What’s So Special about Bombay Cat Breed

Brand Spur
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What’s So Special about Bombay Cat Breed

If you are superstitious, Bombays will certainly not be on your list of favorite cat breeds. But even then, you can’t help but admire the beauty and brilliance of these animals. Satin black fur, which is why many stigmatize this breed, just makes it unique. Although a relatively new breed, created by crossing the American Shorthair and Burmese, these furballs have become recognizable and desirable pets.

On the following source, learn how to recognize this breed: https://www.wikihow.com/Identify-a-Bombay-Cat

It’s not just the color of the fur that is specific to this breed. Bombays have many positive traits, and no wonder they are considered one of the calmest and kindest kittens. At first glance, they seem dangerous and ingenious. But the truth about this breed is entirely different.

Bombay Cat Breed
Bombay Cat Breed

Mini Panther Just by Appearance

The intention of the creators of this breed, some 50 years ago, was to create cats with perfectly black hair and copper or yellow eyes that seem to shine in the dark. The initial idea was actually to generate a kitten that would look like a panther. That’s how this breed actually got its name because in the vicinity of Bombay (Mumbai today) is the largest habitat of real black panthers.

But other than the look, Bombay cats have little to do with panthers (luckily). These kittens are considered peaceful and friendly; they love kids and generally have gentle personalities. Overall, Bombay cats are sweet, loving, and will always be there to save the day.

Affectionate to Family

Cats, in general, won’t do just about anything for their owners. They will love you in their own way, but don’t expect too much to show that love. But Bombay cats are an exception to this rule. With this breed’s personality, you can be sure that your new addition to the family will love you endlessly.

Although not a lap pet, your Bombay enjoy jumping to your lap or sofa, snuggle, and purr for hours. Even in their old age, these cats remain calm and cuddly. You will probably find them lazily lying in warm spots inside your house. But you can expect your pet to welcome you gladly, just like a dog.

This race is one of the most tolerant creatures on Earth. They adapt well to any family, including those with other pets or kids. Yet, Bombay cat personality makes them affiliated with the person who pays the most attention to them. If you feed and pet them the most, these kittens will follow you in the footsteps.

Low-Maintenance Breed

Bombay Cat Breed
Bombay Cat Breed

One of the most important things about Bombay cats is that they are relatively easy to look after. That is because there are not many health issues or problems that have developed over time with the cat breed. Also, they have a short, silky coat that requires nothing but a weekly brushing.

Bombays are picky when it comes to hygiene. They like to be clean and tidy, so you have to check their litter box often. Also, don’t deprive these cats of daily play and activity. Keeping them active will prevent behavioral issues. Also, Bombays hate solitude, so they are not an ideal choice for singles.

Easy to Train

Bombays are graceful, slender and elegant, and represent a true masterpiece of nature. But, regardless of their elegant and refined look, these furballs are always ready for action. They are highly intelligent and easy to train, so you can teach them some tricks.

You won’t see many cats on a leash. But Bombays can easily learn to go for a walk just like dogs. You can see them taking the lead sometimes, but they do it not because they are stubborn. These kittens can sometimes be too curious, and they just want to get to know the environment better. They are not hostile, especially when they are not in their homes, so you can expect a peaceful walk through the area with your Bombay.

Prone to Obesity

There are not many health issues about Bombay cats to worry about. But one of the things to know is that they can become obese. They can become obese because of the lazy lifestyle they will have as home cats. If you don’t provide them with enough physical activity, your furball can quickly become a fat ball of fur. Here, you can see the difference between fit and fat cat.

A cat’s body is limited in space in comparison to a human’s body. As a result, if you allow your cat to get too fat, it can put a strain on its joints as well as its muscles. Your chubby pet will be at risk of arthritis, diabetes, and other life-threatening illnesses.

Cats that get too fat will also have a reduced ability to digest food. It means that they will have to eat more to get the amount of nutrients that they require. It can lead to your pet becoming malnourished as well. So if you think that your kitten is at risk of developing diabetes, you will need to change their diet and lifestyle. It will take some time for your cat to get back to the healthy path, so you have to be persistent.

