Polaris Bank ED, Chris Ofikulu, & TASUED Dep VC, Prof. Adekunle Adeogun receiving the 3 tree species from the NCF Project Officer in Ijagun, Ijebu Ode, Ogun State.

In pursuit of its Corporate Social Responsibilities (CSR), Polaris Bank Limited, is partnering the Nigeria Conservation Foundation (NCF), on land restoration through tree planting initiative.

The bank’s initiative, kicked off recently with a tree planting project at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State.

At the event held in front of the university’s council chamber, the institution’s Vice Chancellors, Prof. Olumide Banjo, represented by his deputy, Prof. Adekunle Adeogun, was full of praises for the bank’s support for the school.

Speaking at the event, the Polaris Bank Executive Director, Chris Ofikulu, said the tree planting initiative, was borne out of the institution’s commemoration of the World Environment Day in June 2024.

According to Ofikulu, the 2024 theme focuses on “Land Restoration, Desertification, and Drought Resilience,” which aligns with the United Nations Decade of Ecosystem Restoration (2021-2030).

He said: “In support of this, Polaris Bank has committed to sustainable practices and land restoration by planting trees nationwide in regions affected by erosion, such as Ogun State.

“It is noteworthy to mention that we are commencing this initiative with Ogun State.

“At Polaris Bank, sustainability is not just a catchphrase. It is our ethos. It is a journey in which we are committed to walk in with conviction.

“Our sustainability practices involve promoting responsible banking, empowering people and society, addressing environmental issues, and sustainable economic growth.

“We aim to ensure that every decision we make, from investments to operations, is guided by the Environmental, Social, and Governance (ESG) principles.

“Our choice of TASUED as the starting port for the bank’s tree planting project is borne out of our long-standing relationship with the University, which commenced with the erstwhile SKYE BANK in 2007.

“The relationship has today remained very cordial and mutually beneficial to both organizations.

“Today’s tree planting exercise at Tai Solarin University of Education in collaboration with the Nigerian Conservation Foundation (NCF) is a testament to our commitment to these sustainability principles.”

Ofikulu said the bank shares its dedication to encouraging sustainable economic growth and appreciating the importance of environmental preservation.

His words: “This project aligns perfectly with the World Environment Day, in addition to reducing carbon footprints and enhancing our natural ecosystem. It also aims to promote public awareness regarding the importance of environmental preservation.

“The benefits of our tree-planting initiative cannot be over-emphasised.

It will contribute significantly to the restoration of degraded areas, the prevention of soil erosion, and the enhancement of overall environmental health.

“This tree-planting project signposts Polaris Bank’s way of giving back to the society through dedication to environmental stewardship and community well-being, promoting a greener future through Corporate Responsibility.”

While stating that the initiative would involve planting of 500 trees, Ofikulu, said 250 seedlings would be planted in the university while the remaining 250 would be planted in another part of the state that would be determined later.

Speaking at the event, the TASUED Vice Chancellor, Prof Oluwole Banjo, said Polaris Bank had contributed immensely to the development of the university.

The vice chancellor represented by his deputy, Prof Adekunle Adeogun, appealed to Polaris Bank to give more support for TASUED promising that the relationship shall be for mutual benefits.

In his address at the occasion, Ayodele Alamu, Senior Manager, Partnerships, NCF, said the whole essence of the initiative is to achieve afforestation and restore the forest cover in Nigeria.

Alamu said the vision of the NCF is to achieve at least 25% of forest cover in the country.

He said: “Today, deforestation is a big challenge such that our forest cover which used to be 30 percent years back is now in between 6 to 8 percent and the consequences of this is land degradation, erosion, among others

“However, efforts such as this tree-planting project being done in partnership with Polaris Bank and TASUED will really help to arrest this challenge and enhance sustainability of our environment.

“It is what everyone of us must get involved in to fight the climate change and the attendant negative consequences.”

Other dignitaries at the event were Mrs. Bukola Oluyadi, Group Head Customers Experience and Value Management, Rasheed Yusuf, Group Head, Ondo/Ekiti, Abiodun Daramola, Group Head Ogun/Oyo and Yemi Akinrelere, Head, Sustainability and Consumer Protection among others.

In demonstration of its leadership in the Sustainability space, leading financial institution – Fidelity Bank Plc – has emerged the first bank to publish its 2023 ISSB-Compliant Sustainability and Climate Report in the Nigerian banking industry.

Hosted on the bank’s website on June 30, 2024, the report provides insights into the Bank’s Governance, Strategy, Risk Management, Metrics and Targets around Sustainability and Climate-related risks and opportunities, Human Capital, Community Efforts, amongst others in the 2023 financial year.

“2023 marked a pivotal point in our sustainability journey. We became a signatory of the UN Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (PRB) and the UN Women’s Empowerment Principles (WEP). These associations go beyond mere statements of membership – they actively integrate sustainability and climate-related goals into our core business strategy and daily operations.

