Lagos, Nigeria - Chief Executives Officers (CEOs) of Nigeria’s 24 deposit banks have restated their commitment to responsible business practice and sustainability considerations in the sector’s operations. They have therefore set up a Sustainability Working Group, with the approval of the Central Bank of Nigeria, according to a statement at the end of the CEO’s Roundtable on Sustainable Finance.

Members of the Group, constituted to immediately commence the work on the agreed initiatives, are Access Bank Plc, Diamond Bank Plc, GTBank Plc, Standard Chartered Bank, Citibank and Zenith Bank Plc .

They will work in conjunction with the International Finance Corporation (IFC) and the Dutch Development Bank FMO.

“The need for Nigerian banks to integrate sustainability into their business processes cannot be overemphasized. Nigerian banks should not be using the savings of Nigerians to finance foreign companies whose operations damage Nigeria,” CBN Governor Sanusi Lamido was quoted as saying in the statement.

“The development of an industry standard is a welcome initiative and we will support the banks to ensure that we contribute effectively to the sustainability of not just the financial institutions but of the society as a whole,” he added.

Access Bank Plc, in partnership with the Netherlands Development Bank, FMO, and the United Nations Environment Programme Finance Initiative (UNEPFI), organized the event.

In his comment on the CEOs resolution, head of UNEPFI Paul Clements-Hunt said: “Today’s decision is a historic commitment by Nigerian regulators and bankers to a better environment. It is inspiring to witness a country coming together to address one of the greatest challenges currently facing humanity.”

Also speaking on the issue, the Chief Executive Officer of FMO, Nanno Kleiterp said: “The joint decision is an important step forward for the Nigerian banking sector. It signals a strong commitment from the CEOs present here today to take a leadership role in guiding industry change in sustainable finance.'

The CEO Roundtable was the climax of the 3-day Nigeria Sustainable Finance Week, held in Lagos 7-9 Sept, with the theme: “Moving Frontiers in Sustainable Finance.”

Pana 14/09/2011