Polaris Bank Limited has taken its tree planting initiative aimed at nationwide land restoration to Kano State working in partnership with the Nigeria Conservation Foundation (NCF).

The commemorative tree planting activity was held at Ajingi Community Reserve, Kunkurawa, Kano on Friday, August 30, 2024.

Recall that the Bank’s tree planting scheme commenced commemorating World Environment Day in June. The 2024 theme focuses on “Land Restoration, Desertification, and Drought Resilience.” The initiative took off at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State.

In his goodwill message, Mahmud Kawu, Polaris Bank’s Divisional Head, North, representing the MD/CEO, expressed the Bank’s unwavering commitment to the tree-planting initiative, highlighting how deeply it aligns with their values and dedication to a greener future.

“At Polaris Bank, sustainability is more than a catchphrase; it’s the core of who we are. We are on a dedicated journey to uphold this ethos with conviction. Our commitment to sustainability is reflected in every aspect of our operations, from promoting responsible banking and empowering communities to tackling environmental challenges and driving economic growth.

We ensure that every decision we make, from investments to day-to-day operations, is rooted in strong Environmental, Social, and Governance principles (ESG)”.

Kawu explained that the partnership between the Bank and the NCF is borne out of its conviction to the Foundation’s dedication to encouraging sustainable economic growth and appreciating the importance of environmental preservation. He also encouraged residents to be key to the scheme to bring about sustainable environmental preservation.

“Today’s tree planting Initiative at Ajingi Community Reserve, Kunkurawa in collaboration with the Nigerian Conservation Foundation (NCF) is a testament to our commitment to environmental sustainability. The NCF, a renowned non-governmental organization dedicated to sustainable development and nature conservation in Nigeria. Polaris Bank shares its dedication to encouraging sustainable economic growth and appreciating the importance of environmental preservation.

This project aligns perfectly with the theme of the World Environment Day and in addition to reducing carbon footprints and enhancing our natural ecosystem, it aims to raise public awareness about the importance of environmental preservation.”

Kawu highlighted the benefits of the Bank’s tree-planting initiative to include the restoration of degraded areas, prevention of soil erosion amongst others.

“The benefits of our tree-planting initiative cannot be overemphasized. It contributes significantly to the restoration of degraded areas, the prevention of soil erosion, and the enhancement of the bio-diversity of the area. Additionally, by absorbing CO2 and helping to regulate the climate, trees play a crucial role in reducing overall carbon footprints.

“In conclusion, the tree-planting project is a testament to Polaris Bank’s dedication to environmental stewardship and community well-being, promoting a greener future through corporate responsibility,” he noted.

President Bola Tinubu says the nation’s economy is on a gradual but steady path of recovery and assures citizens that his administration will do more to meet their needs.

In a meeting with traditional rulers led by the Sultan of Sokoto, His Eminence, Muhammad Sa’ad Abubakar III, and the Ooni of Ife, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, at the State House on Thursday, the President said the plight of citizens remains a deep concern, and will receive more attention.

“Yes, it is true that I asked for this job, and I approached some of you to support me. So, I have no excuse not to do the job with sincerity of purpose and honesty. I have committed myself to it diligently, and I will never look backwards.

“I have accepted the assets and the liabilities of my predecessor. How I will take Nigeria forward should be my concern, and that is my concern.

“I have been extremely busy. The only exercise I have had here is the walk from the residence to this place and then continue with the work.

“Nigeria is hilly, and it is the largest democracy in Africa. No other democracy comes close to us in terms of population on the continent. We cannot blame God for giving us these children, and we have to seek peace and better livelihoods,’’ the President said.

President Tinubu stated that the interventions to bring the government nearer to the people are already yielding results, with the activation of the student loan programme, the consumer credit scheme, and the affirmation of fiscal autonomy for local government councils.

He said the Ministry of Finance will continue to ensure that funds go to the grassroots for human and infrastructural development.

“Today, the Bank of Agriculture is empty. We have to reactivate it. If they are not talking about flooding, they are talking of banditry. We have to start all over again. Yes, infrastructural decay is there.

“The Lagos-Calabar coastal road is not being done without studies. It is an economic energizer. From it, we can create infrastructure along the route to develop wind energy and generate power, and we can expand our irrigation network.

“The economic viability of infrastructure has to be studied before we embark on projects. How many dams are there on the corridors of Sokoto- Badagry? From there, we can energize electricity. We can do irrigation and additional farms.

“Even if it is two million hectares of arable land, you can create opportunities for farmers on a small scale. Then you have to find capital for them.

“Nigeria is on the path of recovery. You have heard it from the Minister of Finance, Mr. Wale Edun. We are not afraid of protests. Our concern is the ordinary people, and the damages that will be done. Till today, I cannot forget the brand new 60 and 100 seater buses, down there in Lagos that were burnt down, and we are now complaining of transportation. That is the problem. That is why I must say thank you for talking to the citizens,’’ the President told the traditional rulers.

The President also said security was getting more attention and will be enhanced.

“Security is getting better, but we cannot take our eyes off the camera because it takes one accident for things to flare up. We are managing it.

“We have created instruments to support the students so that they get education, consumer credit to expand the economy, to improve the purchasing power of the people in order to rejuvenate the economy within a short period of time. We are still recalibrating our oil usage,’’ the President stated.

President Tinubu said he will continue to explain the economic reforms and projected benefits to the nation, adding that he remains open to dialogue for the development of the country.