There are a few things to know about Bombays that could affect their physical appearance and behavior. By understanding these, you will be able to take better care of your new pet. Once you provide them with a better quality of life, you can expect many happy moments.

SUNU Assurances Nigeria Appoints New Company Secretary/Head, Legal Services

Esan Bolaji
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SUNU Assurances Nigeria Appoints New Company Secretary/Head, Legal Services

SUNU Assurances Nigeria Plc Board of directors on Thursday 29th July 2021 approved the appointment of Mrs. Taiwo Kuku as the Company Secretary/Head, Legal Services with effect from 1st August 2021.

Taiwo Kuku was appointed Acting Company Secretary on 7th June 2021 following the exit of the former Company Secretary, Mr. John Akujieze.

Taiwo Olubunmi Kuku holds an LL B degree from the Olabisi Onabanjo University (formerly Ogun State University) in 2002 and was subsequently called to the Nigerian Bar in 2003. She is a Member of the Nigerian Bar Association (NBA), an Associate Member of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Nigerian Institute of Chartered Arbitrators of Nigeria (NICArb).

Sunu Assurances Nigeria Proposes Share Capital Reconstruction Brandspurng

Taiwo is a lawyer with over 18 years of cognate experience spanning Company Secretarial Services, Corporate Governance practices, Compliance and General Legal Practice.

As the Company Secretary/General Counsel, Taiwo will guide the Board of SUNU Assurances Nigeria in ensuring strict compliance with regulatory and statutory requirements.

AAAN, Henley Business School Announce 2nd AdCademy Masterclass

Brand Spur
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AAAN, Henley Business School Announce 2nd AdCademy Masterclass

The Association of Advertising Agencies of Nigeria (AAAN), in partnership with the globally renowned Henley Business School (HBS), has announced the dates for its second AdCademy Masterclass.

The three-day programme, the AAAN announced yesterday at a virtual press conference, will hold from 26-29 August.

The AdCademy Masterclass Series is part of AAAN’s efforts at expanding the industry’s talent pool and is open to current and aspiring advertising professionals as well communications professionals in both the public and private sectors.

AAAN
AAAN, Henley Business School Announce 2nd AdCademy Masterclass

Speaking at the press conference, AAAN President, Mr. Steve Babaeko, explained that the purpose of the AdCademy, which held the first masterclass in March, is to expand the pipeline of fresh talents for the industry and retrain current professionals.

HBS, according to the Babaeko, will support the masterclass with its robust business curriculum to ensure that participants learn as much about the business side of their craft as they will about the creative side.

“We are partnering with Henley Business School, one of the best business schools in the world, to fuse its tradition of excellence with Nigerian excellence to help us take the curriculum beyond just our classroom teaching. “We also looked at the gap within our industry and discovered that while people know about communication and creativity, they need to learn about the rudiments of the business. That vision works well with Henley Business School,” said Babaeko.

AdCademy Director of Academics, Adeyinka Adewale, expressed similar sentiments.

“The emphasis is not just on building professionals, who understand their craft, but also professionals who understand the business of their craft.

“This three-day immersive programme sits on a tripod, with the first being an overview of how the market works; the second focused on leadership competencies and the third on effective work and practice management,” explained.

He noted that the programme condenses action, reflective and experiential learning into one package.

Olusankami Atolagbe, AdCademy’s acting Director, said the masterclass will run between 9 am and 5 pm daily.

Supporting the Henley Business School team, Atolagbe disclosed, is a high-calibre team of Nigerian facilitators from diverse backgrounds.

They include data expert, Bayo Adekambi; Professor Emevwo Biakolo of Pan-Atlantic University, Ayuli Jemide, Chairman of the Nigerian Bar Association (NBA) Section on Business Law; and John Ugbe, Chief Executive Officer, MultiChoice Nigeria.

Others are Chioma Afe, Group Head, Retail Marketing and Analytics, Access Bank Plc; Austin Ufomba · Chief Executive Officer of Tytron Group; and Leke Alder of Alder Consulting.

FBN Holdings Profits improve as Non-Interest Revenue surges

Vetiva Research
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FBN Holdings Profits improve as Non-Interest Revenue surges

FBN Holdings (FBNH) recently released its unaudited H1’21 results, reporting Gross earnings of ₦279.7 billion (-3% y/y). The earnings dip was the result of a 22% y/y drop in Interest Income, which came in at ₦161.0 billion – caused by a 56% fall in Investment Securities Income.

