Omodele Adigun

Unity Bank Plc has cometops to win the Central Bank of Nigeria (CBN) sustainable banking award: Sustainable Transaction of the Year in Agriculture.

The bank won the prize for its compliance with the sustainable banking principles as it relates to the management of Environmental and Social Risk  as set out bythe apex bank for adoption by banks, discount houses and development banks.

At the just-concluded Bankers’ retreat held in Lagos, CBN commended Unity Bank for its efforts in promoting the Anchor Borrowers Program (ABP), Rice Farmers Association of Nigeria (RIFAN) project, adding that the lender deserves this award because of the role it played in actualization and management of the project.

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The active involvement of Unity Bank in various financing schemes has resulted in creating huge social and economic impact on the income of households, involving over 270,000 participating small holder farmers thereby boosting, not only the gross domestic product, but also helping to achieve self-sufficiency in food production.

Commenting on the development, the Managing Director/Chief Executive Officer of the bank, Mrs. Tomi Somefun, dedicated the award to all farmers and businesses in agriculture value chain.

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She added: “We have successfully on-boarded over 90,000 hitherto financially excluded farmers and generated bank verification number for them to facilitate financial and banking transaction. Capacities of about 60 agro input suppliers were expanded through provision of facilities and financial advisory services’.

“Safeguards shall exist to protect rare and endangered species, preservation of conservation zones and protection of grazing and forest reserves.”

The bank’s Environmental Management Program covers comprehensive business operations and endeavors to achieve minimum adverse impact on the environment in the scope of its business activities.

According to Somefun, the bank’s environmental management policies and strategies comprehensively covers priority areas that encourages bio-diversity, green initiatives, recycling of waste, reduction of carbon emission geared towards promoting sustainability, conservation and environmental protection.

Unity Bank Plc is a niche player in Agricultural financing in Nigeria, with active participation in most government intervention schemes and support for key policy initiatives. These are aimed at driving growth and transformation of Nigeria’s Agricultural economy.

The Code of Corporate Governance requires companies to act in an environmentally and socially responsible manner and Unity Bank has domesticated the principles in its commitment to save the environment from degradation or pollution.