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  • Stanbic IBTC, LBS seek sustainable financing for projects

    Stanbic IBTC, LBS seek sustainable financing for projects

    Stanbic IBTC Bank and Lagos Business School (LBS) are collaborating to widen the scope of sustainable financing for projects that could address the pressing Social and Environmental and Governance (ESG) issues in emerging markets like Nigeria.

    This was disclosed at the weekend by that Group Chief Executive Officer of Stanbic IBTC, Dr. Demola Sogunle, during the bank’s inaugural “Sustainable Finance Summit” with the theme “Sustainable Finance Opportunities in the Emerging Markets,” which he said is a collaborative effort between Stanbic IBTC and the LBS.

    Sogunle said: “At the Stanbic IBTC, we believe that financial institutions play crucial role in driving sustainable development. Our commitment to sustainability is reflected in one of our recent initiatives “Sustainable Finance Framework.

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    “It is worthy to know that from the inception of this framework in October 2023 till date, over sustainable finance portfolio is currently at a level of N82 billion, representing nearly 5.0 per cent of the total loan portfolio of the bank. And that is significant.”

    He said that another significant aspect was that they had already surpassed their 2025 budget when it comes to sustainable finance portfolio, since the budget for 2025 was set at N48 billion and N82 billion had been achieved.

    According to him, the framework has guided investments in various sectors, including healthcare, education and renewable energy.

    He stated that there were immense potential for sustainable finance to address pressing social and environmental issues in the emerging markets like Nigeria, which continued to grow and develop.

    Sogunle, however, noted that as the challenges are real so are the opportunities for everybody.

    “We strongly believe that that by working together, we can create a more sustainable future for Nigeria and Africa and actually for the world,” he said.

    In his keynote address during the summit, the International Finance Corporation (IFC) Country Officer for Nigeria, Mr. Mohammed Aliyu, said that Africa was facing the most severe climate impact that could delete its Gross Domestic Product (GDP) anywhere from 2.25 per cent to 12 per cent if left unchecked.

    Aliyu said: “We are witnessing first-hand the effects extreme weather events from devastating floods amongst others, which force approximately 26 million people into poverty each year globally.

    “These impacts exacerbate existing vulnerabilities, particularly in infrastructure, both hard and soft.

    He, therefore, said that Africa required significant investment to meet infrastructure needs, particularly climate adaption and mitigation.

    “As the world becomes more climate conscious, increasing concerns over climate change and Environmental, Social and Governance (ESG) criteria constrained the type of projects that development partners and the private sector fund.

    “To mitigate this requires a delicate balance not just in Africa but globally to align the needs of developing nations with climate and sustainability considerations,” he said.

    According to him, designing a greening strategy in an African nation would require careful considerations of the unique political economic dynamics of the nation.

    “A decarbonisation strategy for African nation requires navigating a complex political economic landscape shaped by socio-economic challenges, vested interests, weak institutions and pressing need for energy access and development,” Aliyu said.

    He added that policy makers must carefully balance these considerations and ensure that climate actions are aligned with national development priorities while building public support and managing political resistance.

    He, however, said that within these challenges lie unprecedented opportunities.

    “The World Bank estimated that climate related industries in Africa represent a potential $780 billion investment opportunities. This could lead to the creation of 213 million jobs while contributing to a reduction of over 4.0 billion tonnes of carbon emissions in developing countries.

    “Therefore, for private and public stakeholders, effectively addressing climate change is not only crucial for tackling poverty, unemployment and inequality but also for promoting shared prosperity across the continent,” he added.

    Speaking in the same vein, the Dean, Lagos Business School, Prof. Chris Ogbochie, said that Africa is perceived to be synonymous with various developmental challenges across environmental, social and economic lives.

    These challenges, according to Ogbochie, demand that the continent should prioritise investments that have potential for environmental and socio-economic value creation for the continent and its people.

    He said: “No other sector and industry has this burden placed squarely on its shoulders like the financial service sector.