Also, despite Interest Expense coming in 25% lower y/y at ₦57.2 billion, Net Interest Income declined by 21% y/y to ₦103.8 billion. On the other hand, the group reported an impressive 48% y/y jump in Non-Interest Revenue, which rose to ₦118.7 billion, thanks to a 23% improvement in Net Fees and Commissions (₦57.4 billion).

On the cost side, impairments on loan losses fell by 20% y/y to ₦24.5 billion, while Opex grew 10% y/y to ₦152.6 billion amid a 35% increase in regulatory charges. Efficiency-wise, the bank’s cost-to-income ratio came in at 68.6% for the period, 4.15ppts weaker than the same period in 2020.

FBN-Holdings-Plc brand spur

Overall, the bank’s PBT came in at ₦45.2 billion (+9% y/y), while PAT was 7% higher y/y at ₦38.1 billion. However, it is notable that in H1’20, profits for the period including discontinued operations amounted to ₦48.5 billion, due to the sale of the group’s insurance division. This year’s profits yielded an EPS of ₦1.05 (H1’20: ₦1.00) and ROAE of 9.9% (H1’20: 11.2%).

FY’21 profits forecasts improved after NIR boost

So far, we have seen banks report solid growth in Non-Interest Revenue. In the case of FBNH, this has been primarily down to strong transaction volumes and increased adoption of USSD and e-Banking platforms (the bank reported a 42% increase in e-Banking revenue for H1).

This rise in transaction volumes, coupled with the expected improvement in the FI yield environment, would likely support further increases in NIR in H2, thus we raise our NIR forecast for FY’21 to ₦233.7 billion (Previous: ₦232.8 billion).

Conversely, the bank’s Yield on Assets was down to 5.9% in H1 from 8.7% in the corresponding period in 2020, as Interest Income from loans and advances fell 6% y/y and yield on T-bills dropped by 56%, while net interest margin fell to 3.8% (H1’20: 5.5%).

Interestingly, the bank has seen a 14% YTD increase in Net Loans and Advances, which has helped to cushion some of the declines in asset yields. Looking forward, we project a further 8% increase in loans in H2, along with a forecasted yield on assets of 5.9% for a new Interest Income prediction of ₦353.3 billion (Previous: ₦324.6 billion).

On the expense side, after the positive impairments surprise in H1, we have lowered our FY Impairments estimate to ₦48.9 billion (Previous: ₦52.2 billion). However, we also raised our Opex forecast to ₦328.5 billion (Previous: ₦316.1 billion) on the H1 underperformance. This gives a new FY PAT projection of ₦79.8 billion (Previous: ₦72.9 billion).

TP revised to N10.73 (Previous: N10.23)

Our revised profit forecast yields an ROAE of 9.8% (Previous: 9.2%). This, along with an EPS of ₦2.17 (Previous: ₦2.03) and a final dividend projection of ₦0.48/share (Previous: ₦0.45), gives a revised 12-month Target Price (TP) of ₦10.73 (Previous: ₦10.23).

FBNH is currently trading at ₦7.40, 38% below our TP and at a P/Bv of 0.4x, compared to a Tier-I average of 0.6x.

Therefore, we reiterate our BUY rating on the stock.

USAID Launches New Activity to Counter Growing Gender-Based Violence in Nigeria

Brand Spur
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USAID Launches New Activity to Counter Growing Gender-Based Violence in Nigeria

USAID’s $5 million MOMENTUM Country and Global Leadership in Nigeria (MCGL) will reduce maternal and child mortality by increasing host country commitment to provide quality health care

U.S. Chargé d’Affaires, Kathleen FitzGibbon, joined Nigerian Minister for Humanitarian Affairs Sadiya Umar Farouq representing Vice President Yemi Osinbajo, and Minister for Women’s Affairs, Dame Pauline Tallen, to ceremonially launch a four-year activity from the U.S. Agency for International Development (USAID) that will prevent and respond to gender-based violence (GBV) in the states of Sokoto and Ebonyi.

