Business
CSI is key to the sustainability of our business – Stanbic IBTC
Corporate Social Investment is deployed by businesses to help impact their operational environment. YINKA SANNI, Group Chief Executive, Stanbic IBTC Holdings PLC in this interview examines CSI practice in Nigeria and how Stanbic IBTC deploys its CSI as part of the financial institution’s larger sustainability strategy for socioeconomic integration of the under-served in the society as well as a tool for creating shared values. (Excerpts)
How does Stanbic IBTC position corporate social investment (CSI)?
Most organisations interpret and implement CSI as best suits their overriding corporate goals. However, to borrow a leaf from the United Nations Industrial Development Organisation (UNIDO), we at Stanbic IBTC see CSI as a management concept whereby we integrate social and environmental concerns into our business operations and interactions with our stakeholders. CSI is the way through which Stanbic IBTC as a socially responsible company achieves a balance of economic, environmental and social imperatives.
At Stanbic IBTC, we are aligned to Standard Bank Group CSI focus which uses CSI to enhance our brand reputation, grow new markets, increase employee proposition and present us as socially responsible in a way that makes business sense. We share in the Group’s ideology where CSI is key and the watchwords are development, support and community upliftment.
Our CSI pillars in Stanbic IBTC are Education, Health and Economic Empowerment
In your opinion, are corporate organisations in Nigeria doing enough in terms of CSI or do you recommend a paradigm shift in attitude?
I believe that many organisations already see the value in CSI and are doing quite a bit of social investments. Nonetheless, when you examine the peculiarity of our operating environment, where there exist wide gaps between the different socio-economic classes, you’ll understand we could never do too much and that there’s always ample opportunity to do more, especially among the lower cadre of the socio-economic spectrum.
I mean those who sit at the bottom of the pyramid. I would advise that companies make a conscious and concerted effort not just to finance some add-on philanthropic things, but to change their strategies and business models and really develop and incorporate structured CSI approach into their management accounting and control systems. What is prevalent is that businesses have marvelous ambitions related to CSI. The question, however, remains how committed they are to actualizing or sustaining these ambitions and more importantly how they even plan to accomplish these ambitions.
Are your employees usually part of your stakeholder engagements?
Absolutely. At Stanbic IBTC our vision recognizes that our people are our most important asset, which makes it imperative to inspire and engage employees in ongoing CSI efforts to make a meaningful impact. We see our employees as our partners in all our sustainability initiatives. By doing this, not only do we succeed in getting their active involvement, but also benefit from the fact that employees gain a lot of valuable skills and experiences which make them a better asset to our organization.
The sustainability of an idea needs everyone in every title to be aligned to our mission of moving forward. We believe our people and culture will determine our success in executing our strategy, which includes our CSI. Our business philosophy is anchored on and vested in building relationships and trust with our clients/customers, employees, shareholders, regulators, communities and other key stakeholders. Our values underpin our legitimacy and are intended to reinforce the trust our stakeholders have in our organisation. As such, we endeavour to carry along and get the buy in of all our internal and external stakeholders.
In fact, we have a culture of staff involvement and participation in our social investment initiatives which means that our staff are not only part of the activation but the entire process of identifying key areas where we choose to support, collaborate or invest. We try as much as possible to encourage our staff to either as teams or units voluntarily contribute and participate through departmental CSI activities which initiative has been hugely successful over the past year. Through staff CSI volunteerism or contribution alone, we have invested over a N100million towards various charitable causes under the health, education and economic empowerment portfolios year-to-date.
How important is corporate social investment to Stanbic IBTC’s business?
I believe it would be difficult to put a value to the importance of CSI to us as an organisation. Primarily because CSI is key to the sustainability of our business just as the support of all our stakeholders underpins our sustainability. This inter-dependence requires that we conduct our business responsibly to create value in the long-term interests of society. For us at Stanbic IBTC our mission is to continue to contribute to the socioeconomic development of the nation in a way that is consistent with the nature and size of our business operation. This is why we provide end-to-end financial services and products responsibly, bearing in mind the needs of society, our customers, our staff, our shareholders, the environment and future generations.
We do pride ourselves as a socially responsible corporate citizen of our country because CSI is an integral part of our DNA at Stanbic IBTC and Standard Bank Group. Standard Bank has over the years built reputation for continental support of arts and culture as well as sports development.
Our commitment to investing in corporate social projects and initiatives is something we take just as seriously as adhering to the highest corporate governance principles and operating in line with global best practice. At Stanbic IBTC, CSI isn’t a publicity platform. We see CSI as a duty. Like I mentioned earlier, our CSI falls under three prongs of health, education, and economic empowerment.
How do you select the initiatives and projects you undertake for your CSI and what model or models do you use for implementation?
