Business

BLK Prestige Investment Limited: Responsible CSR for societal growth

Published

5 years ago

November 7, 2019

Corporate Social Responsibility (CSR) in Nigeria is almost as old as the country as it could be traced to 1956, when crude oil was found in Oloibiri, Niger Delta Region of the nation.

The region has perennially suffered from environmental neglect, crumbling infrastructures and services, high unemployment, social deprivation, abject poverty and endemic conflict.

These led to calls for oil companies operating in the Niger Delta to demonstrate the value of their investments to Nigeria by undertaking increased community development initiatives that provide direct social benefits such as local employment, new infrastructure, schools, and improved health care delivery.

What it means: CSR can be described as an instrument, concept or business model that requires companies to apply a radical change in attitude by contributing to the development of their operating environment (without intentions of making profit).

For instance, Nigerian banks adopted the concept when the Nigeria Sustainable Banking Principles was introduced by the Bankers’ Committee in 2012. Since then, a lot of the financial institutions have continued to support their societies.

Perception from some quarters: Despite its global acceptability, some individuals and organisations still hold the view that local business firms are immune when it comes to contributing to the societies where they operate.

While some believe the initiative is only meant for blue-chip companies, others argue it is a waste of money they thought could be invested in their companies.

But little did they know that CSR and sustainability needs more attention as well as other management concerns. CSR experts have argued over time that the concept is not restricted to big organizations alone.

According to them, the investment can only vary, depending on size and annual turnover of companies. Regardless of size and annual earnings, a responsible company should aspire to contribute societal growth.

Having stated this, CSR investment can now depend on what a company can afford, as there is nowhere in the world where government is able to solve all the problems. This made BLK Prestige Investment Limited impacts lives acrosseducation institutions, motherless baby’s homes and other communities government could not reach.

With surge in global population, which does not exempt Nigeria, government alone cannot provide all the social needs but by provision of enabling environment for businesses to flourish, owners of such business will appear to be responsible when it set aside a small proportion of its income for society development.

All over the world, government alone doesn’t attend to all social needs, business owners are expected to be partners in progress by intervening in strategic areas like health, education and provision of social amenities. By doing this, the companies like BLK Prestige Investment Limited have been lifting the society as well as building its brand equity.

Societal impacts: CSR has become one of the standard business practices for reputable organisations in the country. It has also helped in enhancing the overall reputation of a lot of firms, especially in the financial sector where competitors strive to outshine each other.

However, the recognition and acceptance of the phenomena of corporate social responsibility (CSR) in developed, as well as developing countries, has continued to impact positively on societies.

In Nigeria, some companies like BLK Prestige Investment Limited have understood the importance of CSR while some are still living in the past.

Banks as case study: Most of the commercial banks and other organisations across the economy have injected much funds to the initiative over the years. While it may be difficult to substantiate the total amount foreign and local firms operating in Nigeria spend on CSR projects, Nairametrics reported recently that 15 banks spent over N8 billion on their CSR projects in 2018.

While Zenith Bank Plc spent N3.06 billion, UBA spent N1.04 billion, GTBank spent N928.07 million, FBN spent N831 million, Access Bank (N376.75 million), FCMB (N315.80), Sterling Bank (N299.01 million), Stanbic IBTC (N233.40 million), Fidelity (N158.36 million), Wema Bank (N34.62 million), Union Bank (N30.20 million) and Unity Bank (N13.38 million).

The fund was spent on several projects that either impacted or impacting on several communities across the nation. Some of the projects are facelifts of Herbert Macaulay Library, Musical Society of Nigeria, Lagos, primary, secondary and tertiary institutions, provision of basic infrastructure like water, road; health facilities, security trust funds and scholarships to students among others.

These activities of the banks and BLK Prestige Investment Limited have made life easier for residents in both rural and urban areas.

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Business

NLC hails fuel price slash by Dangote Refinery

Published

3 hours ago

December 27, 2024

Sahara Weekly

Enforce the PIA act on crude supply, Dangote urges NUPRC

NLC hails fuel price slash by Dangote Refinery

*Says it bring timely relief for Nigerians

The Nigeria Labour Congress (NLC) has Dangote Refinery over the recent slashed in the fuel price, describing it as a timely economic relief for Nigerians.

Speaking with journalists , the Chairman, NLC Lagos Council, Comrade Funmi Sessi said Dangote Refinery has come at the right time.

She expressed optimism that the reduction would ease transportation costs, lower the prices of goods and services, and provide financial relief to citizens struggling with the high cost of living.

“This adjustment promises to offer much-needed relief for millions of Nigerians who have been grappling with high fuel prices and the rising cost of living.

“If not for Dangote refinery, we believe that government will still be importing fuel.

“But now, Dangote is producing about 650,000 litres of barrel per day, while both Port Harcourt refinery and the other refurbished one are producing about 210,000 litres of barrels per day. Which is not even up to half of what Dangote is producing.

“With this, Dangote has brought a healthy rivalry to the sector and we have started seeing reduction in the petroleum prices and even Dangote have started taking Petroleum to countries such as Ghana, Togo and other countries. What this means is that it will bring stability on our own currency. In this instance , we want to give it to Dangote. We also appreciate its timely intervention.

“Don’t also forget that the National Assembly is trying to bring out a bill that Nigerians should start domesticating our own currency. It so disheartening that our currency is no more strong, even in the West Africa region.

“So, government should encourage Dangote and more players coming in because this will allow healthy rivalry.

“We welcome this relief, which will help many Nigerians struggling due to the high cost of living, and we urge other stakeholders to emulate the Dangote Group’s example for the benefit of all Nigerians,” Sessi said.

