A financial expert has identified sustainability of banking principles as a “win-win solution that connects people, planet and the economy”.
At the two-day workshop last week in Lagos organised by the Nigerian Conservation Foundation (NCF), the Special Assistant to the Central Bank Nigeria’s (CBN) Governor on Sustainable Banking, Dr Aisha Mahmood said that today’s businesses are increasing profits, decreasing their environmental footprint and improving “quality of life” for employees, customers and communities”.
Under the theme, “Assessment of the Environmental and Social Principles of the Nigerian Sustainable Banking Principles (NSBP)”, the workshop was organised to support the implementation of the NSBP, which was launched in 2012, and strengthen the impact on the social and environment principles. It was supported by the World Wildlife Fund and the CBN.
Mahmood demonstrated how businesses should not be about profiteering, dividends and margins alone, but an equation balance of making profit, yet caring for the people and environment.
In his keynote address, the Managing Director of Access Bank Plc, Mr Roosevelt Ogbonna, who represented by Mrs Omobolanle Victor-Laniyan examined NSBP’s implementation using his bank as a case study.
He said: “Sustainability is a philosophy and value system that says organisational activities must not only benefit its staff and shareholders, but also its customers and the wider economy, while at the same time preventing, or at least minimising any undue effects on society and the natural environment”.
Ogbonna added that the benefits of implementing the NSBP include increasing revenues, building intangible assets, reducing risks and reducing costs.
He identified capacity building as one of the major solutions to drive NSBP. “Build knowledge and capacity of stakeholders (both internal and external) on sustainability at all levels to enable them understand the concept and consciously integrate into business processes”, he counselled.
NCF Director General, Dr Joseph Onoja said that the focus of the workshop is NSBP’s environmental and social impacts, explaining that the workshop set out to observe the implementation, challenges, gaps and opportunities in the principles.
He said: “NCF is engaging in this process so that we will see where we can plug in, bring expertise from within and abroad and offer necessary support. Green Recovery Nigeria initiative is one of the programmes of NCF that can help realise some of the objectives of NSBP”.
Onoja said that the Foundation would always be available to provide support to financial institutions and other sectors.
The CEO of Flame Academy and Consulting Limited, Mr Orji Udemezue, who spoke on “Environmental and Social Footprints in Banks’ Operations”, said there is widespread commendable progress by most banks in paying more attention on energy consumption, carbon footprints, waste management, paper usage and water management.
He said that one of the gains of NSBP is that Nigerian banks are now being certified by global authorities in sustainable development.
Udemezue further said: “Sustainability is a journey. It’s not a destination. Employee development is important to drive sustainability. Nigerian banks must develop a roadmap to achieve their sustainability agenda, Monitoring and assessment is very important to ensure effectiveness of sustainability strategy”.
NSBP include environmental and social risk management; environmental and social footprint; human rights; women’s economic empowerment; financial inclusion; environmental and social governance; capacity building; collaborative partnerships; and reporting.
