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Stanbic IBTC holds Sustainability seminar for Businesses

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, recently held a sustainable procurement seminar programme for its vendors. The programme which was themed ‘Understanding Sustainability And What It Means For Your Business’, focused on educating attendees on the importance of sustainability for a business and the expected benefits.

The virtual event examined sustainability models which could aid enterprises better reach their operational goals.

“Attention to Sustainability or Environmental, Social and Governance (ESG) is rising amongst Nigerian corporates with many quoted firms releasing annual sustainability reports and some presenting the report on the Nigerian Stock Exchange. It is not clear the extent to which ESG concerns could be incorporated into the operations of small enterprises or what sustainability concerns they should focus on”.

According to Omolola Fashesin, the Head of Sustainability at Stanbic IBTC said: “The webinar was organised for Stanbic IBTC vendors to promote sustainability awareness and adoption of sustainability frameworks across the organisation’s supply chain. This is in line with one of the priority areas of the Stanbic IBTC Sustainability Framework – Sustainable Procurement. As a sustainability-driven organisation, Stanbic IBTC believes that a sustainable supply chain further advances the organisation’s intent to achieve positive Social, Environmental and Economic impact in the society.”

Also Read: Stanbic IBTC Gets New Non-Executive Director

Speakers at the virtual event include Samuel Agbevem, Partner and West African Sector Lead, Climate Change and Sustainability Services, Ernst and Young, and Oludare Oloyede, Manager, Group Physical Security at Stanbic IBTC.

Speaking on the principles of sustainability, Agbevem said, “Sustainability is the creation of financial and economic value as well as long-term environmental and social value for a wide range of stakeholders, with consideration for the needs of future generations. It is a holistic approach that reflects ecological, social and economic dimensions, all of which must be well thought out to find lasting prosperity.”

According to him, the implementation of sustainability programmes by businesses will have lasting positive effects on the economy. “Companies or businesses can reuse, recycle and reduce resources like paper, adopt energy-efficient appliances and energy-efficient practices to reduce energy consumption, and implement occupational health and safety procedures in the workplace,” Agbevem stated. He also provided a framework that the vendors can use to incorporate sustainability into their businesses.

Oludare Oloyede focussed on addressing the issues of occupational health and safety as they relate to business sustainability. According to him, organisations should prioritise the health and safety of workers. Without them, the current and future success of any organization is unassured.

Oloyede also noted that “Effective management of environmental and social risks is another pillar in building a sustainable business model. Successfully managing these risks can be achieved by developing policies focused on waste generation and disposal, developing, and implementing health and safety procedures applicable to business operations, and implementing labour policies aligned to national laws so that people are not overworked.”

Also Read: Business File: Stanbic Donates Digital Hub to Lagos School

Attention to Sustainability or Environmental, Social and Governance (ESG) is rising amongst Nigerian corporates with many quoted firms releasing annual sustainability reports and some presenting the report on the Nigerian Stock Exchange. It is not clear the extent to which ESG concerns could be incorporated into the operations of small enterprises or what sustainability concerns they should focus on.

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