Business
Tackling climate change‘ll engender economic growth — World Bank, others
The World Bank, FMDQ and other stakeholders in the financial space have said tackling climate change impact in Africa will engender sustainable economic growth.
The stakeholders spoke at the second webinar series of the Africa Investment Roundtable (AIR) on Sustainability En route COP26 on Monday in Lagos.
Vice President and Treasurer, World Bank Pension Finance Group of the World Bank Group, Dr Jingdong Hua said that COVID-19 pandemic paused daily life activities, and not climate change.
Hua said that there was an urgent importance for governments globally to save lives and improve livelihoods of citizens, while prioritising eradicating social and economic challenges.
“As we start to see the beginning of the end of COVID-19, I think we need to bring back the focus on sustainability.
“The pandemic paused so many human mobility and other daily life activities, but it never paused the impact of climate change. When the pandemic hit, many governments had to prioritise serving its own citizens.
“In Europe, trillions and trillions of dollars have been deployed to help with their own domestic economy and their social challenges.
“In many countries that don’t have the financial resources, this is where the multilateral human banks, the United Nations system mobilised.
“Am very proud that the World Bank last March, very quickly came out with the global package of $160 billion, including $12 billion, dedicated to vaccine so that even the poorest people could access vaccines.
“With that, we intend to serve about one billion people to obtain vaccines; there is no better time like now to say that multilateralism really serves a critical role in the global space at the moment,” he said.
According to Hua, notwithstanding the impressive growth of Africa’s economy, the debt per cent would increase dramatically by 2022 as the need to tap into fiscal apace to help governments address social, environmental and economic fallout from COVID-19.
“It is important to draw attention to the immediate task of saving lives, improve livelihoods of citizens.
“We need to focus on medium and long term challenge on how to restore institutional capacity, how we structure the economy so that it becomes more resilient.
“Am happy to see that of all the 160 billion dollars World Bank offered our client countries; we have already come up with over 300 projects in over 100 countries, of which 190 projects are for the African continent and half of those projects have climate focus, which is critically important,” he said.
Also, Mr Bola Onadele, Group Chief Executive Officer, FMDQ said that at this point, nothing could be done without the consideration of the future generations.
Onadele said: “In a country of over 200 population, half of them are between the ages of 15 and 24 that sounds great, but most of them are jobless, about 60 per cent of them.
“Fifty per cent of Africans do not have access to healthcare, one in three in this continent lives in extreme poverty.
“At this point, you cannot do anything without thinking about the future generation and that is the bedrock of sustainability.
“How do we live and make profit, thinking of the people and the planet ? Hence, for me, the message, the big issue is the situation where Africa is.
“The contributions to carbon emissions is very low, but I think the impact of all the environmental challenges is very high on Africa, and indeed, if there is no peace, there will not be sustainable development.”
He further explained that the continent and indeed Nigeria needed to ensure social justice for the international market to consider economic collaborations.
Onadele called for the respect of environmental limits.
“I think we have pushed the environment up to the point where we need to halt and look at the effects.
“Take for instance, people at the far North, who used to look at Lake Chad, cannot find the Lake, because there is no water there any longer. We need to make Africa great for tomorrow,” he said.
Also, Ms Arunma Oteh, the Co-Founder AIR and Convener of the Webinar, said that Africa could build forward better, if it leveraged opportunities that sustainability offered and managed the inherent risks the planet faced.
Oteh said that focus on sustainability could unleash Africa’s potential, protect the planet, ensure no one was left behind and enable a prosperous future for all Africans.
According to her, it is estimated that a low carbon economy is a 26 trillion dollars opportunity that can create 65 million jobs by 2030.
“In Africa, almost half of Africa’s GDP is vulnerable to extreme climate change patterns, hence, sustainability is an opportunity and a risk that we must manage.
“Post COVID-19, many nations are taking urgent actions to accelerate their sustainability agenda.
“To show how important sustainability is, the U.S President, Joe Biden, announced rejoining the Paris Agreement on his first day in office, the United Nations post COVID-19 recovery plan focusses on greening the economy, the African Development Bank, among others.
“The African Union and their partners are leading on the great Greenwall and the desert to power initiative that could save Sahara and the Sahel from further degradation, while creating 10 million jobs at the same time.
By Matthew Denis
The Securities and Exchange Commission (“the Commission”) has launched the revamped e-Dividend Mandate Management System (e-DMMS) Portal!
Investors whose shareholding accounts appear on the list of non-mandated accounts hosted on the Commission’s website (www.sec.gov.ng/non-mandated) are advised to use the new self-service portal by clicking on “NIBSS Self Service” link on the page and follow the prompts
Alternatively, investors may use the link, https://docuhub3.nibss-plc.com.ng/edmms/self-service, or approach their respective registrars or banks to register for collection of their unclaimed dividends and the receipt of subsequent dividends electronically.
Mr Olubukola Akinwumi, a Deputy Director at the Central Bank of Nigeria (CBN), on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions.
Olubukola, who is the Economic and Financial Crimes Commission (EFCC)’s 2nd prosecution witness (PW-2) in the ongoing trial of Binance and its executive, Tigran Gambaryan, told Justice Emeka Nwite of a Federal High Court, Abuja, while giving his testimony.