President Tinubu urged the royal fathers to reach out to citizens on the genuine intentions of the government to deliver on its promises of Renewed Hope.

“Now, we are sending money to the local governments. I addressed the governors today on that issue. I have been distributing fertilizer, rice, and other items to support the recovery of citizens. I assure you, Nigerians, we are looking at the light at the end of the tunnel. I can assure you, this economy will be revived, will survive, and prosper,’’ the President emphasized.

In his remarks, the Sultan of Sokoto said: “I believe that this brief meeting will clear some issues that many people have in their minds. At our meeting on Monday, we had a very open discussion on all issues affecting the nation. We are the ones who will tell you the truth about what is happening in our various communities.’’

The royal father said an executive council meeting was held on Monday, and the Council, composed of all State Chairmen of the 36 States and the FCT, met to deliberate on the economy.

The Ooni of Ife thanked the President for inviting the National Security Adviser, Mallam Nuhu Ribadu; the Minister of Finance and Coordinating of Minister of the Economy, Mr. Wale Edun, the Minister of Budget and Economic Planning, Mr. Abubakar Atiku Bagudu, and the GCEO of NNPCL, Mele Kyari, to brief the traditional rulers on the state of the economy.

“We heard from the GCEO of NNPCL. They are the ones that propel our economy. We have heard from the Minister of Finance. We also heard from the Minister of Budget and the NSA. We want to encourage you, Mr. President, we will all get back to our various communities and let our people know because none of us locks our palaces,’’ the Monarch added.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

July 25, 2024

…Shareholders Unanimously Endorse Expansion Plans

Major shareholders of one of Nigeria’s leading financial conglomerates, Sterling Financial Holdings Company PLC., expressed their delight with the leadership and financial performance of the group at its recently held inaugural annual general meeting.

The comments came as a result of the group’s continued abilities to post impressive growth numbers in its first full year of operations, despite a challenging macro-economic environment.

The holding company delivered a 36% increase in its assets size, growing to N 2.5 trillion, and a 26.6% rise in its earnings to deliver N 221 billion. Both figures represent a significant increase in the group’s performance as contained in its annual report and financial statements for the 2023 financial year.

Dissecting the numbers further, the group earned N 156 billion and N 65.7 billion in interest and non-interest income respectively, representing a growth of 21.5% and 40.6% from the 2022 financial year’s numbers. It achieved this while attracting N 1.8 trillion in customers’ deposits into its two banking subsidiaries: Sterling Bank and The Alternative Bank.

These have helped the group post N 21.6 billion in profit, and an admirable 75 kobo in earnings per ordinary share for 2023. Numbers which signify continued growth of 11.8% an 11.9% for the respective performance metrics from the publicly traded company’s 2022 postings.

Commenting on the company’s immediate plans, Sterling HoldCo’s Group Chief Executive Officer, Yemi Odubiyi, said in his statement to the company’s shareholders, “In line with evolving regulatory standards and the recent introduction of minimum capital requirements by the Central Bank of Nigeria (CBN), we will be seeking shareholders’ approval to raise up to N200 billion from the market. This capital infusion will strengthen and position us for sustained growth.”

Odubiyi also highlighted the performance of the holding company’s current subsidiaries; Sterling Bank, a conventional bank, and The Alternative Bank, an ethical banking business, and intimated shareholders on the group’s intentions to build non-banking revenue lines to progress the group’s rapid growth and capture even more value for shareholders by offering a wider range of services under the trusted Sterling brand.

The Group CEO stated that the group will continue its current trajectory by maintaining a customer-centric approach, while making strategic investments in sustainable ventures that align with the company’s core values.

The published results maintain the trajectory of growth Sterling has achieved against the backdrop of macroeconomic headwinds, which have severely impacted the profitability of large corporations and small businesses alike in Nigeria.

Industry observers will recall that Sterling HoldCo recently completed a significant milestone by transforming from a bank to a full-fledged financial holdings company by delisting, transferring, and relisting all shares to the Sterling Financial Holdings Company on the floor of the NGX.

The holding company affords Sterling the opportunity to leverage its successful HEART strategy, which has seen the group make consolidated investments in the Health, Education, Agriculture, Renewable Energy, and Transportation sectors, growing the company’s year-on-year profits to record highs in recent years.

With the adoption of the Holdco structure now in full effect, Sterling now possesses the latitude to make inroads into other sectors within financial services, such as pensions, asset management, payment services, real estate, and different verticals, along with the current banking licenses held by the commercial and ethical banking subsidiaries, Sterling Bank and The Alternative Bank, which will operate as limited liability companies within the publicly traded holding company.

Sterling has maintained impressive momentum in recent years, featuring on the prestigious the 100 fastest-growing companies in Africa list for 2023, as published by the globally recognized Financial Times, its citation as Africa’s Most Valuable Commercial Bank Brand for 2023 in a poll conducted by GeoPoll and Kantar for African Brand Magazine, and was been named a top three employer in Nigeria by LinkedIn in the social network’s Top 25 List for 2023.

Renowned for its irreverent brand voice and enviable talent management practices, Sterling recently received three citations for Company Leadership Gender Diversity, Gender Diversity in Supply Chain, and Family-Friendly Workplace as bestowed by the International Finance Corporation (IFC) and the Nigerian Exchange (NGX) at the Gender Leader Awards 2023.