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Firstbank: The Embodiment Of Corporate Responsibility And Sustainability

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Who should corporate responsibility and sustainability lessons be taken from? Some companies are still unclear about the concept but latch onto the sustainability mantra anyway because it has become a marketing buzzword for business. Or a company through whose creed and deeds, over the many decades it has been around, people can see corporate responsibility and sustainability lived (first) and preached (subsequently)?

 

If the above set of questions constituted a question in an examination hall, it would be one of the easiest of questions to answer. Not one person would fail it. Outside the examination hall, the answer to this question that seems as easy and simple as the question of 2 + 2 may not be as easy and simple. It may be complicated by all the cleverly arranged noise and claims projected at people to make it difficult for them to see and accept the obvious.

 

So, it is incumbent on people who know and care enough (like this writer), to keep stating and restating the obvious. This is in the hope that doing so would help others to take full cognizance of the obvious and not allow themselves to be bamboozled by images without substance and rhetoric without pedigree.

 

The concept of corporate responsibility and sustainability is not about the clever or manipulative use of marketing buzzwords by corporate citizens. It is about impact, net positive impact, in the lives of real, not imagined, people through the deliberate and well-planned activities of socially-responsible corporate citizens.

 

Even if history is no longer taught in most schools in Nigeria, the records are there. The records show that Nigeria has been blessed to have stood by her, at all times, a corporate citizen which understands the concept of corporate responsibility and sustainability.

 

This corporate citizen has been standing by Nigeria before the country’s founding, through its amalgamation, Independence, and all the conflicts and crises Nigeria has gone through and still faces. Today, corporate citizen still stands by Nigeria.

 

First Bank of Nigeria Limited, a lender of unmatched pedigree, a bank with a history of unparalleled support to Nigeria and Nigerians (right from the colonial era to date, even serving as Nigeria’s central bank at some stage of our national development), has been a corporate citizen like no other.

 

A brand that has backed innumerable groundbreaking projects across Nigeria and beyond, FirstBank has demonstrated that real impact that can be seen and felt by all, and not mere marketing buzzwords, is the real measure of an institution’s understanding of corporate responsibility and sustainability.

 

It is incontrovertible that whichever way corporate responsibility and sustainability is understood or defined, FirstBank is sure to tick all the boxes. Just name every parameter for assessing a company’s efforts in corporate responsibility and sustainability and match each against what FirstBank has been doing. Is there any parameter that FirstBank has not surpassed?

 

FirstBank has been living corporate responsibility and sustainability for most, if not all, of its existence as a going concern. Knowing it cannot do it alone, the bank has also devoted resources to efforts that will enable it to preach or pass the message so other corporate citizens, groups, and individuals will emulate it.

 

One platform the bank has used effectively for this purpose is its Corporate Responsibility and Sustainability (CR&S) Week. The CR&S Week is a full working week that the FirstBank Group, in-country and across the world where it operates, dedicates to the promotion, execution, and celebration of social responsibility initiatives.

 

The Sustainability Week also includes a huge kindness campaign to reorient citizens towards the right values and reignite acts of kindness in society. It is only one of the many ways FirstBank is living true to its brand promise to always put customers first.

 

And Sustainability Week seeks to invite others (individuals and corporate citizens) to follow the bank’s example and begin to intentionally create a positive impact in their immediate communities.

 

From the inaugural edition in 2017, where the theme was “Promoting Kindness: Putting You First”, the Sustainability Week has helped to reinforce FirstBank’s role as a nation-builder that is driving sustainable development across the communities where it operates. It was an opportunity for the bank to encourage others (individuals and corporate citizens) to follow in its steps, even if all they can afford to take are small steps.

 

Taking small steps may have informed the choice of theme for the second edition of the Sustainability Week in 2018: “Touching Lives: You First”. The bank sought to debunk the notion that touching lives in meaningful ways and making an impact on society require big-ticket projects, whilst emphasizing the power in the little things people do and the small steps they take.

 

After all, is it not little drops of water that make a mighty ocean, as the saying goes? And does the journey of a thousand miles not begin with a (small) step, as another saying puts it?

 

Just take a look at SPARK (Start Performing Acts of Random Kindness), a values-based initiative that raises consciousness by promoting kindness to one another in society, which the bank started during the inaugural Sustainability Week in 2017.

 

Aimed at reinforcing FirstBank’s corporate culture of encouraging giving and volunteering among its staff and the larger society, its magnitude today and the many kind initiatives it has sparked off across the country could not have been imagined when the seed was planted five years ago. Incalculable manhours and financial resources from FirstBank staff and partners have been contributed willingly.

 

Children in orphanages, internally displaced persons (IDPs) in various IDP camps, widows, and other underprivileged or vulnerable groups have been visited and their challenges alleviated if not totally eliminated. Scores of career counseling sessions with secondary school pupils across Nigeria have also been organized as part of the Sustainability Week, which has been the first of its kind in Nigeria’s financial services industry.

