Business
Sterling One Foundation Wins Big at the ECOSEA 2022 Awards

The Foundation became the pioneer winner of the ECOSEA Award for Most Outstanding Foundation in Environmental Sustainability.
The Environmental Sustainability Conference, Expo, and Awards (ECOSEA) hosted by Brand Communicator, a leading brand and marketing publication, and Impact Report Africa, a fast-rising CSR, and Sustainability platform recognized the Sterling One Foundation for its strides in combating climate change in Nigeria with the Most Outstanding Foundation in Environmental Sustainability award.
At their 1-day event themed; “Only One Earth: Building A Safer Environment,” the host organizations commended Sterling One for designing what it described as grassroots interventions that are leaving a positive footprint.
The event which was curated as a convergence of public and private sector stakeholders in the environmental sustainability space, as well as development agencies, was geared towards developing a blueprint of solutions tailored to address some of the challenges peculiar to Africa, with emphasis on Nigeria.
According to the organizer, the event is in line with the Sustainable Development Goals (SDGs) such as Goal 7 – Affordable and Clean Energy; Goal 11 – Sustainable Cities and Communities; Goal 14 – Life Below Water, among others.
The Convener of ECOSEA, Joshua Ajayi, revealed that the outcome of the conference would help promote the achievement of environment-related Sustainable Development Goals (SDGs) and assist in the formulation of policies that will enhance their realization in the country.
SEE ALSO: Sterling One Foundation Wins CSR Award of Excellence
At the end of the event’s conference segment, sustainability professionals and organizations were recognized for their environmental sustainability contributions in the country. Sterling One Foundation was recognized for its contributions towards recycling and better waste management in a bid to build a sustainable environment.
The CEO of Sterling One Foundation, Olapeju Ibekwe, who was also one of the panelists at the event themed; “Net Zero Emissions: The Journey To 2060”, shared her thoughts on steps to reduce the emission of greenhouse gases highlighting that its partner institution, Sterling Bank is set to launch Africa’s first fully solarized building by a financial institution, a move she believes others can adopt to help clean energy become commonplace.
While being awarded, some of Sterling One Foundation’s achievements were brought to the fore, which included the adoption of 4 beaches in Lagos where plastic recycling is being implemented with the help of community volunteers, and capacity building for youths to help them tap into the potentials of the circular economy.
In her remarks to the press, Mrs. Olapeju shared that the Sterling One Foundation has the vision to plant 200 million trees before 2030 with its partners and plans to start by planting 10,000 economic trees across the 6 geo-political zones in partnership with the Unity Schools Alumni in 2023.
“We will establish tree planting clubs in partnership with the school’s alumni association to groom students who will not only plant these trees but support nurseries to birth more trees for other schools,” she said.
Business
ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO BOOST FINANCIAL EXPERTISE

ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO BOOST FINANCIAL EXPERTISE
Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector. The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, Ibukun Oyedeji on Tuesday, November 28, 2023.
Speaking at the MoU signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu commended the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria. According to him, your Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Program are very laudable, and Zenith Bank will continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development. In his words, “As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria”.
At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Dr. Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity. He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success. In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.” He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.
Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals. In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”. She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years. She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank. Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.
The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).
Business
Fidelity Bank Plc Signs the UN Principles for Responsible Banking

Fidelity Bank Plc Signs the UN Principles for Responsible Banking
30 Nov. 2023, Lagos, Nigeria – Fidelity Bank Plc has become an official signatory of the UN Principles for Responsible Banking (PRB) – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).
The Principles are the leading framework for ensuring that banks’ strategy and practice align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks who have signed the Principles commit to be ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business, while allowing them to remain at the cutting-edge of sustainable finance.
Under the Principles, signatory banks identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. The Principles provide a framework for banks to systematically understand the risks and seize the opportunities arising from the transition to more sustainable economies.
“As long-time signatories to UNEPFI, signing onto the PRB is the next step to show our commitment to sustainability. Sustainability is central to our corporate strategy as a bank and joining the Principles further affirms our determination to increasing our positive impacts in all aspects of sustainability. The PRB aligns with our sustainability principles and the bank is delighted to join the global community of signatories championing sustainable development around the world”, commented Dr Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc.
Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet. These banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice, and working together on practical guidance and pioneering tools of benefit to the entire industry.
This is a journey of unprecedented scale and scope at a time when such ambition is urgently needed to address the major planetary crises of climate change, nature loss, pollution and social issues. Together, these collective efforts will ensure that profitability goes hand in hand with a sense of purpose.
Business
FCMB’s profits surged by 108% in the first nine months of 2023.

FCMB’s profits surged by 108% in the first nine months of 2023.
FCMB Group Plc posted a pre-tax profit of N55.1 billion in the nine months ending September 2023, marking a year-on-year growth of 108% from the corresponding period in 2022.
During Q3 2023, the group achieved a pre-tax profit of N16.9 billion, representing 52.7% year-on-year growth from the same quarter in 2022.
In the nine months, the group achieved a profit after tax of N49.15 billion, representing a YoY growth of 114.4% from the corresponding period in 2022.
Key Highlights: Q3 2023 vs. Q3 2022
Net interest income: N48.16 billion, +46.42% YoY
Net fee and commission income: N9.26 billion, -8.94% YoY.
Net trading income: N1.12 billion, -54.05% YoY.
Net impairment losses on financial instruments: N9.91 billion, +23.72% YoY
Personnel expenses: N12.85 billion, +52.56% YoY
General and administrative expenses: N16.11 billion, +33.23% YoY
Profit before taxation: N16.91 billion, +52.68% YoY
Profit for the period: N13.74 billion, +48.44% YoY.
Total assets: N3.88 trillion, +30.03% YTD
Return on Equity: 15.13% (Q3 2023)
Insights
FCMB Group’s financial performance in the nine months of 2023 is reflective of the remarkable performances Nigerian banks have put up within the same period. However, the group’s return on equity of 15.1% ranks it low among the banks.
Year-on-year, the group’s loan position increased by 34.3% to N1.19 trillion within the nine months, while its customer deposits grew by 39.1% year-on-year to N2.53 trillion within the same period.
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