Thursday, January 19, 2012 11:40 AM /CBN

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“The Nigerian Sustainable Banking Principles”

As leaders in the Nigerian financial sector, we are uniquely positioned to further economic growth and development in Nigeria through our regulatory, lending and investment activities across a diversity of segments and sectors of the Nigerian economy. The context in which we make business decisions is, however, characterized by complex and growing challenges relating to population growth, urban migration, poverty, destruction of biodiversity and ecosystems, pressure on food sources, prices and security, lack of energy and infrastructure and potential climate change legislation from our trade partners, amongst others.

Increasingly, it has been demonstrated that the development imperative in Nigeria should not only be economically viable, but socially relevant and environmentally responsible. We recognize that we have a role and responsibility to deliver positive development impacts to society whilst protecting the communities and environments in which we operate – for today's generation as well as for future generations. We believe that such an approach, one of sustainable banking, is consistent with our individual and collective business objectives, and can stimulate further economic growth and opportunity as well as enhance innovation and competitiveness.

Given the above considerations, we are prepared to take steps to ensure that our business decision-making activities take these considerations into account and are, where applicable, consistent with applicable international standards and practices, but with due regard for the Nigerian context and distinct development needs.

Consequently, we hereby state our commitment to developing and launching a voluntary set of Nigerian sustainable banking principles which will include:

1) An over-arching set of guidelines relating to our:

(a) direct impacts on communities and the environment as a result of our own business operations; and

(b) indirect impacts on communities and the environment as a result of our lending and investment activities;

2) A set of sector-specific guidelines, including as a first priority:

(a) oil and gas;

(b) power (with a focus on renewable energy); and

(c) agriculture and related water resource issues;

3) A commitment to raising awareness and developing meaningful and lasting local capacity to manage emerging environmental and social risks and opportunities within our internal operations, as well as to relevant financial sector government agencies, learning institutions and service providers.

In developing these sustainable banking principles, we recognize the need for a process which involves the engagement of relevant stakeholders and industry experts. We also recognize the need for an approach which provides for appropriate levels of transparency, accountability and self-assessment through regular reporting to our stakeholders. We will seek to work with the Central Bank of Nigeria, other relevant government agencies and development finance institutions to create the enabling environment as well as the incentives and enforcement mechanisms required for successful adoption and uptake of the sustainable banking principles.

We acknowledge that we can better support environmentally and socially responsible economic development in Nigeria by joining forces rather than standing alone. We hereby sign this Joint Commitment Statement with the aim of developing a set of sustainable banking principles for the Nigerian banking sector, to drive long-term sustainable growth whilst focusing on development priorities, safeguarding the environment and our people, and delivering measurable benefits to society and the real economy.

Signatories - October, 2011

Sanusi Lamido Sanusi, Central Bank of Nigeria

Umaru Ibrahim, Nigeria Deposit Insurance Corporation

Tunde O. Lemo, Central Bank of Nigeria

Suleiman Barau, Central Bank of Nigeria

Sarah O. Alade, Central Bank of Nigeria

Kingsley Moghalu, Central Bank of Nigeria

Aigboje Aig-Imoukhuede, Access Bank Plc

Emeka Emuwa, Citi Bank Ltd

Alex Otti, Diamond Bank Plc

Jibril Aku, Ecobank Plc

Ahmed Karu, Enterprise Bank Ltd

Gbolahan O. Folayan, Equitorial Trust Bank Ltd

Ladi Balogun, First City Monument Bank Plc

Reginald Ihejiahi, Fidelity Bank Plc

Suzanne Iroche, Finbank Plc

Stephen Olabisi Onasanya, First Bank of Nigeria Plc

Segun Agbaje, Guaranty Trust Bank Plc

Victor Etuokwu, Intercontinental Bank Plc

Oti Ikomi, Keystone Bank Ltd

Faith Tuedor-Mathews, Mainstreet Bank Ltd

John Aboh, Oceanic Bank Plc

Kehinde Durosinmi-Etti, Skye Bank Plc

Sola David-Borha , Stanbic IBTC Bank Plc

Bola Adesola, Standard Chartered Bank Nigeria Ltd

Razack Adeyemi Adeola, Sterling Bank Plc

Phillips Oduoza, United Bank of Africa Plc

Funke Osibodu, Union Bank of Nigeria Plc

Ado Wanka, Unity Bank of Nigeria Plc

Segun Oloketuyi, Wema Bank Plc

Godwin Emefiele, Zenith Bank Plc

Abubakar Jimoh, Associated Discount House Ltd

Kwesi Sagoe, Express Discount Ltd

Rilwan Belo-Osagie, First Securities Discount House Ltd

Laoye Jaiyeoba, Kakawa Discount House Ltd

Adeleke Shittu, Consolidated Discounts Ltd

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