 

In 2019, the third edition of the Sustainability Week with the theme: “Ripples of Kindness: Putting You First” enunciated the values (or pillars) of the SPARK initiative to include Compassion, Civility, and Charity. FirstBank believes that these values and the acts of kindness that flow as a result of embracing the values are critical to promoting and building peaceful co-existence and prosperity in society.

 

Among the key highlights of the 2019 Sustainability Week was “Nice Comments Day” which was a day set aside to foster words of encouragement, support, and kindness to people around one, regardless of one’s familiarity or close ties, in recognition of the instrumental role kind words play in lighting up people’s day and bringing out the best in them.

 

Another highlight was the SPARK School Engagement that promoted the SPARK initiative in schools, with the objective of embedding the values of SPARK amongst school children at a young age so the values become part of, and habitual to, them as they develop into adulthood.

 

Due to the COVID-19 pandemic and government-imposed lockdown, the year 2020 witnessed no edition of the Sustainability Week. Any attempt to stage the kinds of activities and events that usually accompany the Sustainability Week would have been counterproductive, spreading infections and possibly deaths instead of the kindness and joy that the Sustainability Week has become synonymous with.

 

However, FirstBank’s avowed commitment to corporate responsibility and sustainability would not allow it to fold its hands and just watch while COVID-19 and its debilitating effects tried to make living and learning difficult for most Nigerians.

 

Working virtually or remotely and, where it could not do otherwise, physically but in strict adherence to COVID-19 safety protocols, FirstBank executed several initiatives meant to ameliorate the very difficult situation in Nigeria then.

 

The bank contributed to efforts to provide palliatives to vulnerable Nigerians, announced a moratorium on repayment of loans, set up a special loan fund for businesses run by women, established another for school proprietors in collaboration with a state government, and drove an e-learning initiative that sought to move one million school children to a safe online learning platform so their educational progress would not be set back due to COVID-19 restrictions, government-ordered lockdown and the closure of educational institutions for the greater part of 2020

 

“Kindness: A Way of Life” was the theme for the fourth edition of the Sustainability Week held in 2021. Highlights of activities of the 2021 Sustainability Week, designed to entrench a culture of kindness, included a practical-oriented training webinar for staff to embed a culture of kindness in the bank by driving understanding of how kindness (or the lack of it) can impact the workplace, the marketplace and the communities in which staff live and work.

 

Another important feature of the Sustainability Week was the “Kind Comments Days” that ran all week to inspire a consciousness of kind choice of words and consideration for others. There was also a dedicated program in secondary schools designed to institutionalize SPARK by using school SPARK champions (including students and teachers) alongside other partners such as Junior Achievement Nigeria (JAN) and Lagos State government to inculcate the SPARK values in school children.

 

One other feature was the ground-breaking ceremony for the Lagos State government’s OCAAT (One Community At A Time) initiative to provide the Primary Health Care Centre at the Ijedodo community in Alimosho LGA. Set up as an initiative to improve the health and welfare of the members of various communities in Lagos State, FirstBank partnered with the government on the project as part of its contribution to global efforts to meet some specific Sustainable Development Goals (SDGs).

 

There were also webinars: a general webinar with the sub-theme: “Education: Does Kindness have a Role?”; and a millennial webinar with the sub-theme: “Making the Cyber World a Kinder Place” which sought to proffer solutions to the question of how people could become kinder on social media platforms.

 

All the past editions of FirstBank Sustainability Week highlight the longstanding and relentless commitment of FirstBank not only to continue to live but also to preach the message of corporate responsibility and sustainability.

 

Given its unmatched pedigree in corporate responsibility and sustainability, FirstBank has earned the right to address all other corporate organizations as well as individuals and groups on matters of sustainability. The bank has earned its right to the people’s audience.

 

It is against this backdrop that FirstBank’s forthcoming 2022 Corporate Responsibility and Sustainability Week should be welcomed by other banks and corporate citizens, irrespective of industry, as an opportunity to come together and take lessons from Nigeria’s foremost corporate citizen with regard to corporate responsibility and sustainability.

 

FirstBank does not consider itself too big to take lessons from other corporate citizens in areas where they have distinguished themselves. So other corporate citizens should not feel too big to take lessons from FirstBank in this area where the bank stands highly distinguished.

 

Or can anyone claim not to know that if the concept of corporate responsibility and sustainability were to be represented by one corporate citizen per country on a world map where countries are denoted by their foremost corporate entities, it is unarguable that FirstBank would be the company eminently representing Nigeria on that map?

BIG STORY

FAAC: FG, States, LGAs Shared N1.6trn In February, Statutory Revenue Dropped By N194bn

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The federation account allocation committee (FAAC) says it shared N1.67 trillion among the three tiers of government in February.

The figure represents a decrease of N25 billion or 1.49 percent compared to the N1.703 trillion distributed in January.

Bawa Mokwa, the director of press and public relations of office of the accountant-general of the federation (OAGF), spoke on the revenue distribution in a FAAC communiqué, according to NAN.

FAAC said the total revenue of N1.678 trillion comprised a statutory revenue of N827.63 billion and value-added tax (VAT) income of N609.43 billion, electronic money transfer levy (EMTL) revenue of N35.17 billion, solid minerals revenue of N28.21 billion and augmentation of N178 billion.