GBV is a health and social concern with far-reaching consequences affecting mostly women and girls. USAID’s $5 million MOMENTUM Country and Global Leadership in Nigeria (MCGL) will reduce maternal and child mortality by increasing host country commitment to provide quality health care. MCGL will address drivers of a child, early and forced marriage, and prevent and mitigate the impacts of violence against women and girls.

USAID
USAID Launches New Activity to Counter Growing Gender-Based Violence in Nigeria | Brand Spur Nigeria

“This new activity from USAID will strengthen GBV response mechanisms, help communities transform discriminatory gender and social norms that continue to subordinate women and make them vulnerable, and uphold and defend women’s health and human rights,” Chargé FitzGibbon said at the launch. “It will increase women’s voice and agency and reduce their vulnerability to gender-based violence.”

GBV is driven by structural inequalities and unequal power relations that render women subordinate due to limited access to education, employment, finances, healthcare, and opportunities to contribute to their family, community, and the country’s economic growth.

In Nigeria, one in three women and girls aged 15 to 24 years have experienced GBV. It is often at the hands of people they know, love, and trust. The unfortunate normalization of GBV against women and girls has continued under the guise of culture, tradition, and religion. GBV has reached epidemic proportions in Nigeria, exacerbated by the COVID-19 pandemic, in the form of intimate partner violence, rape, and early and forced marriage.

MCGL is already working in Sokoto and Ebonyi to engage communities, elected and traditional leaders, and a growing coalition of stakeholders to explore social norms that drive GBV. They will work with them to address gaps and develop interventions. This co-creation process can enhance laws and policies to protect vulnerable populations and improve access to reproductive health care.

USAID partner, Jphiego, will lead a growing consortium of Nigerian organizations to implement MCGL in Ebonyi and Sokoto due to their statistically high rates of GBV incidence and the presence of other USAID activities working to improve health outcomes.

“We are committed to working together for a safer society for women, girls and the vulnerable, Minister Farouq said, “No time is more appropriate than now to adopt a policy of zero tolerance for gender-based violence in Nigeria.”

Ultimately, the project will increase women’s voices and agency throughout their life course in project locations and beyond.

FCMB Weaker profits amid lower trading and investment volumes

Vetiva Research
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FCMB Weaker profits amid lower trading and investment volumes

Yesterday, FCMB released its unaudited H1’21 results, reporting Gross Earnings of ₦94.2 billion (-4% y/y). The decline in earnings came as the result of a 5% fall in Interest Income (II) to ₦72.7 billion, caused by a 56% decrease in income from investment securities.

However, it is important to note that income from loans and advances actually improved by 22% y/y to ₦63.1 billion. Meanwhile, Non-Interest Revenue (NIR) moderated by 2% y/y to ₦21.6 billion, amid a 60% decline in FX gains and a 33% drop in income from trading and investments.

The weaker trading figures came as a result of lower transaction volumes in the T-bills market, as yields remained subdued through the half-year. These declines offset improvements seen in Fees and Commissions, which rose 17% y/y to ₦16.6 billion.

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On the expenses side, the bank reported a 6% y/y increase in Opex to ₦51.6 billion, as AMCON charges rose 27% y/y to ₦7.3 billion, while Impairments dropped 48% y/y to ₦4.0 billion, thanks to a 4% decline in net impairments on loans and a 151% increase in write-backs on previously written-off provisions. Ultimately, the bank declared PBT of ₦8.9 billion (-20% y/y) and PAT of ₦7.6 billion (-22% y/y), yielding an EPS of ₦0.38.

FY’21 projections revised amid a sticky downward trend in NIR

As the bank managed to slightly outperform our Net Interest Income expectation (₦43.0 billion vs ₦42.5 billion), we have raised our FY’21 Interest Income estimate to ₦140.9 billion (Previous: ₦135.3 billion).

However, due to the higher interest expense recorded in Q2, as well as our expectation of a further increase in the cost of funds, we also raise our Interest Expense projection to ₦55.3 billion (Previous: ₦50.4 billion). This gives us a new Net Interest Income figure of ₦85.6 billion (Previous: ₦84.9 billion).