    “And no other continent has this opportunity in abundance for sustainable finance investors to tap into like Africa. We have a long way to go. We have taken the first step. And I believe that we can go ahead and make the most of it.

    “We believe this summit will deliver strong financial solutions that will enable a robust sustainable financial architecture for Nigeria and the continent at large.”

  • LBS pledges support to women in financial services

    LBS pledges support to women in financial services

    Lagos Business School (LBS) says full and equal participation of women in the economy is essential to Nigeria’s competitiveness and prosperity.
    To this end, the school said it is collaborating on the national campaign to dismantle systemic barriers that hold women entrepreneurs back from reaching their full potential that lead to more economic independence.
    The school has begun a ‘Co Impact’ project that aims to foster gender equality in Nigeria’s financial services sector.
    The project’s co-lead, Yetunde Anibaba, made this known during this year’s International Women’s Day ceelbration.
    According to Anibaba, the institution has secured a $300,000 grant from a global philanthropic collaborative focused on improving the lives of millions of people through just and inclusive systems change.
    The Design Phase Grant is to provide the space, resources and expertise necessary for a partner to create a plan designed to help the grantee (LBS) achieve its systems change objectives.
    She said the LBS is embarking on the project as its research showed that women occupy 20 per cent of the executive management positions in the financial services sector despite making up 45 per cent of the total workforce.
    Anibaba further stated that this systemic inequality had continued to persist due to deeply rooted social norms and implicit biases as well as structures and processes that preclude inclusiveness in organisations.
    She said: “In a recent study on 30 most capitalised companies in Nigeria done by the IFF, they found that about 33 per cent of the workforce are women and only 27 per cent hold senior management positions in these organisations.

    “According to data we recently collected, in about 10 leading banks and a few insurance companies, about 45 per cent of the workforce are women and 55 per cent are men.

    “But as we move towards senior management you see that it becomes thinner and we have just 29 per cent in senior management and 20 per cent in executive management. So, we begin to ask ourselves — what is going on here? Especially because lack of women in decision-making positions could cost an economy as much as 15 per cent of its GDP.”

    In his opening remarks, the Dean of the Lagos Business School, Prof Chris Ogbechie called for concerted efforts towards advancing the cause of inclusion.

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    He added that inclusion must be promoted not only through words but through actions by actively advocating practices that promote gender equality and by amplifying the voices of women in leadership roles.

    He said, “The theme “Inspire Inclusion” underscores the power and potential of diversity in driving innovation, creativity, and growth within our institution and beyond.

    “It reminds us of our shared responsibility to actively promote and advocate for gender equality, not just within the confines of our organisation but in every aspect of our lives.”

    The event also featured a panel session which had discussants such as the Vice Chancellor, Pan-Atlantic University, Professor Enase Okonedo; Doctoral Researcher & Programme Designer LBS Sustainability Centre, Osanua Nwagbara and the Chief Operating Officer of Sycamore, Onyinye Okonji.

    Others were Advisory Services Specialist, Women’s World Banking, Olajumoke Daramola; Lawyer, Compliance & Regulatory Expert, Lucia Azinge and Member, Lagos Business School Faculty, Emeka Azinge.

    They discussed gender inequality in the corporate world — its root causes, manifestations and ways through which it could be addressed.

  • LBS alumni are finalists at MBA awards

    LBS alumni are finalists at MBA awards

    Lagos Business School (LBS) alumni has emerged finalists at the 2018 Association of MBA (AMBA) Awards in London, the United Kingdom.

    The alumni, Glory Eyinnaya (EMBA 21) and Aidenehi Okosun (MBA 14), are finalists in the  (AMBA) Student of the Year and the Entrepreneurial Venture of the Year.

    The AMBA Student of the Year Award, sponsored by  Wall Street Journal, is for high-performing student, who demonstrate outstanding skills and motivation towards becoming tomorrow’s business leaders while the MBA Entrepreneurial Venture Award celebrates the achievements of successful alumni, who are pioneers in world-class business strategy.

