E-Financial
Polaris Bank Partners NCF on Land Restoration, Tree Planting
In pursuit of its Corporate Social Responsibilities (CSR), Polaris Bank Limited, is partnering the Nigeria Conservation Foundation (NCF), on land restoration through tree planting initiative.
Polaris Bank ED, Chris Ofikulu, & TASUED Dep VC, Prof. Adekunle Adeogun receiving the 3 tree species from the NCF Project Officer in Ijagun, Ijebu Ode, Ogun State on Monday.
The bank’s initiative, kicked off on Monday with a tree planting project at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State.
At the event held in front of the university’s council chamber, the institution’s Vice Chancellors, Prof. Olumide Banjo, represented by his deputy, Prof. Adekunle Adeogun, was full of praises for the bank’s support for the school.
Speaking at the event, the Polaris Bank Executive Director, Chris Ofikulu, said the tree planting initiative, was borne out of the institution’s commemoration of the World Environment Day in June 2024.
According to Ofikulu, the 2024 theme focuses on “Land Restoration, Desertification, and Drought Resilience,” which aligns with the United Nations Decade of Ecosystem Restoration (2021-2030).
He said: “In support of this, Polaris Bank has committed to sustainable practices and land restoration by planting trees nationwide in regions affected by erosion, such as Ogun State.
“It is noteworthy to mention that we are commencing this initiative with Ogun State.
“At Polaris Bank, sustainability is not just a catchphrase. It is our ethos. It is a journey in which we are committed to walk in with conviction.
“Our sustainability practices involve promoting responsible banking, empowering people and society, addressing environmental issues, and sustainable economic growth.
“We aim to ensure that every decision we make, from investments to operations, is guided by the Environmental, Social, and Governance (ESG) principles.
“Our choice of TASUED as the starting port for the bank’s tree planting project is borne out of our long-standing relationship with the University, which commenced with the erstwhile SKYE BANK in 2007.
“The relationship has today remained very cordial and mutually beneficial to both organizations.
“Today’s tree planting exercise at Tai Solarin University of Education in collaboration with the Nigerian Conservation Foundation (NCF) is a testament to our commitment to these sustainability principles.”
Ofikulu said the bank shares its dedication to encouraging sustainable economic growth and appreciating the importance of environmental preservation.
His words: “This project aligns perfectly with the World Environment Day, in addition to reducing carbon footprints and enhancing our natural ecosystem. It also aims to promote public awareness regarding the importance of environmental preservation.
“The benefits of our tree-planting initiative cannot be overemphasized.
It will contribute significantly to the restoration of degraded areas, the prevention of soil erosion, and the enhancement of overall environmental health.
“This tree-planting project signposts Polaris Bank’s way of giving back to the society through dedication to environmental stewardship and community well-being, promoting a greener future through Corporate Responsibility.”
While stating that the initiative would involve planting of 500 trees, Ofikulu, said 250 seedlings would be planted in the university while the remaining 250 would be planted in another part of the state that would be determined later.
Speaking at the event, the TASUED Vice Chancellor, Prof Oluwole Banjo, said Polaris Bank had contributed immensely to the development of the university.
The vice chancellor represented by his deputy, Prof Adekunle Adeogun, appealed to Polaris Bank to give more support for TASUED promising that the relationship shall be for mutual benefits.
In his address at the occasion, Ayodele Alamu, Senior Manager, Partnerships, NCF, said the whole essence of the initiative is to achieve afforestation and restore the forest cover in Nigeria.
Alamu said the vision of the NCF is to achieve at least 25% of forest cover in the country.
He said: “Today, deforestation is a big challenge such that our forest cover which used to be 30% years back is now in between 6 to 8% and the consequences of this is land degradation, erosion, among others
“However, efforts such as this tree-planting project being done in partnership with Polaris Bank and TASUED will really help to arrest this challenge and enhance sustainability of our environment.
“It is what everyone of us must get involved in to fight the climate change and the attendant negative consequences”.
Other dignitaries at the event were Mrs. Bukola Oluyadi, Group Head Customers Experience and Value Management, Rasheed Yusuf, Group Head, Ondo/Ekiti, Abiodun Daramola, Group Head Ogun/Oyo and Yemi Akinrelere, Head, Sustainability and Consumer Protection among others.
Central Bank of Nigeria (CBN) has told the Federal High Court of Nigeria in Abuja, that Binance, crypto exchange performed banking services without proper authorization.
