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FirstBank: Nigeria’s Premier Eco-Friendly Financial Brand.

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FirstBank: Nigeria’s Premier Eco-Friendly Financial Brand.

 

 

 

 

 

 

 

 

 

 

Concerning FirstBank, As the world gears up to celebrate World Environment Day (WED), Brand Communicator’s focus on Eco-Friendly Brands in the Nigerian market falls on Nigeria’s premier and perhaps the strongest financial institution, FirstBank of Nigeria Limited. The focus is on the Bank’s environmental policies and their impact on global environmental issues.

 

 

FirstBank: Nigeria’s Premier Eco-Friendly Financial Brand

 

 

 

 

 

 

 

This brings to fore the importance of environmental sustainability in our world today. Environmental sustainability is one of the biggest challenges and most important targets of the present times. Stakeholders (researchers, academicians, scholars, governments, and non-government organizations involving individuals, communities, countries, and the continents, are increasingly focusing their attention on how to tackle the challenges associated with driving environmental sustainability. Key stakeholder concerns include the constant exploitation of the environment due to economic development. While the current generation is enjoying the fruits of economic development, they tend to be oblivious of the uncertainty and dangers that future generations would confront as a result of scarce natural resources and a polluted environment. It is, therefore, our responsibility to leave the planet as a self-sustainable system providing equal opportunities for survival not only to our future generations but also to all other species co-habiting with us.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Nigeria, studies have shown that various sectors of the economy are vulnerable to climate change. These include human settlements and health; water resources, wetlands and freshwater ecosystems; energy, industry, commerce, and financial services; agriculture, food security, land degradation, forestry, and biodiversity; coastal zone and marine ecosystems.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Because of the seriousness of climate change and the impact, it poses to the environment, an organization like First Bank of Nigeria Limited is leaving nothing to chance in ensuring an eco-friendly society. Its recognition of the environmental and social impacts of its operations has made it adopt policies and procedures that minimize negative environmental and social impacts.

 

 

 

 

 

 

 

 

 

 

 

In doing business, the Bank, which is Nigeria’s first and arguably its most prestigious, takes cognizance of potential environmental risks to nip them in the bud. This has done by constant interactions with stakeholders, driving sustainable insurance, and put necessary frameworks in place towards ensuring that its actions as a corporate entity do not impact negatively the environment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As such, the sustainability of the societies and physical environments in which the Bank operates is critical to its own sustainable success. Therefore, the Bank has shown over the years that it is committed to making a positive contribution wherever it does business while avoiding or minimizing any direct or indirect negative impact on communities and the environment resulting from its activities, beyond its responsible lending and investment efforts. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The acknowledgment of the fact that its environmental impacts can be indirectly linked to climate change and its global effects have led the bank to adopt an approach to environmental sustainability which is two-fold based on its direct and indirect impacts. The approaches to reducing the direct impacts of its operations include the approach to minimizing carbon footprints and carbon offsetting; work towards carbon neutrality as well as promote wildlife and biodiversity conservation and preservation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In minimizing waste, the Bank works to improve energy efficiency in its data centers and offices as well as reduce air travel and implement safe paper use initiatives. It also increased the use of conference calls for meetings as against attending physical meeting schedules thereby minimizing fuel consumption and carbon emission from vehicles. It’s Going Green’ efforts have also seen the Bank purchase renewable energy; promote tree planting initiatives and the indirect impact of its activities focuses largely on responsible lending.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Bank’s key objectives of minimizing carbon footprints through the planting of trees, creating awareness among school children of the need to preserve wildlife and biodiversity, developing and educating environmentally conscious students through partnerships with reputable NGOs and institutions, are huge. The challenge in implementing this project is not just in identifying suitable locations with the right soil and climatic conditions for tree planting, but also in ensuring students’ participation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