    In a statement, the awards also listed the business schools, which nurtured the spirit of enterprise and ambition.

    According to the statement, Glory Enyinnaya, a management consultant and entrepreneur, led the implementation of change on various technology projects across Africa, including the West African team of the world’s largest SAP deployment.

    She studied Accounting at the University of Nigeria and concluded an Executive MBA at the Lagos Business School, Pan-Atlantic University, Lagos last year.

    She is the founder and lead consultant of Kleos Africa, an online consulting platform, which aims to  enable value-adding interactions between African SMEs and experienced MBAs and professionals, with the aim of increasing the rates of successful entrepreneurship in Africa.

    She is also the programme manager for the African Women Entrepreneurship Cooperative (AWEC), an initiative of the New York-based Centre for Global Enterprise, which aims to empower 3,000 African women entrepreneurs by 2021.

    Also, Aidenehi Okosun possesses about seven years of post-graduate experience in various industries, including energy, technology and food & beverage where he played several leadership roles, after his graduation in Management Information System from the Covenant University, Lagos.

  • Elumelu, others to speak on tax, business at LBS

    Elumelu, others to speak on tax, business at LBS

    Chairman, Heirs Holding, Dr.Tony Elumelu, will be the Guest Speaker at this year’s Lagos Business School (LBS) Alumni Day, scheduled for Thursday, November 16, 2017 in Lagos.

    Elumelu, who is also Chairman of UBA Group and Transcorp Plc, will lead discussions on the “Effects of Multiple Regulations and Taxation on Business Growth in Nigeria.”

    The other panellists include Mr. Hamzat Ayodele Subair, Chairman, Lagos State Internal Revenue Service; Mr. Taiwo Oyedele, Head of Tax & Regulatory Services and PwC West Africa Tax Leader; and Sir Ndukwe Osogho-Ajala, Chairman of Soulmate Industry Limited.

    The session, which will have Nigeria’s 2018 Economic outlook presented by Dr. Biodun Adedipe, Chief Consultant of B. Adedipe Associates and will be chaired and moderated by Prof Olawale Ajai, a Lagos Business School professor of legal, social and political environment of business.

    The event is being hosted by the Chief Executive Programme, CEP 24 and International Management Programme, IMP 2.

  • LBS partners Total on knowledge transfer, research

    The Lagos Business School (LBS) has signed a Memorandum of Understanding (MoU) and Educational Partnership Agreement with Total to harness the knowledge transfer and sharing initiative between them.

    The highlight of the three-year MoU will have LBS supporting Total in its managerial development efforts.

    Others will include participation by Total in certain courses, presentations, conferences, case studies, knowledge sharing workshops and forums conducted by LBS; customisation of LBS-developed courses that are best suited to the needs of Total and the petroleum industry in general; participation by deserving LBS’s students at the Total’s summer school. LBS and Total will also collaborate on research.

    Representatives at the MoU signing ceremony were Dr. Enase Okonedo, Dean, LBS; Dr. Kingsley Ojoh, Executive Director & Chairman, Education Partnership Steering Committee; Total; Mr. Vincent Nnadi, Executive General Manager, CSR & Member Steering Committee, Total and Dr. Yinka David-West, Faculty Director, LBS.

    Others are Professor Chris Ogbechie, Head, Strategy and Entrepreneurship, LBS; Mr. Azu Azuike, Manager, CSR-Education & Member Steering Committee, Total; Gbenga Apapmpa, General Manager, New Energies, Total; Charles Ivenso, Director, Finance and Administration, LBS; Eugene Ohu, Faculty, Human Resources and Organisational Behaviour and Member Steering Committee, LBS.

  • LBS consolidates on global rating

    The Lagos Business School (LBS) has consolidated on its recent rating by the Financial Times of London as one of the leading global business school, by adding two seasoned experts to its faculty base: Dr. Oghenovo Obrimah and Marvel Ogah.

