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Organisations have been urged to migrate to cleaner energy sources for their operations because of the capacity to reduce the impact of emissions on the environment.

 

This assertion was made by Basil Omiyi, Chairman, Stanbic IBTC PLC, recently. Acknowledging that the economy and society are wholly owned subsidiaries of the environment, he stated that the use of green energy will help keep the environment stable to support economic and social activities.

 

He noted that for development in Nigeria to be sustainable, there must be a balance that guarantees that the environment and society are not negatively affected by economic activities now and in the future.

 

“Green energy is devoid of carbon emissions (unlike fossil fuel energy sources which harm the environment) and is one of the major contributors to climate change. Corporates can shift to cleaner energy sources for their operations. Financial institutions can help advance this shift by facilitating funding (in line with their risk appetites) which will be necessary to achieve growth in the green energy space”, he said.

 

The Stanbic IBTC Chairman also revealed that his organisation was committed to creating a greener environment across its operational locations.

He said: “At Stanbic IBTC, building environmental resilience is one of our four sustainability pillars. This pillar demonstrates our focus on environmental footprint management.”

 

In this regard, the Stanbic IBTC has continued to implement and expand on programmes to reduce its carbon emissions. Some of the ways include reduction of energy consumption in office locations using energy-efficient fittings; adoption of cleaner energy sources across the office locations, as well as the Go-Green programmes across some branch locations to reduce energy and paper consumption and improve water efficiency.

 

The organisation has also adopted tree planting programmes to help with carbon sequestration. Already, over 300 trees have been planted across the country and the number will grow significantly in the near future.

 

He added that most developing economies do not possess the capacity to implement green energy due to the technical and financial requirements while, conversely, the developed world is responsible for the bulk of carbon emitted into the atmosphere.

 

Basil stated further: “As you saw at COP26 (Conference of Parties 26), the world is attempting to obtain the commitment of Nation States to the Net-zero emission world. The developed world, which is disproportionally responsible, on both gross and per capita basis for the bulk of carbon emission into the atmosphere, is unwilling to drastically cut their energy consumption, as they wish to maintain the standard of living of their people. Therefore, there is a need for a just energy transition strategy that is fair to all and affordable to all.”

 

“Knowing the urgency in halting climate change, Stanbic IBTC is working with vendors and customers to provide solutions that can help address climate change issues. This is reflected in one of our seven focus SEE Impact Areas – Climate Change and Sustainable Finance – where the Group seeks to provide financial solutions to support climate change mitigation and adaptation measures. We also continue to advance awareness around climate change amongst the general public; leveraging our social media platforms and webinars, for instance, the recently concluded Net Zero Webinar. Similarly, our parent company, the Standard Bank Group hosted a Climate Summit in partnership with University of London’s School of Oriental and African Studies. We continue to take awareness communication initiatives by sharing practical tips that people can adopt to help address climate change,” he said.

 

Basil was appointed as the Chairman of the Stanbic IBTC Holdings Board with effect from 15 May 2017. He spent most of his career at Royal Dutch Shell in various roles both in Nigeria and Europe, including Head of Production Technology, Chief Petroleum Engineer, Managing Director of Shell Petroleum Development Company of Nigeria Ltd, and ultimately country Chairman of Shell Nigeria.

He is currently an Independent Non-Executive Director on the Board of Seplat Petroleum Development Company Plc. He has also held a number of Board memberships and senior advisory positions including; Chairman of Greenacres Energy Limited, Chairman of the Nigerian Upstream Industry Group, Board member of the Nigerian Business Group of New Partnership for Africa’s Development (NEPAD) and Nigerian Extractive Industry.

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BUA Chairman, Abdul Samad Rabiu Donates 10bn Naira Security Support Fund For Various Interventions Through ASR Africa

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Leading Nigerian Businessman, Industrialist and Philanthropist, Abdul Samad Rabiu, paid a visit to President Muhammadu Buhari today in Abuja, to update him and to thank him for creating an enabling environment for business to thrive, and also brief him on the strides BUA Group has made in the past few years.

 

Thereafter, Rabiu briefed the President on the activities of his foundation, The Abdul Samad Rabiu Africa Initiative (ASR Africa) during which he also announced the donation of a N10billion Nigeria Security Support Fund from ASR Africa towards the provision of some security equipment, medical and other supplies, upgrade of health facilities and other infrastructure for families of those on the frontlines.

 

According to Rabiu, the visit was in order to identify with President Muhammadu Buhari, during whose tenure BUA has built over 10 factories with two of the Group’s subsidiaries now amongst the top 10 largest publicly listed companies in Africa, and to further support the efforts of his administration in business as well as in the security space.

 

In his response, President Buhari said it was heartwarming to see and hear of Nigerian companies doing so much within Nigeria, and Africa especially in the area of production using locally available raw materials. He also expressed his elation at the achievements of BUA which had led to phenomenal growth within such a short time. “As a Government, we know we have done a lot in this regard, and we will continue to do more to support the aspirations of serious businesses, big and small, by providing an enabling environment as well as supporting value creation within Nigeria.

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ECOBANK Staff Connives With Fraudsters To Steal Customer”s N3.2m

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A staff of Ecobank PLC, by name Joshua has been reminded in prison custody following the alleged fraudulent role he played in withdrawing a customer’s N3.2million from the vaults of the bank in connivance with some persons now at large.

 

The arrest of Joshua followed the eagle eye of the Bank’s management that discovered that the customer’s money was missing from the account and when Joshua, who had direct access to the account was asked to explain the circumstances that led to the missing money, he feigned ignorance and denied knowledge of it.

 

Not satisfied with his explanation, the bank situated at the Ile-ewe, Ejigbo branch quickly moved and reported the matter to the Ejigbo Division of the Nigeria Police which immediately dispatched its detectives from the Division of the Command in Lagos State to the bank.

 

 

The police after carrying out preliminary investigation into the case, arrested 28years old Joshua, a staff of the bank alleged to have connived with criminals and withdrew the customer’s N3.2m lodged with the bank.

 

It was gathered that the alleged fraud took place in May this year at Ejigbo branch of the bank where the suspect, Joshua, was employed and served as a staff.

 

The police after its investigation, alleged that sometime in May 2022, the suspect, Joshua, conspired with others now at large to steal by fraudulently diverting the customer’s money kept in the bank with the intention that it will not be discovered by the bank management.

 

 

Joshua was accordingly charged before the Ejigbo Magistrate Court for the alleged conspiracy and theft.

 

Joshua however pleaded not guilty to the charges brought against him by the police when he appeared before the Chief Magistrate O.A. Dosumu.

 

Following his not guilty submission, the police prosecutor, Inspector Simeon Njue, asked the Court to give a date for hearing to enable the prosecution to prove that he actually committed the alleged offence.

 

 

Magistrate Dosumu however, granted Joshua bail in the sum of N500,000 with two sureties in like sum, who the court ruled must show evidence of means of livelihood.

 

Joshua was however remanded at the Kirikiri Correctional Centre, Lagos, pending when he will be able to perfect his bail conditions.

 

The matter was adjourned till October 6, 2022, for mention.

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