CISLAC Calls for Reform in Nigeria's Banking Sustainability Framework

The Civil Society Legislative Advocacy Centre (CISLAC) launched a report in Abuja on Thursday, calling for an urgent review of Nigeria's banking sustainability framework. The report, titled "Four Banks in Nigeria Respond to Global ESG Compliance Standards," assesses Access Bank, Standard Chartered Bank, United Bank for Africa, and Zenith Bank against 400 global ESG indicators.

Executive Director Comrade Auwal Ibrahim Musa Rafsanjani noted that these banks scored an average of 1.7 out of 10, indicating basic compliance but a lack of integration of sustainability principles into core financial decisions. The report highlights significant shortcomings, including zero scores for tax transparency due to a lack of disclosure and poor performance in climate action with an average score of 0.9.

It warns that profit-driven finance continues to overshadow environmental and social considerations. CISLAC urges the Central Bank of Nigeria and other stakeholders to reform the ESG framework to align with global best practices and ensure accountability in the banking sector.