Luxembourg based Universal Green Energy Access Programme (UGEAP), and Union Bank of Nigeria have formalised the basis for a strategic partnership to catalyse the development of the renewable energy market in Nigeria.

This collaboration, marked initially by a Memorandum of Understanding (MoU), aims to drive sustainable energy access for households and small and medium businesses across Sub-Saharan Africa, primarily focusing on Nigeria.

UGEAP, a 15-year blended finance facility, is dedicated to supporting the transition to sustainable energy. The United Nations Green Climate Fund (GCF) has committed the anchor investment to UGEAP, with DWS Investment S.A. as the Investment Manager.

Union Bank of Nigeria is a venerable financial institution established in 1917. The bank brings its vast experience and a comprehensive portfolio of banking services to this partnership. With over 293 service centres and more than 937 ATMs spread across Nigeria, it is a trusted partner in the financial sector.

Recognising the critical need for energy in Nigeria and the shared ambition to increase the proportion of renewable energy in the energy mix, the Parties have identified key areas of focus, which include meeting the energy demands in Nigeria, reducing industry and corporate dependence on expensive electrical energy to align with climate targets for CO2 emissions reduction, promoting solar home solutions, mini-grids for first-time electrified communities, and both off-grid and on-grid renewable energy production for corporates and productive use of energy.
In line with this, Union Bank and UGEAP commit to cooperating on a joint initiative with the specific goal of mobilising and deploying USD 500 million in funding and technical assistance over the next five (5) years. This initiative aims to advance the renewable energy sector, benefit businesses and communities in Nigeria, and contribute to the broader sustainability goals in Sub-Saharan Africa.

Speaking about the partnership, Mudassir Amray, Managing Director and Chief Executive Officer of Union Bank, said:
“Union Bank of Nigeria is proud to align with UGEAP in this groundbreaking initiative. Our longstanding commitment to fostering growth in Nigeria and UGEAP’s expertise in renewable energy positions us to drive meaningful change. This collaboration marks a milestone in pursuing renewable energy development in Nigeria, promising a more sustainable and resilient future for our communities.”

Also commenting on the partnership, Michael Hoelter, Senior Investment Principal of the Sustainable Investments team at DWS, expressed:
Renewable energy technology is a highly flexible solution for local solutions to the global target to de-carbonise industry and the financial system. Be it pay-as-you-go or roof-top installations for corporates, customers do not have to wait for the national grid to be reinforced to obtain electrical energy reliably. Solar power beats the noise of generators and can also beat the cost. UGEAP aims to multiply its capital contribution with the strength of local partners with a strategic alignment to bring clean energy to households and industrial users. We are glad to welcome Union Bank to the already existing partners in this joint development path.

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– invite procurement agency, others over reports of govt spending

The Lagos State House of Assembly has received a letter from Governor Babajide Sanwo-Olu seeking the screening and confirmation of six new nominees for cabinet positions.

At a sitting presided over by Speaker Mudashiru Obasa, the Clerk of the House, Barr. Olalekan Onafeko, read the letter before the lawmakers quoting the governor as seeking the confirmation of a commissioner-nominee and five nominees in the position of special advisers.

However, the letter only named the commissioner-nominee as Mr. Abiodun Ogunleye, while the identities of the nominees for the position of special adviser were not mentioned making the House resolve to write back to the governor for the remaining identities.

Dr. Obasa, while agreeing with the lawmakers that names should be attached to the letter, said: “it is necessary for us to know who and who would become part of the cabinet.”

Reacting earlier, the Deputy Majority Leader of the House, Hon. Adedamola Richard Kasunmu, observed that the letter did not follow the usual procedure of revealing the identities of the nominees.

“Thus, the process of not mentioning the names seems like coming through the backdoor,” he said.

He was supported by his colleagues, Hon. Ladi Ajomale and Hon. Owolabi Ajani, who noted that the previous lists from the governor had details of the nominees and that this made the screening by the ad-hoc committee easy.