On the proposed 2025 budget ,Comrade Sessi said if the government can be strict in it’s implementation, there is hope for the revival of the economy.

” With the budget , we can see that there is hope for Nigeria. Most especially if government can be strict in it’s implementations, there will will improvement in the security , food production and other areas,” She said.

Business

FIRSTBANK’S DECEMBERISSAVYBE LIGHTS UP LAGOS WITH DAVIDO CONCERT

Published

23 hours ago

December 26, 2024

Sahara Weekly

FIRSTBANK’S DECEMBERISSAVYBE LIGHTS UP LAGOS WITH DAVIDO CONCERT

By Farouk Mohammed

Once again, FirstBank has reaffirmed its position as a champion of arts, culture, and entertainment through its annual DecemberIssaVybe initiative. This year, the bank brought music lovers an unforgettable Christmas Eve experience with the Davido Live in Lagos concert, held at the iconic Eko Hotel Convention Centre. As part of the initiative, the event was a highlight of the festive season, delivering joy, excitement, and unmatched entertainment to thousands of fans.

Delivering Exclusive Experiences

True to its legacy, FirstBank ensured its customers and followers had the chance to enjoy this spectacular event through ticket giveaways across its social media platforms. By engaging with fans on Instagram (@firstbanknigeria) and Facebook (First Bank of Nigeria Limited), the bank seamlessly connected with its audience, creating opportunities for them to witness one of Nigeria’s biggest stars perform live.

Through its First@arts initiatives like these, FirstBank continues to elevate the entertainment experience for its stakeholders, positioning itself as more than just a financial institution but a lifestyle enabler. The bank’s efforts underscore its commitment to bringing premium opportunities to its customers, creating memorable moments for families and individuals alike.

Davido: The Highlight of DecemberIssaVybe

On Christmas Eve, the atmosphere at the Eko Hotel Convention Centre was nothing short of electric as Davido, the Afrobeats superstar, delivered an exhilarating performance. With hits like “Feel,” “Unavailable,” “FUNDS,” and “Dami Duro”, the audience was immersed in a musical journey that celebrated Nigerian creativity and artistry. The energy was infectious, as fans sang along to every lyric, making the concert an unforgettable experience for all in attendance.

For many, this was their first time seeing Davido live, and FirstBank made it possible, proving once again its dedication to supporting the arts and providing access to world-class entertainment.

The Spirit of DecemberIssaVybe

The DecemberIssaVybe initiative is not just about music; it’s about community, homecoming, and shared joy. Designed to resonate with Nigerians, both at home and in the diaspora, the initiative creates opportunities for family bonding and cultural connection during the festive season. Events like Davido’s concert, the Calabar Carnival, and Flytime Fest have all contributed to making the 2024 edition of DecemberIssaVybe truly extraordinary. Through DecemberIssaVybe, FirstBank continues to demonstrate its commitment to enriching the lives of its customers by providing access to premium events and creating platforms that celebrate the essence of Nigerian culture.

More Than Banking: A Commitment to Community

FirstBank’s impact goes beyond providing financial services—it’s about enabling memorable experiences. By supporting events like the Davido Live in Lagos concert, FirstBank strengthens its bond with customers, enhancing its role as a catalyst for joy and togetherness during the festive season.

With its steadfast support for the arts and entertainment industry, FirstBank also contributes to the economic empowerment of the value chain, showcasing its leadership in promoting culture, music, and creativity in Nigeria.

Stay Connected, Stay Vibing

For those who experienced the magic of Davido’s concert and other DecemberIssaVybe events, the memories will remain cherished. For those who missed out, FirstBank offers more opportunities to join the excitement. Stay tuned to its social media platforms—Instagram (@firstbanknigeria), Twitter (@FirstBankngr), and Facebook (First Bank of Nigeria Limited)—for updates, contests, and more exciting opportunities.

Business

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

Published

1 day ago

December 26, 2024

Sahara Weekly

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

The Afenifere Mandate Forum (AMF) has cautioned the Nigerian National Petroleum Company Limited (NNPCL) against re-introducing fuel subsidy through dubious means, citing the regime’s notorious history of corruption.

The group emphasised the need for transparency going forward, urging the Central Bank of Nigeria (CBN) not to make payments to NNPCL’s foreign partners in the name of subsidy.

In a statement signed by its President, Otunba Davies Folorunsho, the group said the fuel subsidy regime was embroiled in corruption, with allegations of fraudulent payments and inflated subsidies.

Folorunsho said Mele Kyari, the Group CEO of NNPCL, was at the centre of the controversy, with reports of the company importing toxic fuel from Malta.

He noted that this not only perpetuated corruption but also endangered the health and safety of Nigerians.

However, Folorunsho said the he removal of fuel subsidy has been a significant step towards economic recovery, saving the country billions of dollars that were previously spent on subsidizing petrol prices.

“In 2022 alone, subsidies gulped $10 billion, leaving the state oil company NNPC with nothing to remit to the treasury,” he added.

“Fuel subsidy were not only financially ruinous but also largely regressive, benefiting mostly car-owning urbanites and those who could afford petrol-powered generators.

“As a result of the subsidy removal, the financial burden on the government has been significantly reduced, freeing up more funds for critical infrastructure and social programs.

“Additionally, government revenue has increased, smuggling has decreased, and the risk of adulterated fuel has been mitigated. The removal of fuel subsidy has also paved the way for a more sustainable energy ecosystem, encouraging the use of alternative energy sources and reducing Nigeria’s reliance on fossil fuels.

The group urged the NNPCL to maintain transparency in its operations and avoid re-introducing fuel subsidy through the backdoor.

“We believe that the removal of fuel subsidy is a step in the right direction, and we urge the government to continue on this path towards economic recovery,” Folorunsho said.