The committee also said a total gross revenue of N2.34 trillion was available in February.

Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds, and savings was N577.097 billion, the communique reads.

GROSS STATUTORY REVENUE DROPPED IN FEBRUARY

The communiqué further said a gross statutory revenue of N1.65 trillion was received in February. This, it said, was lower than the sum of N1.84 trillion recorded in January by N194.66 billion.

FAAC said a gross revenue of N654.45 billion was available from VAT in February, lower than the N771.88 billion available in January by N117.43 billion.

According to the committee, from the total distributable revenue of N1.67 trillion, the federal government received N569.65 billion, N562.19 billion went to states, while the local governments got N410.55 billion.

A total sum of N136.04 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

Of the N827.63 billion statutory revenue, the federal government received N366.26 billion and the state governments received N185.77 billion, FAAC said.

The local governments received N143.22 billion and the sum of N132.37 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

The committee also said from the N609.43 billion VAT revenue, the federal government got N91.41 billion, state governments had N304.71 billion and the local governments received N213.3 billion.

A total sum of N5.27 billion was received by the federal government from the N35.17 billion EMTL. The state governments received N17.58 billion and the LGCs received N12.31 billion, FAAC said.

From the N28.21 billion solid minerals revenue, the federal government received N12.93 billion and the state governments received N6.56 billion.

The local governments received N5.05 billion and a total sum of N3.66 billion (13 percent of mineral revenue) was shared to the benefiting States as derivation revenue.

FAAC also said oil and gas royalty and EMTL increased significantly while VAT, petroleum profit tax (PPT), companies income tax, excise duty, import duty, and CET levies recorded a decrease.

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BIG STORY

JUST IN: Nnamdi Kanu Pleads Not Guilty To ‘Terrorism’ Charge In Fresh Trial

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The leader of the proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu, has pleaded not guilty to a seven-count charge bordering on terrorism and treasonable felony.

Kanu was arraigned on Friday before James Omotosho, judge of a federal high court in Abuja.

On March 8, John Tsoho, chief judge of the federal high court, reassigned Kanu’s case to a new judge after the defendant repeatedly asked Binta Nyako to recuse herself from his case.

Kanu directly told Nyako that he no longer had confidence in her handling of his trial.

On September 24, Nyako recused herself from Kanu’s case after an oral application by the defendant.

On February 10, Nyako adjourned Kanu’s case indefinitely following the defendant’s insistence that the judge cannot preside over his case since she had recused herself.

Subsequently, Aloy Ejimakor, Kanu’s counsel, told the media in early March that the trial would start afresh following the appointment of a new judge.

 

 

More to follow…

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BIG STORY

Nigerian Woman Faces 10 Years In US Jail For Drug Trafficking, Fraud

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A Nigerian woman, identified as Tammy, has admitted to charges of drug trafficking and bank fraud in the US and could face up to 10 years in prison.

According to a statement from the Department of Justice, US Attorney’s Office (Eastern District of Virginia) on Tuesday (November 5), Tammy “pleaded guilty to the allegations of conspiring with others to import more than five kilograms of cocaine, as well as to her role in a separate bank fraud scheme, and to making false statements relating to fraudulent claims submitted to Medicaid for reimbursement.”

Zachary Terwilliger, US Attorney for the Eastern District of Virginia, described Tammy as a “triple threat” due to her involvement in multiple crimes, stating:

“Tammy is a ‘triple threat’ of criminality – drug trafficker, a fraudster, and a liar. Tammy, a Nigerian immigrant who has spent the last two decades with the privilege of living in the United States as a lawful permanent resident, clearly has zero respect for American laws pertaining to our borders, controlled substances, our financial system, or our health care system.”

With this plea, Tammy is facing a mandatory minimum sentence of 10 years for the drug-related charges, with sentencing scheduled for February 28, 2020.

Drug Trafficking and Fraud Scheme

Court documents reveal that Tammy, 40, recruited individuals from the Washington, D.C. area to serve as drug couriers. She was also involved in setting up bank accounts in their names, assisting with passport and visa applications, and arranging their travel.

The couriers primarily traveled to São Paulo, Brazil, where they obtained kilograms of cocaine concealed within soft-sided briefcases or attaché cases. Law enforcement intercepted nearly seven kilograms of cocaine at three different US airports, all linked to couriers allegedly recruited by Tammy.

Additionally, the statement highlighted her involvement in submitting “falsified and fraudulent claims to the D.C. Department of Health Care Finance, a health care benefit program funded by Medicaid.”

Tammy was employed as a personal care aide for multiple home health agencies in Washington, D.C. To receive payment, she was required to submit timesheets signed by clients verifying services provided. However, instead of recording actual work hours, Tammy enlisted Medicaid recipients to act as “patients” and sign fraudulent timesheets in exchange for a small payment.

Investigators discovered that on at least two occasions, Tammy billed for home health services while she was outside the United States.

Beyond drug trafficking and healthcare fraud, Tammy also allegedly utilized her African goods business in Maryland to execute bank fraud schemes.

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