Business
Ecobank Wins Starsight Sustainability Award 2020
Leading West African Commercial and industrial solar power and cooling provider, Starsight says Ecobank is well placed to be the market leader in the establishment of “Green Branches’ across the country.
According to Starsight, it has so far delivered more than 100 branch facilities with its market leading renewable energy solutions, reducing Ecobank Carbon footprint and making Ecobank one of the market leaders in the implementation of renewables in the Nigerian Banking sector. It went further to state that Ecobank is well placed to be the market leader in “Green Branches’ with an addition 50 Branches scheduled to go live in Q1 2021.
Presenting the Starsight Renewable Energy Sustainability Award for 2020 to Ecobank in Lagos, Teme Jack, Head Sales, SMEs, Starsight Energy, lauded the commitment of Ecobank towards application of renewable solutions thereby reducing carbon footprints, stressing that the award was well deserving. She was optimistic that Starsight partnership with Ecobank would further go a long way to environmental sustainability.
“Our partnership with Ecobank has delivered an outstanding result in a short window time and we look at forward to expanding our partnership in Nigeria and other geographical regions of operations”
Receiving the award, Kola Adeleke, Ecobank Nigeria Executive Director, Corporate Bank said “sustainability remains an essential part of Ecobank’s mission and vision of building a world-class Pan-African bank. Our long-term success is intertwined with the sustainable actions that supports the development of Nigeria and Africa as a continent. Ecobank is focused on mainstreaming environmental and social best practices in its operations and has adopted various Environmental and Social Governance (ESG) frameworks including the Nigerian Sustainable Banking Principles (NSBP) as benchmarks for measuring its environmental stewardship. We have been in partnership with Starsight Energy to deliver a market-leading renewable energy solution across our branches in Nigeria, they have delivered over 100 branches facilities with renewable energy solution, thereby reducing our carbon footprint and making Ecobank one of the market leaders in the implementation of Principle 2 of Nigeria Sustainable Banking initiative”. He stated.
Further, Mr Adeleke reiterated that “Ecobank Group Sustainability framework is focused on four thematic areas which includes: Economic Transformation, Environmental Sustainability, Socially Responsible Financing and Human Capital Development. These focus areas are aligned with the tenets of the Nigerian Sustainable Banking Principles (NSBP).
“Besides, Ecobank is a signatory member of a number of Environmental, Social and Governance (ESG) framework including the Equator Principles and the United Nations Global Compact. We have set a target of achieving the goals as regard SDG/Climate change and society’s wellbeing. For instance, the Bank is committed to taking bold steps to reducing our carbon footprint, demonstrated in carbon emission from our business operations, travels, paper use and office waste disposal. We further commit to invest in energy efficiency by incorporating the use of renewable energy products and practices, design architecture for energy efficient building in new branch expansions, including retrofitting programmes; as well as mainstreaming sustainable practices in third party contractor’s agreement for supply and procurement activities.”
First Bank of Nigeria Limited, West Africa’s premier financial institution and leading financial inclusion services provider, announced its recognition as the Best Private Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa at the Global Finance ninth annual World’s Best Private Banks Awards for 2024 held at the Harvard Club of New York on March 21, 2024.
According to Global Finance, its Private Bank Awards honour banks that best serve the specialized needs of high-net-worth individuals as they seek to enhance, preserve, and pass on their wealth.
FirstBank Private Banking business model was revamped in January 2023 on the back of a stellar performance in 2022, to consolidate its position and maintain its pride of place as the leading Private Bank in Nigeria with distinct product offerings covering investment advisory, wealth management, asset management and lifestyle solutions.
The Bank has remained consistent in reinventing itself, enabling success through the years of its existence for the last 130 years, responding to the changes in the private wealth space and the opportunities presented by certain factors like borderless technology, renewed interest in mineral wealth, migration opportunities, concerns for wealth preservation amongst many others.
Receiving the awards, Idowu Thompson, the Group Executive, Private Banking and Wealth Management, FirstBank said; ‘we are greatly honoured to be recipients of the awards Best Private Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa, both testaments to our enduring commitment to continuously creating value by strengthening financial awareness and driving inclusiveness in our customers journeys from wealth creation, growth, preservation and its orderly transfer.”
“We are delighted with the impact we have made in putting our customers first as this has played a very vital role in enabling their successes and contributing to national development. These awards are dedicated to our esteemed customers. We reaffirm our continued dedication to continuing to improve and delivering excellence in banking”.
Joseph Giarraputo, Founder and Editorial Director of Global Finance said: “Private banking is an art as well as a science in which knowledge of economic and financial trends are paired with a deep understanding of client needs. Global Finance’s Private Bank Awards highlight institutions that deliver both.”
Amongst other awards, FirstBank recently added to its awards kitty are Best Private Bank in Nigeria 2024 by Global Banking and Finance; Best CSR Bank in Nigeria 2024 by Global Banking and Finance; Most Innovative Digital Bank, 2024- Nigeria by Digital Banker Africa ; the Most Innovative Banking Brand in Nigeria 2023 by Global Brands Awards; Financial Institution of the Year 2023 by Afrexim Bank; and Best Corporate Bank in Nigeria 2023 by Euromoney Awards for Excellence.
Amidst a rapidly evolving global landscape, First Bank of Nigeria Limited has demonstrated exceptional leadership in integrating sustainable practices into its banking operations. Through strategic investments, innovative solutions, and a steadfast dedication to environmental, social, and governance (ESG) principles, FirstBank has remained a trailblazer in sustainable finance for its customers, irrespective of where they may be across the globe.
President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme to facilitate the purchase of houses and cars by working Nigerians.
In a statement on Wednesday, presidential spokesman Ajuri Ngelale said the Consumer Credit Scheme will enhance the quality of life citizens by allowing them to “access goods and services upfront, paying responsibly over time”.
“It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations,” the statement added.
“Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation.
“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.”
In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.
“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability,” the statement noted, adding that working Nigerians interested in receiving consumer credit can visit CREDICORP’s website to express interest before the deadline date of May 15, 2024.
“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.”
The CREDICORP’s objectives include: “(1) Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.
“(2) Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.
“(3) Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”
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The Naira, on Friday, slumped for the second consecutive day against the American dollar at the official window trading at N1,169/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
At the end of trading on Friday, the Naira lost N15 against the dollar when compared to the previous exchange rate of N1,154/$1 on Thursday, April 18, 2024.
The intra-day high and low recorded during the day were N1,236/$1 and N1,021/$1 respectively, representing a lean spread of N215/$1.
Similarly, the Naira slumped against the dollar at the parallel market for the second consecutive day to trade at N1,150/$1 representing a loss of N50 when compared to the N1,100/$1 it traded the previous day.
The British Pound also slumped against the Naira by N50 to trade at N1,500/£1 as against the previous trading price of N1,450/£1 representing a loss of N50 for the local currency,
The Canadian dollar however closed flat against the Naira to trade at N1,000/CA$1 same as the previous trading day rate of N1,000/ CA$1.
The Euro also slumped against the Naira to trade at N1, 280/€1 as against the rate of N1,200/€1 the previous trading rate indicating a gain of N80 in the European currency.