Olubukola Akinwunmi, head of payment policy and regulation at the CBN, testified before Justice Emeka Nwite of the Federal High Court of Nigeria, asserting that Binance’s deposit and withdrawal transactions should be reserved for banks and authorized financial institutions.
The federal government has accused Binance and Tigran Gambaryan and Nadeem Anjarwalla, its executives of conspiring to obscure the origins of $35.4 million in financial proceeds from illegal activities in Nigeria.
During the trial, Akinwunmi, led by Ekele Iheanacho, counsel for the Economic and Financial Crimes Commission (EFCC), stated that Binance’s website misled Nigerians into using its platform for naira transactions via a cash link.
The platform promoted fee-free deposits and flat-fee withdrawals, activities regulated by the CBN and reserved for licensed banks and financial institutions.
Akinwunmi claimed that Binance also facilitated currency conversion from naira to United States dollars, which requires CBN authorization as an authorized dealer or a Bureau de Change (BDC).
He highlighted that traders on Binance often use pseudonyms, contravening laws requiring the disclosure of true identities in financial transactions.
The witness detailed the peer-to-peer transaction process on Binance, where the buying party transfers naira to the selling party’s bank account and confirms the transaction on the platform, prompting Binance to release the cryptocurrency or fiat currency.
Akinwunmi argued that the service is a regulated activity that Binance was not authorized to perform.
After Akinwunmi’s testimony, the court adjourned until July 16 for the defense’s cross-examination. Nwite also ordered the Nigerian Correctional Services to produce Tigran Gambaryan’s medical reports, warning of consequences for noncompliance.
This crackdown on cryptocurrency activities follows the National Security Adviser’s classification of cryptocurrency trading as a national security issue.
The CBN directed fintech startups Opay, Moniepoint, Paga and Palmpay to block and report accounts engaging in cryptocurrency transactions.
Securities and Exchange Commission (SEC) has alerted remembers of the public on some fake social media accounts purporting to be those of Dr. Emomotimi Agama, its director general.
According to the Commission, “the SEC has become aware of several fraud attempts targeting the investing public and our online community.
“These scammers are impersonating the Director General of the Commission – Dr. Emomotimi Agama with the aim of luring unsuspecting members of the public into sharing personal information and making unauthorized payments”.
The SEC therefore informs members of the public that neither the Director General nor any staff of the Commission Would request for personal information about their investments through private phone lines, emails or social media handles.
“Official information from the Commission is communicated ONLY through its verified email addresses, website, social media handles, and phone numbers.
“Always verify the identity of the person or entity contacting you. If unsure, do not hesitate to immediately contact us directly through [[email protected]] or call [+234 02094621168]” the Commission stated.
The Commission restated its committed to the protection of investors in the Nigerian Capital Market adding that it is working diligently to curb scams and other fraudulent activities.
The NetplusDotCom, which is licenced by the Central Bank of Nigeria (CBN) as a Payment Service Provider (PSP), is collaborating with Zenith Bank, FCMB, Wema Bank, First Bank of Nigeria and Providus Bank, to promote contactless payment in Nigeria.
Contactless payment is enabled by SoftPOS technology that converts mobile phones into POS devices.
Participants at a forum with the theme “Accelerating Contactless Payment: A Collaborative Approach to Overcoming Barriers,” which was organised by NetplusDotCom, identified the low penetration of identified the low penetration of Near Field Communication (NFC) as major hindrance to utilisation of contactless payment in Nigeria.
Mr. Wole Faroun, Founder/Managing Director of NetplusDotCom, explained that “the essence of this forum is to bring industry stakeholders together to talk about our payment system and evolution of contactless payments.
“At NetplusDotCom we have been at the forefront of providing SoftPOS for the last two years. This is a technology that converts your mobile phone into a POS device. But we know that there is still a need for adoption and education and there are barriers stalling the adoption of this technology.”
He added: “All the stakeholders agree that this is the technology that has come to stay. They also agree that there are some barriers to adoption in the market.
We are forming a semi-industry group that has a number of banks in it. And we are going to steer that committee or group to come up with strategies to combat some of those barriers that we have.”
Mr. Kayode Sangoleye, group Head of e-business, Providus Bank, said that Providus SoftPOS was launched in 2023 in partnership with Mastercard.
Also, the Divisional Head of Payment and Solutions, FCMB, Mr. Frank Atat, noted that most Nigerians do not own NFC-enabled phones because it is expensive.
However, the Vice Chairman, Committee of e-Business Industry Heads, Ajibade Laolu-Adewale, said that the challenges facing NFC’s adoption in Nigeria could be overcome through partnerships among government, industry, academia and civil society.
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