Business
CSI is key to the sustainability of our business – Stanbic IBTC
Published
7 years agoon
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.
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$87m Theft: Investors of Afriq Arbitrage System Boos,Jeer At Abayomi, Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th
Published
3 hours agoon
May 2, 2024$87m Theft: Investors of Afriq Arbitrage System Boos,Jeer At Abayomi, Remanded in Suleja Until Bail Perfection As Court Adjourns Till 14th ( Video)
The arraignment of Abayomi Oluwasesan over the lingering theft saga to the tune of $87m commenced today with the review of his bail conditions.
Abayomi Segun Oluwasesan who allegedly committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System was arraigned alongside his wife at the FCT High court, Jabi in Abuja.
Earlier, the defendants’ lawyer appealed for leniency on the stringent bail condition on behalf of Abayomi OluwaSesan citing their prolonged detention and promising their availability for trial if granted bail. However, the complainant lawyer, Sidi Abdulrasheed, opposed the bail request, highlighting previous instances where the defendants had allegedly fled after being granted bail.
Responding to the bail review, the presiding judge, Ms. Idris insisted the earlier bail conditions remain valid with little modification. It would be recalled that the conditions initially given included provision of two sureties each with 500 million Naira, owning property in Maitama, and also two directors in the federal civil service. Additionally, the sureties must deposit the title documents of their properties in court. However, in his ruling today, he said the sureties should be owners of properties anywhere within the FCT and worth 400 million naira and above. He also reiterated that the two directors should be serving directors and the properties be valued by a licensed estate valuer registered with the federal government.
Thereafter, he adjourned the proceedings till 14th ,15th and 16th of May 2024 for speedy trials.
Speaking to Jesam Micheal, the CEO of Afriq Arbitrage System (AAS) after the court proceedings, he clarified the wrong narratives about the case. He said the appearance of Abayomi in court has justified the truth that he defrauded the company to the tune of $87m and that he has confessed to his crime. He narrated how Abayomi who was entrusted with the platform while he went for liver transplant tempered with the systems and defrauded the community of the staggering sum of $87m. He stated that all he is after is for him to refund the stolen funds.
Also, the complainant’s counsel, Barrister Obeten revealed that justice will be served at the court as the suspect has allegedly admitted to committing the crime.
Meanwhile, there was mild drama in court as thousands of investors stormed the court today, booed and jeered at Abayomi and his wife. Their anger was not unconnected to the fact that his actions gravely affected them and their means of livelihood.
It would be recalled that Abayomi and his wife were tracked to an estate in Lagos and brought back to Abuja on Sunday, March 24th, 2024 over the lingering financial scam to the tune of 87 million dollar and criminal activities he perpetrated against AAS and the CEO, Jesam Micheal.
The arraignment of Abayomi by the IG of police at the Federal High Court in Abuja witnessed a significant development on Thursday, March 28th, 2024, as the case involving the alleged theft of 87 million dollar by Abayomi OluwaSesan charged by the Inspector General of Police, Kayode Egbetokun, proceeded with significant deliberations.
The accused individuals were charged for purportedly accessing millions of subscribers’ investments at the Afriq Arbitrage Company’s online trading platform until October 9th, 2023.
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Wema Bank Celebrates Remarkable Journey of 79 years
In a remarkable celebration of heritage and innov ation, Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT today announced a joint celebration marking Wema Bank’s 79th years and ALAT’s 7 years anniversaries. This significant celebration not only commemorates nearly eight decades of exceptional service and innovation in the Nigerian banking sector but also celebrates the bank’s seven years of digital excellence with ALAT.
Since its inception in 1945, Wema Bank has been at the forefront of financial innovation, constantly adapting to meet the evolving needs of its customers. Over the decades, the bank has evolved from a regional bank to a national bank, adapting continuously to meet the dynamic needs of its customers and establishing itself as a pillar of trust and reliability for millions of individuals and businesses across Nigeria.
According to the MD/CEO Wema Bank, Mr. Moruf Oseni, the bank’s evolution from being Nigeria’s oldest indigenous bank to being at the forefront of innovation, pioneering Africa’s first fully digital bank, ALAT, has been a true story of resilience and transformation.