    Dr Obrimah joins the Accounting, Finance and Economics department. Obrimah holds a Ph.D. in Business & Management, with a concentration in Finance and sub-specialisation in Economics from the RH Smith School of Business of the University of Maryland, College Park US. He graduated with First Class Honors in Mathematics from the University of Ibadan, Nigeria in 1995. He was awarded a Pre-doctoral Fellowship in Economics at Yale University from 1999 to 2000, and has worked with PricewaterhouseCoopers LLC and First City Merchant Bank PLC.

  • LBS gets global accreditation

    LBS gets global accreditation

    Lagos Business School (LBS) has become the first institution in West Africa to be accredited by the Association to Advance Collegiate Schools of Business (AACSB).

    From December 1, 2016, LBS joined the league of no fewer than five per cent of business schools globally to be accredited by this body.

    AACSB is the leading global accreditation body for business schools offering undergraduate, masters and doctorate degrees in business and accounting.

    Founded in 1916, AACSB has its headquarters at Tampa, Florida, United States of America. It is the largest business education network, linking students, academia and businesses to advance the cause of business education around the world.

    By the feat of AACSB accreditation, LBS has once more distinguished itself as a management education provider of high repute in Africa. Only four other schools in the entire continent have this accreditation; three in South Africa and one in Egypt.

    In his congratulatory message, the Vice President and Chief Accreditation Officer of the global accrediting body, Robert D. Reid, said: “Congratulations LBS and Dean Enase Okonedo on being the first institution in Nigeria to earn accreditation, and we welcome them into the family of AACSB-accredited business schools.

    “AACSB accreditation represents the highest achievement for an educational institution that awards business degrees. The entire Lagos (LBS) team, including the administration, faculty, directors, staff, and students, are to be commended for their roles in earning accreditation.”

    Reid explained that the accreditation process was designed to validate business schools that are committed to global standards of excellence in strategic management and innovation, student experience, and quality of  both teaching and non-teaching staff.

    “This accreditation affirms LBS’s undeniable commitment, over the last 25 years, to world-class standards in teaching, learning, research, academic and professional management.

    “The rigorous accreditation of AACSB International and the LBS’ ability to scale all the hurdles by sheer determination and strong leadership, have more than ever confirmed LBS’ status as one of the most distinguished business schools in Africa,” he said.

  • LBS Northern region alumni meet in Abuja

    Alumni of Lagos Business School (LBS) in the North gathered at the Northern Zonal Dinner organised by the LBS Alumni Association (LBSAA) for high-level networking and entertainment.

    The yearly event, which held last week  at the Transcorp Hilton Hotel, Abuja was one of the most anticipated social events of LBS outside Lagos.

    President, Northern Zone of LBSAA, Nze Chidi Duru, said the Abuja Zonal Dinner was memorable as many institution’s alumni who have distinguished themselves in their chosen fields and other key business leaders in Abuja and its environs attended.

    “The event created a platform for high-level networking among icons of the Nigerian business community and highlight the School’s leading role in nurturing Nigeria’s business leaders,” he said.

    According to Ms Bunmi Afolabi, director, Alumni Relations, LBS, alumni who reside and work in the north, enjoyed the evening, which offered great learning and entertainment.

    She said: “We had two profound professionals – Mr Babatunde Fowler, Chairman Federal Inland Revenue Service (FIRS) and Mustapha Bello, Chairman, Invest in Northern Nigeria Limited – speak on some critical business issues at the dinner. The event was spiced with rib-cracking comedy and pleasant music.”

    Many corporate organisations supported the event. They included Grand Towers Plc, Airtel Nigeria, Fidelity Bank plc, Niger Delta Power Holding Company Limited and MessageWise Limited.

  • ‘LBS products doing exploits worldwide’

    ‘LBS products doing exploits worldwide’

    Products of the Lagos Business School, arguably Nigeria’s flagship business school have continued to hold their own wherever they find themselves, whether in the organised private sector or public institutions as the case may be.

