Civil Society Coalition Demands Nigerian Banks Modernise ESG Frameworks

A coalition of civil society organisations, including Oxfam, BudgIT, CISLAC, CODE, STEPS and Policy Alert, has urged Nigerian banks to overhaul outdated Environmental, Social and Governance standards. The call came in Abuja during the launch of the coalition’s new ESG Policy Assessment Report. According to CISLAC’s Executive Director, the 2012 Sustainability Banking Principles leave critical gaps. The assessment found that four major banks scored an average of just 1.7 out of 10 against over 400 global sustainability criteria. Transparency on tax, community financing and climate commitments was especially weak, with zero performance on country-by-country revenue disclosures. Representatives from Oxfam and other partners warned that the sector’s opacity threatens anti-money laundering frameworks and undermines public resources. They have urged regulators, lawmakers and bank executives to host a multi-stakeholder roundtable to update Nigeria’s ESG policies to match international benchmarks. The report recommends a review of the 2012 principles, stronger stakeholder engagement and improved transparency to drive sustainable investments and corporate accountability.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.