On the other hand, the underperformance in NIR raises some issues going forward. Milder FX revaluation gains compared to last year and reduced trading income lead us to moderate our FY’21 NIR prediction to ₦48.6 billion (Previous: ₦48.9 billion).

Finally, we have adjusted our Opex projection to ₦103.5 billion to reflect the higher Opex reported in Q2, although real operating expenditure is unlikely to further increase in the second half of the year. Thus, we expect FCMB to report FY’21 PBT of ₦17.6 billion (Previous: ₦19.7 billion) and PAT of ₦15.2 billion (Previous: ₦16.9 billion).

TP revised to ₦3.89 (Previous: ₦3.96)

Our new FY’21 projections yield an ROAE of 6.8% (Previous: 7.2%). This, along with an EPS of ₦0.76 and a final dividend projection of ₦0.15/share (Previous: ₦0.15) yields a revised 12-month target price of ₦3.89 (Previous: ₦3.96).

FCMB is currently trading at ₦3.02, 29% below our target price and at a current P/Bv of 0.3x, below our coverage average of 0.6x. We reiterate our BUY rating.

Ardova Plc: Lubricant margins may cushion H2 earnings

Vetiva Research
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Ardova Plc: Lubricant margins may cushion H2 earnings
  • Fuel revenue rises 19% y/y
  • Gross margin increases 3ppt y/y
  • 469% y/y increase in net profit

Ardova recently released its H1’21 results with revenue declining marginally by 1% y/y from ₦87.3 billion to ₦86.8 billion, a 2% variance from our estimate. However, a 2ppt y/y improvement in gross margin, as well as better cost-efficiency drove after-tax profit 76% higher y/y to ₦1.8 billion  (Vetiva estimate: ₦1.7 billion).

On a quarterly basis, it was able to grow revenue by 27% y/y from ₦35.3 billion in Q2’20 to ₦44.8 billion in Q2’21, on the back of improved demand, as economic activity continued its gradual recovery. Evaluating revenue, sales from the lubricants business recorded the highest improvement, increasing 82% y/y as rising prices in the lubricants space supported this jump.

Ardova enyo Boosted Revenue by 3.7% in Q3-2020 as Operating Expenses Increase Brandspurng1
Chief Executive Officer of Ardova Plc, Olumide Adeosun | Brand Spur Nigeria

Turnover from fuel operations also improved, growing by 19% y/y. However, the company only recorded a 3%  improvement q/q, as it gradually overcomes the supply challenges from the previous quarter.

Additionally, gross margin for the quarter printed at 9% (Q2’20: 6%), bringing gross profit to ₦4.0 billion, an 87% increase y/y. We note that the marginal improvement in gross margin was driven by growth in the lubricants segment, which typically bears higher margins (20%) compared to fuel operations (7%).

Also, despite inflationary pressures, Ardova’s operational efficiency remained sticky, as the operating expense margin increased slightly to 6% from 5% in Q2’20. As a result, Operating profit for the quarter came in at ₦1.2 billion vs the ₦183 million made in Q2’20. With net finance charges of ₦245 million and a ₦493 million tax expense, net income for the quarter came in at ₦922 million (up 469% y/y).

Ardova’s total assets for the period grew 57% y/y from ₦45 billion in Q2’20  to ₦71.6 billion, mainly driven by growth in fixed assets, as the company continues to expand operations. Meanwhile, the company recorded a net operating cash outflow of ₦805 million (H1’20: ₦949 million).

Thus, in a bid to finance working capital, Ardova extended its debt lines, as total debt grew by 74% q/q, with the bulk of the borrowings being accessed via overdrafts.

Looking ahead, as the uncertainty behind PMS pricing becomes clearer, we expect to see a gradual recovery in sales volumes from fuel operations,  although not reverting to Q1’20 levels. Hence, given run rates from the previous quarter, we revise our outlook on revenue from the fuel business downwards by 5% to ₦156 billion.

For the lubricants business, we anticipate a further increase in sales to ₦24.7 billion (up 45%), as improving business activities, coupled with increased pricing in the space, boost sales volumes through the year.

Furthermore, we predict the increased pricing in the lubricants space to remain sticky throughout the year, thus we foresee gross margin printing at 8% for the year. Meanwhile, we see operating costs trending upwards by 5% y/y; hence, we expect the operating expense margin to remain at 5% y/y.