    According to Francis Jakpor, the Communications Officer, Lagos Business School, the rigorous training and high level expertise displayed by resource persons and experienced faculty members easily attests to this.

    Participants in LBS’ programmes, Jakpor said in a statement, always stand out, thanks to the School’s focus on providing sound knowledge that equips them to succeed in Africa and beyond. To achieve this, LBS employs the services of world-class local and international faculty to facilitate its MBA and Executive Education programmes. These academics are oftentimes expert sources for financial/business intelligence and thought leaders whose research works are published in international journals of repute.

    The School’s full-time MBA programme, he stressed, is designed to prepare managers to succeed in the increasingly complex global business environment. Small wonder, then, that participants in the programmeare highly regarded both locally and internationally for the aptitude they display in their respective circles.

    He recalled that last year, former MBA student, Adebayo Alonge, emerged one of the finalists in the maiden Washington Fellowship for Young African Leaders.

    The Fellowship is the flagship programme of President Barack Obama’s Young African Leaders Initiative (YALI), which takes 500 young leaders to the US for academic coursework and leadership training.

    In the same year, Onyanta Adama, another MBA student, made the shortlist for the FT MBA Challenge with UK charity World Child Cancer. She joined five other students from Lagos and abroad to draft a plan on how Ghana could treat childhood cancer in a self-sustainable manner.

    Another thing working for LBS, Jakpor said, is its vibrant alumni. After the programme, they join a solid network of over 5000 alumni whose expertise they can leverage in their quest to take their careers or businesses to the next level. Such launch pads have never been in short supply from the pool of participants in LBS’ executive programmes.

    Earlier this year, Paul Orajiaka (AMP 20) revamped a rundown school in Ikorodu, Lagos. He assured that the project was the first in a long line of CSR initiatives that would cut across the six geopolitical zones of the country in months to come.

    This was preceded by his interview with Forbes magazine for starting his doll manufacturing company, Auldon Limited, with a paltry $30, and making it a success story in the industry.

    Other positive change agents associated with LBS include Dr Christopher Kolade, Professor Pat Utomi, Pascal Dozie and governors, top executives/managers of multinationals and medium-to-large scale businesses too numerous to count.

    Every institution worthy of the name stands for something, and LBS is no exception. LBS stands for sound knowledge, the right attitude and a solid network. With a mix of these characteristics, it empowers managers to succeed in the fast-paced 21st century business environment defined by cut-throat competition. LBS is recognised worldwide. Currently, the school is pursuing accreditation of the Association to Advance Collegiate Schools of Business (AACSB).

  • LBS maintains Financial Times ranking

    LBS maintains Financial Times ranking

    •Third in Africa

    The Lagos Business School (LBS) has maintained its ranking on the Financial Times of London’s list of global front-liners in open enrolment education, living up to its repuation as a leading provider of management and business education on the continent and beyond.

    In the FT’s Executive Education 2015 ranking published in London, LBS placed 59th globally and third in Africa in the open enrolment executive education category, achieving the much-coveted ranking for the ninth consecutive year since 2007.

    LBS also made the FT’s list of reputable custom education providers for the first time, where it clinched the 79th spot, one of six business schools in Africa to achieve the feat.

    Dean, LBS, Dr Enase Okonedo, said the school’s ranking was significant, given that it was the only business school in the West African sub-region to join its prominent global counterparts in this year’s FT ranking for open enrolment and custom education providers.

    In this year’s ranking, IMD Business School, Switzerland maintained its top position on the list, followed by IESE Business School, Spain and Harvard Business School, USA, among others.

    The University of Pretoria’s Gordon Institute of Business Science (GIBS), USB Executive Development and Wits Business School – all based in South Africa – were the other African business schools ranked with LBS.

    Yearly, the Financial Times of London publishes a list of the best management programmes from business schools around the world. Its ranking is based on the quality of learning, staff and student diversity, growth in business and international reach of renowned business schools.