Polaris Bank Limited has collaborated with the University of Ibadan (UI) and the Nigerian Conservation Foundation (NCF) on environmental conservation through a tree planting initiative.

Polaris Bank

This was disclosed during a courtesy visit to the UI Vice Chancellor, Prof. Kayode Adebowale, by representatives of Polaris Bank Ltd and the Nigerian Conservation Foundation (NCF).

During the visit, Polaris Executive Director, Corporate & Investment Banking, Abimbola Ozomah, mentioned that the initiative is part of the bank’s corporate social responsibility efforts.

Ozomah explained that the initiative stemmed from the bank’s desire to continuously contribute positively to the environment and communities, as well as to commemorate World Environment Day on June 5, 2024.

She highlighted that the theme for World Environment Day 2024 centres on land restoration, desertification, and drought resilience, in alignment with the United Nations’ ecosystem restoration goals.

Ozomah said that Polaris Bank Ltd is committed to sustainable practices and land restoration through the nationwide planting of economic trees.

According to her, the bank’s sustainability practices include promoting responsible banking, empowering people and society, addressing environmental issues, and ensuring sustainable economic growth.

Mr. Adedayo Memudu, Senior Manager of the Nigerian Conservation Foundation, stressed that the organization encourages Nigerian citizens to appreciate nature and thrive while living in harmony with it.

He noted that one of the NCF’s core values is its commitment to partnership development, which is why it has partnered with Polaris Bank Ltd to enhance the bank’s corporate social responsibility and sustainability platforms.

The visit culminated in the consequent actual planting of trees at a designated site on the university campus.

A Memorandum of Understanding will later be signed between the University of Ibadan, Polaris Bank Ltd, and the Nigerian Conservation Foundation.

Speaking on behalf of the Vice Chancellor, UI Registrar, Mr. Ganiyu Saliu, reaffirmed the university’s commitment to conserving campus vegetation and promoting a greener environment to improve individuals’ well-being.

Saliu pointed out that the large number of ‘Iroko’ trees on the University of Ibadan campus serves as evidence of the institution’s intentional conservation efforts, despite broader environmental challenges in Nigeria and globally.

He explained that the university does not allow indiscriminate felling of trees but enforces a structured process for tree removal.

The registrar also noted that as part of the UI@75 anniversary celebrations, the university initiated a project to plant 1,000 trees, which will be adopted by well-meaning Nigerians, with the university providing the necessary support for their sustainability.

He stressed the importance of collaboration between the academic community and broader society, stating that both sectors must work together to address shared environmental challenges.

Saliu expressed gratitude for the collective efforts of organizations to tackle common challenges in Nigeria and appreciated Polaris Bank Ltd for partnering with the Nigerian Conservation Foundation in the tree planting initiative.

Polaris Bank kick-started the nationwide tree planting initiative for land restoration on July 1, 2024 at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State; it then Proceeded to Ajingi Community Reserve, Kunkurawa, in Kano, Kano State on August 30, and next at the University of Ibadan on October 3.

Polaris Bank is known for taking proactive measures in addressing challenges of development and sustainability, including environmental and social issues.

The Bank supports the United Nations Sustainable Development Goals (UN-SDGs), Nigerian Sustainable Banking Principles (NSBPs), and the United Nations Environment Programme Finance Initiative (UNEP FI’s) Principles of Responsible Banking.

Central Bank of Nigeria (CBN) has introduced an Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions within the Nigerian Foreign Exchange Market (NFEM).

Yemi Cardoso, Governor, CBN

According to the CBN, the new system will be operational in the Nigerian Foreign Exchange Market by 1 December 2024 after a two-week test run scheduled for November.

In a circular signed by Dr. Omolara Duke, director of the Financial Market Department at the CBN, the apex bank explained that EFEMS is designed to improve governance and transparency in the FX market.

It is also expected to promote a market-driven exchange rate that will be more accessible to the public.

According to the CBN, “the introduction of EFEMS will enhance governance, transparency, and facilitate a market-driven exchange rate accessible to all.”

The system is expected to curb speculative activities, reduce market distortions, and provide the CBN with improved oversight capabilities for regulating the market effectively.

The CBN said it will publish real-time data on prices and buy/sell orders from the EFEMS. Additionally, in collaboration with the Financial Markets Dealers Association (FMDA), the CBN will release the rules for operating the system.

It added that the Nigerian FX Code and revised Market Operating Guidelines will also offer guidance to market participants.

Also, authorized dealers are required to ensure full compliance with the existing guidelines governing the Nigerian foreign exchange market and must complete all necessary documentation, training, and system integrations ahead of the December go-live date.

President Bola Tinubu has transmitted four Fiscal Policy and Tax Reform Bills to the National Assembly for accelerated consideration and passage into law, including Economic Stabilisation Bills, which seeks the repeal of the Federal Inland Revenue Service (FIRS) Act and enactment of the Nigeria Revenue Service Act in its place.

Tinubu also transmitted the Joint Revenue Board (Establishment) Bill, intending to create a tax tribunal and a tax ombudsman for the country.

Others are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.

Tinubu conveyed Bills via a letter addressed to Hon. Abbas Tajudeen, speaker of the House of Representatives , which was read on the floor of the House at plenary on Thursday.

Tinubu stated that the four Bills will help actualise government’s desire for a proper tax and financial regime for Nigeria, and expressed confidence at the usual cooperation of the House of Representatives on such critical matters.

“The proposed tax bills present substantial benefits that align with my government’s objectives and fiscal reform on the economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions and fostering a more effective and transparent fiscal regime,” he said.

The president had in his Independence Day national broadcast said: “To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.

“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.”