Policy Assessment Report launch on: How Four Banks in Nigeria Are Responding To Global Environmental, Social and Governance Compliance Standards. (Access Bank, United Bank For Africa, Standard Chartered Bank and Zenith Bank)
The report, titled “How Four (4) Banks in Nigeria Are Responding to Global Environmental, Social, and Governance (ESG) Compliance Standards?”, represents a systematic and evidence-based effort to evaluate the sustainability commitments of leading Nigerian banks. The research specifically examined Access Bank, Standard Chartered Bank, United Bank for Africa, and Zenith Bank against over 400 international ESG criteria. The research was led by Dr. Augustine Okere and carried out by the Fair Finance Nigeria (FFNG) coalition of six Civil Society Organizations: Connected Development (CODE), BudgIT Foundation, Civil Society Legislative Advocacy Centre (CISLAC), Sustainable Transparency and Engagement Project (STEPS), Policy Alert, and Oxfam Nigeria. The event convened key stakeholders, including financial institutions, regulatory bodies, and development partners, with representation from the Central Bank of Nigeria (CBN), Bank Directors Association of Nigeria (BDAN), Economic and Financial Crimes Commission (EFCC), African Development Bank (AfDB), Nigerian Financial Intelligence Unit (NFIU), National Human Rights Commission (NHRC), Federal Ministry of Finance, Access Bank, and other relevant institutions.
Following the research presentation, and plenary deliberations participants, and key stakeholders reached the following key resolutions and action points aimed at strengthening Environmental, Social, and Governance (ESG) compliance within Nigeria’s banking sector:
CISLAC Executive Director, Comrade Auwal Ibrahim Musa Rafsanjani, issued a clear and urgent call to action directed at the core leadership of the Nigerian financial sector. He specifically called upon the Central Bank of Nigeria (CBN), the Chartered Institute of Bankers of Nigeria (CIBN), the Bank Directors Association of Nigeria (BDAN), Security and Exchange Commission, and the relevant committees of the National Assembly, alongside bank executives, to convene a multi-stakeholder roundtable aimed at modernizing Nigeria’s ESG framework for the financial sector. Furthermore, he challenged Nigerian banks to move beyond "minimum compliance" or "tick-box" exercises and instead embrace genuine corporate responsibility, noting that the future of finance is inherently sustainable. He urged all stakeholders to view the assessment report not as an endpoint, but as a baseline and a starting point for transformative change that safeguards the environment, protects host communities, and promotes inclusive development across the Federal Republic of Nigeria.
Representing the Country Director of Oxfam Nigeria, Mr. Henry Ushie maintained that the assessment report should be viewed as a constructive tool and a necessary baseline for future progress. He emphasized the need for evidence-based advocacy to ensure that mere compliance finally translates into actual commitment. He emphasized the urgent need to move away from the outdated “tick-box” approach typical of the 2012 Sustainability Principles, advocating instead for the adoption of a modernized ESG framework that delivers a tangible and measurable impact on the Nigerian financial ecosystem.
The assessment revealed a critically low average ESG performance score of 1.7 out of 10 across Access Bank, United Bank for Africa, Standard Chartered Bank, and Zenith Bank. stakeholders.
The present agreed that this reflects systemic gaps in policy disclosure, transparency, and alignment with global sustainability standards, particularly in the areas of tax transparency, climate action, biodiversity, and human rights.
Stakeholders collectively resolved that financial institutions must move beyond internal compliance and extend ESG standards across their financing portfolios. Banks are expected to develop and publicly disclose clear, measurable, and time-bound ESG commitments that align with international frameworks such as the UN Guiding Principles on Business and Human Rights and other global reporting standards.
On tax transparency, stakeholders emphasized the urgent need for banks to adopt country-by-country reporting, disclose tax practices, and eliminate opacity around financial flows. This is critical to addressing illicit financial flows, strengthening anti-money laundering systems, and restoring public trust in the financial sector.
Regarding climate action and environmental sustainability, it was agreed that while Nigeria’s transition may be gradual due to economic realities, banks must take deliberate steps to reduce exposure to high-emission sectors and develop credible transition plans. Financial institutions are expected to integrate biodiversity protection and environmental risk assessment into their lending and investment decisions.
Stakeholders further resolved that banks must institutionalize human rights compliance, ensuring that both internal operations and external engagements respect the rights of employees, customers, and host communities. This includes improving labour practices, customer service standards, and addressing systemic issues such as contract staffing and workplace welfare.
Regulatory bodies, including the Central Bank of Nigeria, Nigerian Financial Intelligence Unit, and Economic and Financial Crimes Commission, were called upon to strengthen enforcement mechanisms, update existing frameworks such as the 2012 Nigeria Sustainable Banking Principles, and ensure alignment with current global ESG standards.
Stakeholders emphasized the need for stronger collaboration between financial institutions, civil society organizations, regulators, and development partners. Future assessments should incorporate both global frameworks and Nigeria’s existing policies, including the National Action Plan on Business and Human Rights, to ensure contextual relevance and accountability.
It was collectively agreed that financial institutions must improve responsiveness and engagement with researchers and stakeholders by providing timely, accurate, and verifiable data. ESG disclosures should be integrated into annual and financial reports and made publicly accessible.
Law enforcement agencies committed to utilizing the report as an intelligence tool to strengthen oversight, investigate illicit financial flows, and enhance collaboration with financial institutions, particularly in enforcing suspicious transaction reporting obligations.
As part of next steps, the FFNG coalition will engage directly with individual banks to provide tailored recommendations, localize findings within Nigeria’s regulatory environment, and convene a broader stakeholder forum to drive policy reform and implementation.
Lastly, stakeholders present reaffirmed that Nigeria’s financial sector plays a critical role in shaping development outcomes and must transition towards a system that is transparent, accountable, environmentally responsible, and aligned with both national and international standards.
Signed:
Fair Finance Nigeria (FFNG) Coalition Members:
1. Connected Development (CODE)
2. BudgIT Foundation
3. Civil Society Legislative Advocacy Centre (CISLAC)
4. Sustainable Transparency and Engagement Project (STEPS)
5. Policy Alert
6. Oxfam Nigeria.
7. Federal Ministry of Finance
8. Bank Directors Association of Nigeria
9. Social Action
10. CREAP Africa Initiative
11. Economic and Financial Crimes Commission (EFCC)
12. Ziva Community Initiative
13. Trade Network Initiative
14. National Human Right Commission (NHRC)
15. Independent Corrupt Practice Commission (ICPC)
16. Society for Research & Development Centre
