From Juliana Taiwo-Obalonye, Abuja
Nigeria’s top commercial banks have been slammed for their dismal performance in a pioneering global sustainability assessment, scoring a mere 1.7 out of 10 on Environmental, Social, and Governance (ESG) standards, as revealed by the Fair Finance Nigeria (FFNG) Coalition.
The comprehensive policy review by the coalition – comprising BudgIT, Policy Alert, CISLAC, CODE, STEPS, and Oxfam – evaluated Access Bank, Standard Chartered, United Bank for Africa (UBA), and Zenith Bank against over 400 international criteria from the 2025 Fair Finance Guide International (FFGI) methodology.
Addressing the press on behalf of the coalition, Executive Director of Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, the
banks showed glimmers of strength in internal policies on labour rights, gender equality, and anti-corruption, but catastrophically failed on external commitments to communities, climate protection, and national revenue.
Striking failures included a uniform zero on tax transparency, with no country-by-country revenue reporting or disclosures on financing tax havens, breaching global Anti-Money Laundering (AML) and FATF guidelines.
Climate action averaged a shocking 0.9/10, as banks poured funds into high-emission oil and gas without portfolio-wide transition plans or client emissions cuts. Human rights and biodiversity safeguards in investments and supply chains were equally absent or feeble.
Standard Chartered topped the pack at 2.7/10, credited largely to its global parent’s policies, though their local application remains murky.
“Nigerian banks have massive influence; their choices can either accelerate inequality and environmental harm or drive a just and sustainable future.
Right now, they are failing that test,” said Hamza Ahmed Tijani, Country Director of Oxfam in Nigeria. “Scoring a 0.0 on tax transparency and a 0.9 on climate change is unacceptable. These institutions are reaping massive profits from high-impact sectors while refusing to be held accountable for the social and environmental footprints of their decisions. This is not just a disclosure gap; it is a failure of leadership in the financial sector.”
The coalition blamed the outdated 2012 Nigerian Sustainable Banking Principles (NSBP), which enable “tick-box” compliance over real accountability. It urges the Central Bank of Nigeria (CBN), Chartered Institute of Bankers of Nigeria (CIBN), Bank Directors Association of Nigeria (BDAN), National Assembly banking committees, and bank leaders to launch a multi-stakeholder roundtable for ESG modernisation aligned with global benchmarks.
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