“At 79, Wema Bank stand stronger than ever, and this achievement would not have been possible without the support of our customers and employees. We thank them for believing in the Wema vision, for entrusting their financial security to us, and for allowing us to contribute to their personal and professional aspirations. Their faith in us is deeply cherished, and we are honored to serve them.”
“As we mark our 79th year today, we reaffirm our commitment to empowering lives through innovation, and exceeding our customers expectations with unparalleled banking experiences tailored to their needs. Our pledge is to stand by our customers through every stage of life, offering enabling platforms to accelerate their growth and propel them to extraordinary heights.”
“While the past 79 years have been remarkable, we anticipate that the coming decades will be even more inspiring. With the partnership of our customers and employees, Wema Bank is poised to set new standards in financial services and redefine the future.” He concluded.
As part of the anniversary celebrations, Wema Bank and ALAT are rolling out a series of customer-focused activities designed to reward loyalty and enhance the customer experience. Throughout the anniversary month, customers will enjoy various promotions, including discounts on transactions, cash prizes, special loan offers and much more.
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Federal Housing Authority goes digital …As the MD/CEO flags off Digitalisation drive
Published
21 hours agoon
May 1, 2024Federal Housing Authority goes digital
…As the MD/CEO flags off Digitalisation drive.
The Managing Director and Chief Executive, Federal Housing Authority, Hon Oyetunde Ojo, May 1st, 2024 flagged off the Authority’s digitization drive.
In a ceremony at FHA’s head office, the MD CEO noted that the digitalisation effort is the first phase of the organisation’s march towards being a fully digitized outfit. This phase he stated covers all the Authority’s internal operations. He stated that the next phase that would take off in the coming weeks would be the real time interface with the public: allottees, prospective customers and Stakeholders.
Describing the event as a significant milestone in the Authority’s history and corporate existence, Hon Ojo noted that it has become necessary for FHA to embrace digitalisation to stay competitive and relevant.
In his words, the MD said : ” in today’s rapidly evolving world, where technology continues to reshape industries and redefine how we operate, it has become imperative for us to embrace digitalisation to stay competitive, efficient and relevant.
The FHA Chief Executive noted that when his management resumed duties about two months ago, they found It unacceptable to lead the nation’s premier housing agency operating analogue in the this 21st century. He noted that their resolve and commitment to modernize and streamline the Authority’s operations, enhance service delivery, and ultimately serve the Stakeholders better, was the driving and motivating force behind them.
Hon Oyetunde Ojo also emphasized that the robust programmes of his management towards expanding the operations of the Authority has made it expedient to embrace digitalisation.
Citing FHA’S role in the Renewed Hope Agenda of President Bola Ahmed Tinubu (GCFR) on Housing, the commencement of the Authority’s Diaspora City initiative as some of the projects FHA is currently involved in, he pointed out that the enormity of the projects can only be supported by digitalisation.
According to him, “…it has become more pertinent now that FHA is in the fore front of Housing revolution in the country through President Bola Ahmed Tinubu’s Renewed Hope Agenda in Housing… the Authority is also getting set fir the take off of the Diaspora City initiative, meant to help our people living outside the country to gave befitting homes back home”
Continuing, he said that the enormous nature of these projects has made digitization of FHA more expedient.
” We are repositioning an FHA where people could stay in the confines of their homes and monitor their investments with us, buy houses, obtain any information the want, just by the click of a button”. He said.
The MD revealed that the coming months and years will witness series of digital initiatives that would be rolled out across the Authority. He declared, ” … from automating manual processes to digitizing records, implementing advanced analytics, and enhancing cybersecurity measures, our digitalisation efforts will touch every aspect of our organization”.
Hon Ojo encouraged the staff to embrace the changes that comes with digitalisation. ” As we embark on this journey, I encourage each and every one of you to embrace change, to be open to new ideas, and actively participate in our digital transformation. Together, we have the opportunity to shape the future of FHA and pave the way for a more innovative, efficient, resilient organization “. He said.
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