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BLK Prestige Investment Limited: Responsible CSR for societal growth

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7 years ago

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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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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Business

Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

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15 hours ago

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May 13, 2026

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Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

 

The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.

Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.

The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.

However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.

In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.

A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.

The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.

Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.

Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.

The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.

Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.

The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.

While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.

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Bank

Union Bank Honoured by ASBON at Nigeria National SME Business Awards

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22 hours ago

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May 13, 2026

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Union Bank Honoured by ASBON at Nigeria National SME Business Awards

 

 

Lagos, Nigeria – Union Bank of Nigeria has reaffirmed its reputation as a strong supporter of Nigerian businesses, receiving the Best SME Growth Banking Initiatives Award for 2025 from the Association of Small Business Owners of Nigeria (ASBON) at the Nigeria National SME Business Awards, held recently in Lagos.

The award was presented to the Bank in recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises, through a differentiated suite of solutions designed to enable business expansion and long-term value creation.

Receiving the award on behalf of the Bank, Ayokunnumi Abraham, Head of SME Segment at Union Bank, described the recognition as a strong endorsement of the Bank’s commitment to supporting small and medium-sized businesses. He said:

“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible. Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting. These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive.”

Organised by ASBON in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment, the event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.

Union Bank remains focused on deepening its support for SMEs through customer-led solutions and processes that strengthen business growth across the ecosystem.

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Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion 

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1 day ago

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May 12, 2026

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*Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion* 

_By AGP News 

 

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

 

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

 

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

 

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

 

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

 

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

 

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

 

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

 

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

 

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

 

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

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