LBS, Stanbic harp on sustainable practices for businesses

The Lagos Business School (LBS) and Stanbic IBTC Holdings have reiterated the need for businesses to embrace initiatives that promote environmental sustainability. The charge was made during the presentation of a case study on Stanbic’s Environmental, Social and Governance initiatives at the LBS campus in Ajah, Lagos. The case study, titled: “Beyond the Buzzwords: Concrete […]

The Lagos Business School (LBS) and Stanbic IBTC Holdings have reiterated the need for businesses to embrace initiatives that promote environmental sustainability.

The charge was made during the presentation of a case study on Stanbic’s Environmental, Social and Governance initiatives at the LBS campus in Ajah, Lagos.

The case study, titled: “Beyond the Buzzwords: Concrete Sustainability Measures in Corporate Strategy”, was authored by Professor Chris Ogbechie, Dean of the Lagos Business School; and Segun Jones, Hub Lead, LBS Management Hub, in collaboration with Dr Demola Sogunle, the protagonist in the case.

It was presented during a joint session to participants of the Owner-Manager Programme of the Lagos Business School and the Strathmore Business School in Nairobi, Kenya.

During his presentation, Ogbechie stressed the importance of sustainability for every corporate organisation.

He stated that the target of any business entity should no longer be about only meeting revenue targets, but to promote environmental sustainability.

He said, “Sustainability is a headache that is keeping many CEOs awake today. In Nigeria, climate change is a big risk, causing us headaches because we are facing what we call ‘food crisis’ driven by climate change.

“In all businesses, we must think of climate change. We must think of sustainability. We must think of how to preserve the environment. There is an adage that says that we didn’t inherit the earth from our ancestors; we borrowed it. When you borrow something, you must preserve it so that our children can have a better life.”

The Chief Executive Officer of Stanbic IBTC Holdings, Demola Sogunle, stated that the company’s sustainability initiatives were designed to align with global best practices and recommendations.

He further stated that pursuant to its sustainability roadmap, the company planted 43,928 trees in the last three years and planned to hit the 100,000 benchmark by 2025.

Sogunle explained that, “Our motivation stems from our top leadership’s recognition of the critical interdependence between Stanbic IBTC’s success and the welfare of the communities we serve. As market leaders in various sectors, and with the substantial trust placed in our Group, we have embraced sustainability in all its facets. We have set ambitious targets for ourselves, and based on our current progress, we are confident in our ability to achieve these goals.”