Also, given Ardova’s cash position, we expect to see further borrowings in the coming quarters, thus driving finance costs higher to print at ₦1.7 billion (up 21% y/y). Consequently, this brings our net profit forecast to ₦3.1 billion for the year (2020: ₦2.1 billion).

Earnings Growth Key For Market Sentiments

United Capital Research
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Earnings Growth Key For Market Sentiments

Thus far the H1-2021 season for larger blue-chip stocks has been positive, as we delve deeper into the earning season, we retain our broadly positive outlook for listed Nigerian companies, particularly in the real sector of the economy.

The elevated inflationary environment has given consumer and industrial goods companies room to raise prices on their products.

Our positive stance is predicated on the economic rebound following the recession in 2020, we expect to see a resurgence in consumer demand although the average consumer continues to remain pressured.

That said, we expect to see a significant rise in cost for these companies considering the global rebound in commodity prices, devaluation of the naira and the high inflationary environment.

All in, we expect the impact of revenue growth on bottom line to outweigh the drag from increased costs. Thus, we project decent growth in profitability for FMCGs, Brewers, Food Processors and Cement companies.

In addition, we have a similar sentiment for Telecoms companies as accelerating broadband penetration would continue to drive data revenue growth, while the resumption of SIM registration would further support the subscriber base.

However, on the downside, we have a less optimistic outlook for banking earnings in H1-2021 and we maintain a lukewarm position for their earnings outlook. First, for interest income, we expect a decent improvement considering the fast-paced reversal in the fixed income environment. The tighter system liquidity is expected to weigh on their Cost of Funds, given the spike in Fixed deposit rates.

Thus, we expect to see pressure on the Net Interest Margin (NIMs) of banks stocks. As a result, growth in Net Interest Income can only be supported by loan book expansion. On Non-interest income, we expect it to be supported by trading income and continued growth in Fee & Commission income Lastly, cost management in this high inflationary environment will be critical for profitability for banking stocks.

Over 700 Healthcare Workers And Patients Killed In Attacks On Facilities

Brand Spur
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Over 700 Healthcare Workers And Patients Killed In Attacks On Facilities

Over 700 healthcare workers and patients have died, and more than 2,000 have been injured in attacks on health facilities since December 2017, according to a three year analysis by the World Health Organization (WHO) released on Tuesday.

The Surveillance System for Attacks on Health Care from 2018 to 2020, recorded data on attacks on health workers, patients, supplies, ambulances and facilities in 17 emergency-affected countries and fragile settings.

Countries at risk

These included Ethiopia, Yemen, Syria, Mozambique, Nigeria, Occupied Palestinian territory, Myanmar, Central African Republic, and Somalia, among others. “We are deeply concerned that hundreds of health facilities have been destroyed or closed, health workers killed and injured, and millions of people denied the healthcare they deserve,” Altaf Musani, Director of the Health Emergencies Interventions, WHO, told journalists in Geneva.

The WHO initiative has three main pillars of work, which are the systematic collection of evidence of attacks, advocacy for the end of such attacks, and the promotion of good practices for protecting healthcare.

Over 700 Healthcare Workers And Patients Killed In Attacks On Facilities-Brand Spur Nigeria
Over 700 Healthcare Workers And Patients Killed In Attacks On Facilities-Brand Spur Nigeria

It presents a global overview of attacks on healthcare, the resources that they affected and their immediate impact on health workers and patients.

Deadly outcomes

Giving details of the findings, Mr. Musani, said that “one out of six incidents have led to a patient or health worker’s loss of life in 2020”.

Health workers are the most affected resource, he added, representing “two-thirds of all attacks in 2018, 2019 and fifty per cent of all recorded incidents in 2020,” rather than facilities or supplies.

The report warned that the impact of attacks on health care goes well beyond endangering health providers, especially in light of the ongoing COVID-19 response.

‘Ripple effect’

“Their impact reverberates on health workers’ mental health and willingness to report to work, on the communities’ willingness to seek healthcare and also drastically reduces resources for responding to health crises, among others.”