“But in this case, it is only the commissioner-nominee that had a name attached to it and this is surprising. Maybe we should also pass information to the governor that the names should be specified,” Ajomale said.

Meanwhile, the Lagos State House of Assembly has invited the state’s procurement agency over reports of alleged spendings by the Offices of the Governor and the Deputy Governor.

Dr. Obasa, while noting that the executive arm of government had made efforts to declare the story as untrue, it was necessary for the House to look into the issue so as the establish the facts behind the story.

“So we call on the committee in charge of procurement to invite the agency and others mentioned and do a thorough job on this in order to establish facts concerning the publications,” the Speaker said.

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Sterling Bank Limited, Nigeria’s leading financial institution, has again emerged as the 2022 Overall Best Workplace in Nigeria in the large corporate category awards organised by the Great Place to Work (GPTW).

Since 2020, the Bank has continued to win the overall best workplace award of the GPTW.

According to the organisers of the award, the bank emerged first Best Place to Work in the large corporate category, Best in Promoting People Leadership Practices in the large category and the Best in Promoting Corporate Social Responsibility Initiatives in the large category.

In a keynote address, Chairman of Sterling Bank, Mr. Asue Ighodalo said, “Now, more than ever in the life of our country, we must create an environment that enables an inclusive and consistent growth rate of over seven percent year-on-year to emerge from our present economic and social predicament.”

Describing himself as an apostle of and a firm believer in private sector-led growth, Mr. Ighodalo noted that creative, disciplined, innovative, and efficient organisations, manned by visionary, selfless, hardworking, satisfied and passionate people will catalyse the growth of the national economy.

“Rising at dawn and working till dusk each day, are the men and women who drive these organisations,” he said, adding that “for the organisations to thrive and sustain themselves, these men and women must be happy at work, passionate about their work, well trained, healthy, mentally balanced, fairly treated, motivated, appreciated, comparatively well rewarded and respected.”

He said employers have a duty to ensure that employees work in an environment and with people who enable outstanding performance. According to him, the world changed significantly in the last five years and the change has greatly affected employees’ attitude to work, their ways of working, the reasons they work, their organisational loyalty and where they work from.

He remarked that in order to retain the quality of talent they need to survive, grow, thrive and sustain themselves, organisations must adapt to the constant changes, volatility and unpredictability in the world because “we are at the edge of a new world economic order with indications that China will soon overtake the United States as the world’s biggest economy and the dollar’s importance in international trade, settlements and store of value will diminish.”

He said the global economy continues to face unprecedented challenges, noting that the greatest impact on how people work and their commitment to work has been the 2019 Covid pandemic with its lingering effects. He added that the war in Ukraine continues to further destabilise the global order, negatively affecting the cost of food and energy, disrupting supply chains and logistics certainty, and pushing many people into unemployment all over the world.

“Our enabling environment must improve and our organizations, which are the growth drivers, must become attractive work havens. So, with all of these challenging changes, volatility and unpredictability how do we create and sustain attractive and productive work havens?”

“Regardless the positive and efficiency enhancing impact of technology, science, robotics and digitalisation, I remain absolutely clear that each organisation is only as good as the people that work in there, driving and controlling its systems and technologies.

“People are the heartbeat of any organisation, driving it forward with their individual and collective efforts. They are not just assets; they are the essence of the company, making it vibrant and alive.

“Strategies, milestones, and overall financial performance may grab the headlines, but these only come together by the channelled efforts of the dedicated hands and minds of the people who call the company home—individuals who are comfortable enough to live their best livesand do their best work within their respective organisations,” Ighodalo said.

He enjoined organisations to commit to the wellness and stability of their employees, by offering a wide range of wellness programmes and initiatives, including mandatory annual physical check-ups, holistic maternity and paternity initiatives, employee assistance programmes to provide access to mental health support, and extensions to employees’ health plans that provide cover for older dependents.

He said companies should also take steps to promote work-life balance, and may, subject to the nature of the tasks, offer unconventional flexible work arrangements and paid health breaks among others.

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