These objectives and FirstBank’s responsible approach to protecting the environment have seen it partner with Nigerian Conservation Foundation (NCF), Nigeria’s premier non-governmental environment conservation foundation dedicated to nature conservation and sustainable development in Nigeria. Its ongoing partnership with the NCF has seen it actively support annual activities promoting conservation and preservation of wildlife and biodiversity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The FirstBank Conservation Initiative is part of our long-term approach to promoting sustainability, which involves minimizing our direct and indirect impacts on the environment. And the success of this initiative is dependent on our meaningful engagement with our stakeholders.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With its huge expertise in environmental issues, the Bank found a worthy and perfect partner in the NCF to help implement this program successfully. The NCF used its experience and influence to engage the various stakeholders to support the program. This included utilizing its conservation clubs, which provided educational sessions for the students on the importance and benefits of conservation and supporting biodiversity. The subsequent enthusiastic participation of the students, and the encouragement they received from the Ministry of Education and school authorities, enabled the program’s objectives to be achieved.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

So far, 240 trees have been planted at the Lagos State Civil Service Model College Igbogbo in Ikorodu, and Evboesi Mixed Secondary School, Benin City. More than 1,000 environmental sustainability champions have also been appointed in these locations. These champions are young people who look after the trees and ensure that they are adequately cared for to help the bank achieve its afforestation goals. “The planting of trees is just part of our efforts to contribute to Nigeria’s green economy and to combat deforestation/desertification while recognizing the key role of children and young people in the sustainability agenda,” the Bank in a statement disclosed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Through its partnership with Junior Achievement Nigeria (JAN), FirstBank sponsored the National Company of the Year (NCOY) Competition. The competition is an extension of the COY program that brings secondary students together to form a company, choose a business name and elect officers to oversee operations of the company for the program duration. It teaches students to put theory into practice to fully understand what financial literacy and entrepreneurship are.  At the end of the program, the students that complete the program successfully, compete in the regional competition and represent their school in the National Company of the Year competition in Lagos. In 2020, the New Phase from Brookstone Secondary School, Port-Harcourt, Rivers state emerged winner, producing an eco-friendly block. The eco-friendly construction blocks were made from plastic waste. These sustainable blocks are the next wave of sustainable construction.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beyond the initiatives above, responsible lending remains one of the strategic pillars in delivering the sustainability goals of the FirstBank Group. FirstBank has put in place an Environmental, Social and Governance Management System (ESGMS) to help the Bank integrate environmental social, and governance considerations into its decision-making processes. This includes an ESG policy and procedures for screening transactions. The ESG policy is based on existing policy documents and international best practices, while procedures to screen transactions are aimed at conducting ESG due diligence on potential transactions. These are based on Central Bank of Nigeria’s Sustainable Banking Principles, IFC Performance Standards, and international best practice and are tailored to FirstBank’s procedures, risk management framework, risk appetite, and tolerance, and adapted to its strategic objectives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The key objective of this policy is to ensure that all the transactions that FirstBank is considering funding, include adequate provision for actions necessary to prevent, control and mitigate negative impacts on the environment and communities, and improve environmental quality.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With this, FirstBank has shown its commitment to integrating social and environmental principles in all its operations; promoting good corporate governance and ensuring social and environmental considerations are included in the business decision making; reviewing and managing potential social and environmental risks in its lending and investment processes and activities and reviewing all borrowers against the criteria like exclusion list; the International Finance Corporate Performance Standards, and other applicable international standards as well as the Nigeria Sustainable Banking Principles (NSBP) requirements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other initiatives are, providing constant education and training for all staff on issues of environmental and social responsibility relevant to the business; regularly communicating to all stakeholders on the progress of commitments including achievements, challenges, and future direction; continuous improvement on how it identifies, assesses and manages Environmental, Social, and Governance (ESG) risks within its businesses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The successful and productive implementation of the ESGMS has propelled the bank to integrate the associated checklist (which is usually completed by a relationship manager and verified by an analyst against the EIA report), into the bank’s credit application platform designed for reviewing credits. The goal is to ensure efficiency through automation as relevant implementation documents such as the environmental, social, and governance risks screening checklist will be fully automated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

These initiatives over the years and activities have shown that environmental sustainability remains a key corporate responsibility & sustainability focus for FirstBank.

 

 

Business

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

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UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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