The “ripple effect of a single incident is huge”, he said, and has “long-term consequences for the health system as whole.”

Mr. Musani called on all parties in conflicts to ensure safe working spaces for the delivery of healthcare services and “safe access to health care, free from violence, threat or fear. “One attack is an attack too many”, he warned.

WHO’s Attacks on Health Care (AHC) initiative was rolled out in December 2017, following a World Health Assembly resolution adopted in 2012, in which Member States requested WHO to provide global leadership in collecting and disseminating information on attacks on health care in complex humanitarian emergencies.

The need for systematic collection of data on attacks on healthcare was further supported by Security Council resolution 2286 adopted in 2016.

The findings are the first body of verified and reliable evidence, which can be used to generate analyses and reports to better understand attacks on healthcare.

Fidelity Bank Shows The Way In Environmental Protection Initiatives

Brand Spur
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Fidelity Bank Shows The Way In Environmental Protection Initiatives

According to the Secretary-General of the United Nations, António Guterres, in a speech given on the 2nd of December 2020 and titled, “The State of the Planet”, the world is facing the highest level of environmental degradation ever recorded in history.

This degradation has caused the alarming rate at which different parts of the earth have become inhabitable for plants, animals and humans.

Similarly, “The State of the Global Climate: Unpacking the Indicators” report released by the World Metrological Organisation shows that in the past 28 years, there has been a dismal rise in the melting of sea ice and glaciers, changes in precipitation patterns, and temperature increase over land and seas that has affected the balance of nature.

These daunting realities point to the need to prioritize environmental preservation by not just organisations saddled with this task but by all individuals and organizations. Many organisations have thus risen to this challenge, going as far as automating processes that ensure a drastic reduction on their environmental footprints.

On the Nigerian scene, however, it appears this urgency is lost on citizens as only a handful of companies and individuals are paying attention to this evolving development despite the presence of the ripple effects like food scarcity, extreme weather, flooding, etc. A leading financial institution, Fidelity Bank PLC, is however bucking this trend by introducing several initiatives to reverse environmental degradation.

One of the ways the tier-two bank is driving this is by altering its procedures and processes to ensure that its operations are environment friendly. It has also contributed towards addressing certain environment degrading activities like deforestation.

Within 18 years, Nigeria has lost 14% of its total tree cover, per statistics from the Global Forest Watch. This loss has led to widespread desert encroachment in the north and erosion in the south of the country. Thankfully, Fidelity Bank PLC and other visionary institutions have begun reversing this ugly trend.

“Environment forms one of the five pillars of our CSR thrust as an organisation. At Fidelity Bank, we recognise the importance of preserving the environment and that informs the numerous programmes we have deployed to reduce our carbon footprint as well as preserve and beautify the ecosystem.  Not only is this the right thing to do, we owe it to the unborn generations to bequeath them a planet that is suitable for human habitation. After all, this is the only home we have,” explained the bank’s Chief Executive Officer, Mrs. Nneka Onyeali-Ikpe.

The bank has collaborated with both state and local governments to create and maintain green parks in select locations across the country. The beautification of the Falomo Roundabout in Ikoyi, Lagos State, for instance, is a prime example of how its partnership with the Lagos State Government is helping to restore the natural aesthetic of a metropolitan area. Other locations across the country include Onikan, Eko Court, Apapa and BBA all in Lagos State; Krika Sama Roundabout, Kano; as well as specific areas in Maiduguri, Ibadan, and Enugu amongst others.

In the area of Environmental Protection and Renewal, the bank partners with the Nigerian Conservation Foundation (NCF) and participates actively in its annual “Walk for Nature” event, an advocacy programme organised to create awareness on nature conservation and good environmental practices.

Other remarkable green initiatives of the Bank include the use of recycled biodegradable cash bags to dispense cash instead of polyethylene bags, in compliance with relevant International Accords and Protocols aimed at promoting sustainability, like the Equator Accord (Equator Principles).

With these initiatives, Fidelity Bank is no doubt playing a pivotal role in stemming the spate of environmental degradation that has plagued the nation for many years. Nevertheless, there’s room to do more and it is hoped that other organizations and individuals will follow the bank’s lead and contribute their own quota in making our planet more habitable for the current and future generations.

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