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.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
ngCERT Issues High Alert to Nigerians Using Android Phones
OSGOF, NASRDA Partner to Boost Geospatial Data, Others
World Bank Maintains Nigeria’s Growth at 3.6% Amid Trade Tension
SEC Insists CBEX Ponzi Remains Banned in Nigeria
African Startups Raised $345m in Funding in May
Telecom2 days agoTelcos Hit by Major Outages across Lagos, Enugu, Others
E-Business2 days agoHuman Hacking: When Cyber Criminals Target You
News2 days agoBeware!, Fraudsters Using our Name to Defraud Investors- NNPCL
E-Financial2 days agoAGF Drops Charges Against Fidelity Bank MD, Cites Lack of Direct Involvement
E-Financial2 days agoFIRS Launches Revised SOP to Streamline Tax Payment
News2 days agoFG Plans AgriConnect Initiative Pilot
E-Financial2 days agoConfidence in Nigerian Economy Grows as Forex Inflows Reach $5.96Bn
News2 days agoAAAN Congratulates Steve Babaeko, X3M Ideas on Financial Times Recognition