Generally, our CSI initiatives must fall under any of the three pillars of health, education and economic empowerment. The model we’ve used and that has worked for us overtime is investing in projects we believe have the greatest impact, widest reach, and highest sustainability ratio and ensuring implementation with reputable, competent and reliable partners. We, however, have carried out several other projects like vaccination against hypophosphatasia (HPP), education materials donation, public school facility renovations, safety equipment donations, like safety helmets, water projects, as well as staff volunteerism initiatives I talked about earlier which we undertake directly. Just to mention that we recently donated relief materials worth millions of naira to alleviate the living conditions of our brothers and sister in Benue State and its environs who were devastated and displaced as a result of the flooding in that region.
Tell us about the project you refer to as your flagship CSI initiative “Together For A Limb”and why you organise the annual walk?
Thank you very much for that question. Having over a long period of time channelled our CSI on projects under both education and economic empowerment pillars of our CSI aegis, we decided it was time to revisit our intervention and shift focus back to the health sector, which explains why we decided on sponsoring and fitting children with limb loss with prosthesis. Which is why in the last two to three years Stanbic IBTC has consistently sponsored the donation of prostheses to some children living with limb difference, otherwise referred to as amputees.
We understand how challenging it must be for the parents and guardians of these children, especially considering the high cost of acquiring these prostheses and of course the value it would bring to the daily lives of these children. In addition to fitting the children with prostheses, Stanbic IBTC is also giving out Education Trust to the beneficiary children courtesy of our Trusteeship subsidiary.
We did not stop at that. To help raise public awareness for amputees, victims of terror attacks and other children who have limb differences or have lost limbs due to trauma, mismanaged injuries, accidents and, occasionally due to congenital issues, and create shared values in the community, Stanbic IBTC on Saturday, 14 November 2015, organised a Walk tagged ‘Out For A Limb’ in Lagos, chaired by the First Lady of Lagos State, Mrs. Bolanle Ambode. This was the very first edition and the walk featured management and staff, esteemed customers and friends of Stanbic IBTC and other well-meaning Nigerians. Our sincere gratitude go out to all our stakeholders who came out en-masse to join us in walking for a good cause. We are also forever grateful to Her Excellency, wife of the Executive Governor of Lagos State, Mrs. Ambode, for her motherly love, support and guidance in identifying with our quest to raise awareness for amputees and help bring succour to underserved children who live with limb differences from the very start of the project.
Owing to just how committed Stanbic IBTC is to CSI, and most of all, this particular initiative which coincidentally is our adopted signature CSI project. The second edition, which held on Saturday, 24 September 2016 in Abuja, and which had now been rechristened ‘Together 4 A Limb’ which was more impactful.
Essentially because we decided to expand the scope of beneficiaries to include underserved children victims of the Boko Haram insurgency which has plagued the northern region of the country as some of the primary beneficiaries of the programme.
A 3-kilometre charity walk aimed at raising awareness and awakening public consciousness of children without limbs was flagged off by the Guest of Honour the First Lady of Nigeria, Mrs. Aisha Buhari, who was ably represented by the wife of the Zamfara State Governor, Hajiya Asmau Yari.
As is our practice and as part of the package, education trust fund worth millions of naira was awarded to each of the eight beneficiary children whom we had successfully fitted with artificial limbs. Six of the eight children beneficiaries were actually present at the charity walk and were presented cheques by Hajiya Yari while two others were presented at a separate ceremony. Five children had benefitted from the initiative in 2015 and received education trust fund and prostheses, which brought to 13 the number of children beneficiaries so far. In growing these numbers this year, preparations are in top gear to host the third edition of the initiative. We are currently, fitting and carrying out rehabilitation, as we are already preparing another set of six children who will join the growing list of beneficiaries of the initiative. These six children will be officially unveiled during the walk and presented with cheques in the form of education trust fund to guarantee their educational growth and development.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
Business
A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test
*A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test*
By Deji Johnson and Mustapha Bello
t begins with a pipeline that should have been completed by June 2026. It widens into a regulatory dispute. And it now risks becoming a defining test of Nigeria’s gas reforms under President Bola Ahmed Tinubu.
At the center is a stalled 80 kilometre gas pipeline from Sagamu to Ibadan, a project backed by over 100 million dollars in investment and built on a protected Gas Distribution Licence issued under the Petroleum Industry Act 2021. The licence granted NGML–NIPCO exclusive rights to distribute gas within Ibadan for 25years based on Nigeria’s Petroleum Industry Act.
On paper, the law is clear. On the ground, the situation is anything but.
For more than three months, construction has been halted following a stop work order issued by the Oyo State Government led by former Shell Contractor and engineer, Governor Seyi Makinde. No detailed public justification has been provided that aligns with existing federal approvals already secured for the project.
What might have remained a quiet regulatory disagreement has now escalated into something far more politically charged. How?