“We believe innovation and transparency are essential for building trust in our strategies and achievements. As we progress towards sustainability, we remain committed to our diverse stakeholders including our dedicated workforce, esteemed shareholders, and valued customers”, remarked Mr. Mustapha Chike-Obi, Chairman, Board of Directors, Fidelity Bank Plc in the report.

The document, which was prepared in accordance with the requirements of IFRS S1 and S2, highlights the bank’s achievements and aspirations as pacesetters within the financial services sector.

Speaking on the bank’s strategy on Sustainability and Climate change, Mr. Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc, stated, “Our 2023 Sustainability and Climate Report details our commitment to continually situate ESG and Climate-related risks & opportunities considerations at the core of our business operations and activities as we constantly explore means of meeting our corporate objectives in a manner that significantly reduces the negative environmental and social effects. We are glad to be the first bank to publish its report as this emphasizes our market leadership in the Sustainability space and we commit to do more to increase our positive impacts in all aspects of sustainability.”

It will be recalled that Fidelity Bank was recently listed amongst the top Nigerian banks in ESG performance according to a survey commissioned by the Independent Project Monitoring Company (IPMC) Limited.

To access the Fidelity Bank 2023 Sustainability and Climate Report, please visit https://www.fidelitybank.ng/documents/Fidelity_Bank_Sustainability_Climate_Report_2023.pdf

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

June data signaled a broad stagnation of the Nigerian private sector as subdued demand and intense price pressures led to slowdowns in growth of output and new orders. In turn, employment rose only fractionally. There were signs of inflationary pressures picking up, with purchase prices, staff costs and selling charges all increasing more quickly than in May. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI registered only fractionally above the 50.0 no change mark in June to signal broadly unchanged business conditions at the end of the second quarter. At 50.1, the index was down from 52.1 in May and the lowest in seven months. Although new orders continued to rise in June, the rate of expansion was only marginal and the weakest in the current seven-month period of growth. There were some reports of underlying demand improving, but sharp price rises meant that customers faced challenges being able to commit to new projects.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “The Stanbic IBTC headline PMI dropped to a seven-month low of 50.1 points in June from 52.1 in May due to moderation in domestic demand amid the intensification of price pressures, leading to slowdowns in growth of output and new orders. Notably, new orders recorded a near stagnation as new business increased only marginally and at the slowest pace in the current seven-month sequence of expansion. Besides, financial challenges at customers reportedly limited the ability of firms to fully benefit from any improvement in underlying demand. In line with the picture for new orders, output rose at a slower pace during June, settling at its weakest level in four months. Meanwhile, the rate of inflation in overall input prices remained elevated in June, ticking higher for the second month running to the strongest since March. Close to 60% of respondents posted a rise in input costs during the month. In line with the trend in input costs, companies increased their own selling prices sharply again in June. The pace of inflation quickened slightly from that seen in May.

“Nigeria’s private sector activity as measured by the headline PMI ended Q2:24 on a weak note as the domestic economy continues to be affected by elevated price pressures, high interest rates and lingering currency weakness. The PMI reading in the quarter is consistent with a likely slowdown in non-oil sector’s growth to 2.6% y/y in Q2:24 from 2.8% y/y in Q1:24. Nonetheless, headline inflation is likely to peak in June, with moderation expected in H2:24 as the year-on-year effects of PMS subsidy removal (which induced higher fuel prices) and significant currency depreciation (which accompanied the FX unification) fade. This, in addition to the commencement of the primary harvest season in September, is likely to provide some respite for consumers in H2:24.

Companies increased their selling prices rapidly again in June, with the pace of inflation quickening slightly from that seen in May. The sharper rise in output prices was in tandem with a faster increase in input costs. Purchase price inflation was recorded amid currency weakness and higher raw material costs, particularly those related to animal feed. Meanwhile, efforts to help workers with increased living and transportation costs led to a further solid rise in wages. In line with the picture for new orders, output rose at a slower pace during June.

The rate of expansion was slight and the weakest in four months. The agriculture and manufacturing sectors posted faster increases in business activity than services and wholesale & retail. Muted demand conditions enabled companies to reduce their backlogs of work for the first time in four months. Some firms indicated that they had cleared all outstanding business. There were other reports, however, that difficulties securing materials (often linked to prices) caused delays in the completion of projects, meaning that the overall reduction in backlogs was only marginal. With new order growth slowing and backlogs of work down, the vast majority of companies kept their staffing levels unchanged in June. Employment rose fractionally for the second month running.

Firms increased their purchasing activity at a solid pace, reflecting recent rises in new orders and efforts to get ahead of expected future price rises. Inventories also increased. Business confidence remained among the lowest on record in June. Where firms were optimistic in the outlook for output, this was linked to plans for business expansions, the securing of new funding and efforts to export.