The News Agency of Nigeria (NAN) reports that the EFCC had filed a five-count charge against Binance and Gambaryan (1st and 2nd defendants) bordering on money laundering offences.
The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.
Besides, the company was under suspicion of alleged terrorism financing.
Led in evidence by EFCC’s lawyer, Ekele Iheanacho, on Friday, Akinwumi, who heads the Payment Policy and Regulation Division in the Payments System Management Department of CBN, said the apex bank did not issue any licence to the cryptocurrency firm to operate in Nigeria.
“In the course of carrying out our operations, we normally monitor development within the SEC (Securities and Exchange Commission); monitoring the activities of payment service providers and the usage of the payment system.
“We observed in doing that that Binance provides a trading platform where users trade virtual assets.
“And to consummate their transactions for the purpose of settlement of payments, the users make use of the payment system for the purpose of transfering or making payment to one another.
“These traders normally trade in pseudo names (pseudonyms) that hide their identities and they are not authorised by the CBN,” he said.
The PW-2 described virtual assets as “digital representation of values created by computer system which can be digitally traded, transferred or use in payments.”
He said they discovered that users of the platform received and made payments or transferred payments to one another using the payment system to consummate transactions on Binance Peer to Peer (P2P) platform.
“Binance Platform provides a trading place or market place for traders and users of virtual assets, otherwise known as cryptocurrency.
“The platform also provides other services like electronic wallet, fiat wallet, publishing of exchange rate, etc,” he told the court.
Asked where the activities of Binance are carried out, Akinwumi said its “activities are conducted on its website; binance.com and through its mobile apps (applications).
“They have two variations of Binance Apps; Binance Pro or Binnace Lite.”
Asked what P2P means, the witness said: “P2P means Peer to Peer, and for basic translation, it can also mean person to person.
“What that means is that if a particular user does not want to trade with the platform but rather will like to trade with another user, P2P is a service that brings such two users as described to engage each other in transacting for the purpose of buying or selling virtual asset, cryptocurrency and fiat directly between the two users.
“This is done by quoting rates with offers to sell or buy at the quoted rate.
“The P2P Platform of Binance provides such service to such two users to come to an agreement on such trade.
“Once such understanding for the trade is reached by the two users on Binance platform, the selling party will provide a bank account to which the buying party can send the naira amount or transfer into the account provided by the selling party.
“Once the buying party transferred the amount agreed, he clicks on a particular icon on Binance platform to communicate the fiat that he has transferred the amount to the selling party.
“The Binance platform will, on the side of the selling party, awaits confirmation based on which it will release the cryptocurrency or fiat currency traded on the platform.
“So the Binance platform facilitates all the processes or P2P transaction as I have just enumerated, either using Nigerian bank account already stored by users on Binance platform and or the naira wallet account , provided by Binance platform.”
Submission of certified true copies of documents made available to SEC by Binance which was equally made available to the investigating team at the office of the National Security Adviser, and pages generated on the firm’s website were tendered in evidence and marked as Exhibits 8 and 9 by the judge.
Taking the witness through Exhibit 8 and 9, Iheanacho asked him to tell the court more about the nature of the transactions.
Akinwumi said Page 2 of Exhibit 8 introduced Binance as the world’s leading crypto exchange with users from over 190 countries.
“They have on the page, the address of the website in full which is Https://www.binance.com.
“Binance has what is called Binance Academy. That is on page 16 of Exhibit 8.
“Some of the videos will be on their YouTube platform which they use in educating those who are interested in the services that they provide,” he said.
The PW-2 said the firm equally has Binance coins and that on its website, it gives the description of the coin as “NGN” (Naira).
“On page 21 of Exhibit 8, it listed the ways to use Binance coin,” he added.
Akinwumi said on Page 9 of Exhibit 9, there is an information which reads: “Depositing and withdrawing NGN (Naira) on Binance via cash link; it is swift and simple.”
The witness, however, explained that depositing and withdrawing Naira which “NGN” stands for, is a regulated activity carried out by banks and other financial institutions duly registered by CBN.
He said another information on Exhibit 9 reads: “To help Binance users in Nigeria understand this Fiat Gateway, Binance has been holding various events such as the Binance Cash Link, Live Master Class to educate users on cash link and why it is an excellent method of deposit and withdrawal on the Binance platform.”
“Generally, Exhibit 9 explains to Nigerians on how to deposit Naira on the Nigerians wallet on the Binance platform.”
He said there is a statement on a page which says though “Binance does not charge deposit fees,” he said next to the statement, there is another message which says: “for each withdrawal, a flat fee is paid by users to cover the transaction cost of moving the cryptocurrency out of their Binance account.
“So as I explained earlier, Binance maintains accounts and it needs revenue for its services
“On Page 2 of Exhibit 9, under the Fiat Section, it shows the rates that are applied for regular users.”
After concluding given his evidence, Justice Nwite adjourned the matter until July 16 for cross-examination of PW-2.
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 30 June 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 would 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.
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