In recent remarks, Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, who is of the same political party as Governor Seyi Makinde, made a pointed allegation that has since rippled across political and industry circles. He suggested that the Governor of Oyo State and Shell were in what could be described as an “unholy alliance.”
It is a serious claim. One that, if substantiated, would raise profound questions about the intersection of corporate influence, state level action, and federal law.
Neither Shell nor the Oyo State Government has publicly responded in detail to the allegation.
But the silence is now part of the story.
*THE SHELL QUESTION*
For Shell, this moment carries particular weight.
The company has operated in Nigeria for decades, building one of its most significant global portfolios in the Niger Delta. But that history is not without controversy. From corruption claims to environmental damage claims and community disputes amongst others, Shell has faced years of litigation and, in several high profile cases, adverse rulings tied to its operations in the region.
Those cases, many adjudicated in foreign courts, have shaped a negative reputation that continues to follow the company.
Now, a new question emerges.
Is Shell once again operating at the edge of Nigeria’s regulatory framework seeking to exert undue influence in circumventing Nigeria’s petroleum laws, or firmly within it?
Industry sources including a widely reported meeting between their representatives, Oyo State Government representatives and the newly appointed midstream and downstream chief executive, indicate that engagements involving Shell and the Nigerian Midstream and Downstream Petroleum Regulatory Authority could enable the company to enter a gas distribution zone already licensed to another operator in breach of the PIA.
If true, the implications are immediate and far reaching.
A licence meant to protect investors and investments in Nigeria’s gas space ceases to be exclusive against the dictates of the guiding laws. A framework begins to look flexible, and a reform risks appearing reversible.
To many, it seems more than just a commercial dispute and is not just about one company versus another.
Nigeria is in the middle of an energy transition where gas is expected to play a central role in powering industries, stabilising electricity supply, and reducing reliance on expensive diesel. President Bola Tinubu has emerged as a global champion of using gas as a transition fuel in Nigeria and Africa whilst rolling out elaborate but clearly defined plans to achieve it. Yet gas availability remains inconsistent, constraining power generation and limiting industrial output.
Projects like the Sagamu to Ibadan pipeline are designed to close that gap. To halt such a project is to delay not just infrastructure, but impact. To undermine its legal basis is to question the system that enabled it and to introduce competing claims within the same licensed zone is to risk regulatory confusion at a time when clarity is most needed.
This is where the issue moves from commercial to national because at stake is not only an investment, but the credibility of the reform architecture itself.
*OYO STATE AND THE FEDERAL QUESTION*
The role of the Oyo State Government adds another layer of complexity.
Energy regulation in Nigeria, particularly in the gas sector, is governed by federal law. Yet implementation often intersects with state authority, creating spaces where jurisdiction can blur.
The stop work order issued on the pipeline has become the clearest manifestation of that tension. Was it a regulatory necessity?
A precautionary measure? Or, as alleged by Minister Wike, part of a broader alignment with external interests? Without transparency, speculation fills the vacuum and the regulator must avoid finding itself mired in such allegations.
*QUESTIONS THAT WILL NOT GO AWAY*
For Shell, the questions are now direct and unavoidable:
Is Shell, a global energy giant, seeking to operate within the Ibadan gas distribution zone already licensed to NGML–NIPCO?
What assurances, if any, has it received from regulators or state actors?
How does it reconcile such actions with the exclusivity provisions of the PIA?
For the regulator, NMDPRA:
Can a Gas Distribution Licence be effectively shared, diluted, or overridden after issuance? According to Nigerian laws, the answer is No.
What precedent does this set for Nigeria’s gas infrastructure market?
For the Oyo State Government:
On what legal grounds does the stop work order stand, given federal approvals already in place?
And how does this action align with national energy priorities or the state’s gas needs?
Nigeria has spent the last two years telling a new story to the world. A story of reform, of discipline, of a country ready to compete for global capital. And it has worked so far with stability returning to Nigeria’s economy and over $20bn of energy investments looking to enter the country in the short to midterm.
But reforms are not tested in policy papers. They are tested in moments like this.
Moments where law meets influence, investment meets interference and promise meets pressure.
For Shell, long mired in issues surrounding ethical operations in Nigeria, this is more than a business decision. It is a reputational crossroads.
For Nigeria, it is something even larger. Whether the country’s laws will hold when they are most challenged or Whether its reforms will stand when they are most inconvenient or even whether Nigeria’s energy investments future will be shaped by the rules of law, adherence to regulatory protections and provisions or by unethical and corrupt relationships.
Until those questions are answered clearly, publicly, and decisively, the pipeline in Ibadan will remain more than steel in the ground.
It will remain a symbol of a country still deciding which path it truly intends to follow. Nigeria must act quickly and decisively because the world is watching.
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