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Business News

Stanbic IBTC gives update on its business continuity approach amid COVID-19 lockdowns 

Stanbic IBTC Holdings Plc has updated its stakeholders about its business continuity approach amid the current Covid-19 lockdowns in Abuja, Lagos, and Ogun states. 

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Stanbic IBTC Holdings Plc

The management and board of Stanbic IBTC Holdings Plc have updated its stakeholders about its business continuity approach amid the current COVID-19 lockdowns in Abuja, Lagos, and Ogun states. 

Technology to the rescue: A statement that was signed by the Company Secretary (Chidi Okezie) as seen on the Nigerian Stock Exchange’s website, noted that Stanbic IBTC has been relying on technology to drive its operations over the past three weeks. In line with this, the majority of the company’s workers have been working remotely.  

Safety precautions taken: Stanbic IBTC also disclosed that it has been taking full advantage of the exemption that was granted to banks to offer skeletal services during the lockdown periodAccording to the financial institution, team members whose roles are integral to the essential services offered by the bank, have been working both in their office locations and from home. Provisions have been made to ensure the well-being of the staff and clients at the bank’s branches during the lockdown period. 

READ MORE: US headline crude oil crashes further, below $0 in an unprecedented outcome

As part of business continuity management procedures, teams providing essential services have been allocated to operate between their normal office locations and alternate work locations, adhering to the prescribed social distancing requirements. This is to ensure that the needs of our stakeholders – clients, shareholders, staff and others, are met regardless of the lockdown and restricted movement. 

“We have since implemented safety protocols across all our locations, which entail the use of hand sanitisers and infra-red thermometers for screening staff, clients, contractors and visitors; before they are granted access to our locations. Additional security measures have also been taken for the protection of staff members who are on essential duty this period; and for the protection of our assets,” part of the statement said. 

Assurance of business continuity: Also, the company said it had been assured by its third-party service providers of their readiness to continue providing needed services, albeit remotely. In view of all these, therefore, the company said it believes that none of the financial services it offers will be affected by the lockdown. The company also assured its stakeholders “of the long-term stability of the Group, notwithstanding the impact of the COVID19 pandemic across the country. 

READ ALSO: CBN to finance renewable energy initiatives, sets up N500 billion fund for manufacturers

In the meantime, Stanbic IBTC Holdings Plc said it will continue to monitor and review the situation in order to help their stakeholders with insights that will aid their business/investment decision-making during these peculiar times. 

“We will continue to review the trends and share insights on the impact of COVID-19 on micro and macro-economic indices via tailored webinars and Instagram Live sessions delivered by subject matter experts, to enable our clients and other stakeholders make good business and personal decisions that may help them during and after the COVID-19 pandemic situation.” 

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Energy

Agip shut oil facility in Bayelsa due to oil spillage, environmental pollution reported

Agip on Wednesday confirmed an oil leak, resulting in a shutdown.

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The Nigerian Agip Oil Company (NAOC) has confirmed the shutdown of its Idu oilfields at Egbebiri settlement within Biseni in Yenagoa Local Government Area in Bayelsa, due to an oil spillage.

A Joint Investigative Visit (JIV) report on the incident said that the leakage at the facility could be traced to equipment failure due to a rupture at the wellhead.

According to a report from the News Agency of Nigeria (NAN), Eni, the parent company of NAOC, in a response statement, said the facility was shut down to prevent further damage to the environment.

READ: Shell wants oil spillage case tried in Nigeria, but victims say no 

What Eni is saying

An Eni spokesperson on behalf of the Italian Energy firm, in a statement, said, “As soon as the incident was reported, we activated our oil spill response, shut in the well, and notified government regulatory agencies.

“The Joint Investigation Visit (JIV) was carried out on 09/05/2021, with the participation of community representatives and the government regulatory agencies.

“The event occurred within the Company’s wellhead location which is paved and walled round. There is no significant third-party impact,” Eni stated.

READ: UK court ruling affects acquisition of Shell’s oil block by Governor Wike 

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Environmental Rights Group reports environmental degradation

An environmental rights group, Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), however, said that the incident which discharged crude and associated gas had severely polluted the environment.

The Non-Governmental Organisation said that a visit to the spill site showed pictorial evidence of the crude spreading beyond NAOC’s right of way as nearby vegetation were affected as a result of the crude impact.

The Head of Field Operations at ERA/FoEN, Mr Alagoa Morris, in a field report on the spill said the Idu fields was notorious for frequent spills caused by equipment failure.

He said, “The people of Egbebiri in Biseni kingdom have experienced several oil spills over the years. And all the oil spill incidents documented by the Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN) in this community environment have occurred as a result of equipment failure and on Wellheads.

“ERA/FoEN has had cause to visit the environment of Idu Well 5 and 11 located within the same place in the past and it has always been Idu Well 11 spewing crude oil into the environment.

“Available records from ERA/FoEN indicate that there have been previous oil spills from this particular Idu Well 11 operated by Agip. Before concluding this Field Report, ERA/FoEN confirmed that Joint Investigation Visit (JIV) was carried out on Sunday, 9th May 2021.

“This is why the official Spill Reference No 2021/LAR/028/058 is indicated in this report; sourced from the JIV report. Cause of spill was attributed to equipment failure,” ERA/FoEN stated.

Jaiz bank

The report quoted a resident of the community simply identified as Georgie as saying that the spill incident of May 7 spilled oil from around 10 p.m till about 8 a.m the next day before the leak was stopped adding that the level of damage was enormous.

What you should know

It can be recalled that in a similar circumstance, Shell Petroleum Development Company reported an oil pipeline spillage at its Okordia-Rumekpe 14-inch crude truck line, discharging about 213 barrels of crude oil into the Ikarama community in Bayelsa State and polluting about 1.34 hectares of land.

This new leakage is the latest in a series of oil spillages by the multinational oil exploration and production companies, which has put them in conflict with the host communities.

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Energy

Nigeria records system collapse during holidays

Nigeria’s national electricity grid collapsed on Wednesday morning.

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Abuja, Ikeja Discos top list in collection efficiency in Q1 2020- NERC, Estates in Lekki increase electricity tariff to N105/kWh, Eko Electric, Ikeja and 5 others to face NERC sanction for non-compliance, CBN reveals framework for financing National Mass Metering Programme (NMMP), Nigeria ranks eight African country with well-developed electricity regulatory frameworks, as Uganda tops.

The Nigerian grid has experienced a partial collapse, dealing a blow for stay at home Nigerians during the holidays.

This was confirmed in a statement by the Eko Electricity Distribution Company (EKEDC), as seen by Nairametrics.

What EKEDC is saying about the grid collapse:

“Dear customer, there is a partial system collapse on the National Grid. Our TCN partners are working to restore supply immediately. Please bear with us.”

According to latest reports, partial restoration of power is already occurring across the country.

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