising risk management, AI’s potential benefits in finance are vast. However, as we embrace AI, we must also ensure that its deployment is ethical, secure, and compliant with regulatory standards to mitigate risks effectively,” he said.

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    As the transformative power of AI continues to fuel innovation, concerns remain about its negative impact on the environment. According to OpenAI researchers, since 2012, the amount of computing power required to train cutting-edge AI models has doubled every 3.4 months. They also posit that by 2040, the emissions from the Information and Communications Technology (ICT) industry will reach 14 per cent of the global emissions, with the bulk of those emissions coming from ICT infrastructure, particularly data centres and communication networks.

    Speaking to these concerns, Bamisebi said, “The exponential growth of AI adoption must be met with thoughtful consideration for its environmental footprint. As we harness the power of AI, we must prioritise sustainable practices to mitigate its energy consumption and carbon emissions, ensuring a harmonious coexistence between technological advancement and environmental preservation.

    “We must embrace our roles as guardians, and place comprehensive regulatory frameworks, ethical standards, and continuous learning at the fore of our considerations so that we create a future that is safe, inclusive, and prosperous for all,” Bamisebi charged.

    Themed ‘Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking’, the summit was a pivotal gathering of leaders spearheading the digital evolution in the African banking and finance space.

    Other contributors at the summit include Winnie Kaaka, Head of Product and Digital Banking, Access Bank Plc; Harry Hare, Co-Founder and Chairman, dx5; Moses Okundi, CIO/CTO, Absa; Tim Theuri, CISO, Safaricom/M-Pesa Africa; Daniel Adaramola, CISO, SunTrust Bank Nigeria Ltd; Steve Njenga, Founder and CEO, Metis Technology Solutions Ltd, and more.

  • FirstBank, Proparco partner on climate performance

    FirstBank, Proparco partner on climate performance

    First Bank of Nigeria Limited, in partnership with Proparco, a Development Finance Institution is mainstreaming climate initiatives into its business operations and strategy. This is aimed at achieving a holistic integration of climate action on Greenhouse Gas (GHG) emissions reduction through an articulated strategic pathway to position the Bank as an African Climate Bank.

    The 130-year-old financial institution is currently implementing a mechanism to calculate its operational emissions across all its branches and offices. This includes calculating data on electricity use, diesel use, water consumption, waste management approach, fuel consumption, business travels, etcetera to determine the Bank’s emission baseline and innovative opportunities for operational emissions reduction. FirstBank is developing the required capabilities and competencies by investing in its employees and the right infrastructure for integrating climate action in the Bank.

    In a two-day partnership strategy workshop sessions with IPC and Valoris, consultants from Austria engaged by Proparco in the climate mainstreaming project, FirstBank’s climate journey across all areas of implementation was reviewed to determine progress and empower strategic departments across the Bank’s operations, including: the Credit Risk teams; Human Capital Management & Development (HCMD); FirstAcademy, the Bank’s  learning institute; Corporate Banking; Personal Banking; SME Banking; Procurement; Branch Operations and General Services teams to deepen the understanding of climate risks in their processes.

    The six workstreams for the implementation include: Identification of financed and avoided emissions to support reporting; supporting the measurement and analysis of operating emissions; integration of physical climate risk assessment; opportunity analysis; climate strategy and policy development; capacity building amongst staff to support strategy implementation.

    Managing Director, Valoris, Austria, Dr Martin Steindl, said, “Amongst our various engagements with financial institutions on climate mainstreaming, FirstBank is the only organization that has been able to provide data both on the assets’ location of their portfolio and head offices of their clients. I am impressed with the progress we have collectively achieved.”

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    Reinforcing the Bank’s commitment to mainstreaming climate initiatives, the Ag. Chief Risk Officer, FirstBank, Patrick Akhidenor said ‘’FirstBank is intentional about redefining its climate footprint. We are identifying opportunities in climate finance to improve our portfolio and reduce the carbon emissions associated with our processes and operations. The Bank is executing a financed emissions calculation mechanism as well as creating climate finance opportunities, such as renewable energy and energy efficiency products for our customers.”

    Nigeria has committed to reducing its GHG emissions to 20 percent by 2030 and net zero emissions by 2060. While this is ambitious, it sets the tone for businesses in Nigeria to at least support their GHG emissions reduction strategy with national plans and target. FirstBank is committed to achieving this goal and this is evident as the bank is a signatory to the Africa Business Leaders’ Climate Statement released in 2022 at COP 27 in Sharm El Sheikh, Egypt by the Africa Business Leaders Coalition (ABLC).