FC4S moves to establish green economy in Nigeria, Africa

By Chioma Obinagwam

The Financial Centre for Sustainability, Lagos (“FC4SL” or “FC4S Lagos”) has said it will step up efforts to create more sensitisation programmes and work with relevant stakeholders to build a green economy in Nigeria and the African region, that is resilient and low-carbon oriented.

FC4SL told Confiance News in a statement on Thursday.

Confiance News recalls that FC4SL recently held its first Annual General Meeting (AGM) session on December 28, 2020 and in compliance with the COVID-19 directives and guidelines of the Lagos State Government and public health advisory, the meeting was held virtually, with FC4SL members in attendance.

According to the statement, the AGM commenced with the opening statement delivered by the Chairman, Mr. Bola Onadele. Koko, who presented an overview of the activities of the Association in 2020 and its outlook for 2021.

He stated that “FC4S Lagos adopted the strategy of developing key partnerships and collaborations to enhance its ability to deliver on the strategic initiatives developed in conjunction with the Thematic Area Leads.

“One of such partnerships was achieved with the successful execution of a Memorandum of Understanding with the Casablanca Finance City Authority (CFCA) in line with the Board’s directive in 2019 of establishing partnerships with members of the FC4S international network whose objectives are aligned with Nigeria’s Intended Nationally Determined Contribution.

A key project expected to be developed and executed on the back of this partnership is the proposed Concentrated Solar Power plant in one of the northern states in Nigeria. This speaks directly to the achievement of SDG -7, Affordable and Clean Energy.”

He further stated that “Within the year, FC4S Lagos also succeeded in executing a Green Bonds Roundtable for members of the Lagos Executive Council in collaboration with the Nigerian Green Bond Market Development Programme.

The session was aimed at facilitating the issuance of a green bond by the State government to enhance the delivery of clean transportation, renewable energy, affordable housing, expansion of healthcare facilities and extension of funding to Small & Medium Scale Enterprises (SMEs) to enhance job creation opportunities”.

While speaking on the Association’s outlook and strategic focus for 2021, Mr. Bola Onadele. Koko mentioned that “We expect an accelerated pace of implementation of the Sustainable Development Goals (SDGs) and the mainstreaming of sustainable finance given the latent desire by most nations to recover cleaner and greener from the pandemic.

He added that the increasing awareness of the need for reduction of global carbon footprints implies that fossil fuels like crude oil and gas assets are fast becoming stranded assets.

Furthermore, as part of the Ordinary Business of the AGM, the Incorporated Trustees of FC4S, Lagos, amongst other things, appointed KPMG Professional Services, External Auditors of the Association until the conclusion of the next Annual General Meeting of the Association and authorised Directors to fix the remuneration of the External Auditors.

FC4S Lagos was admitted in May 2019, as the 23rd member of the FC4S Network, joining New York, London, Geneva, Shanghai, amongst others, with a mission “To position Nigeria as a leading market in sustainability principles through investments, innovation, partnerships and capacity development.”

FC4S Lagos, structured as an Incorporated Trustee with the aspiration to be independently run and self-funded, with its Secretariat based in Lagos, is led by a Governance Board constituting the Chairman, Mr. Bola Onadele. Koko, Vice Chairman, Prof. Doyin Salami and four Thematic Area Leads: Policy & Regulation led by Dr. Farouk Aminu; Issuances & Investments led by Mrs. Kemi Awodein; Research, Education & Engagements led by Dr. Andrew S. Nevin and Legal & Risk Management led by Mr. Chidi Mike- Eneh.

Moreover, FMDQ currently serves as the Secretariat of FC4S Lagos, coordinating the activities of the financial centre and liaising with the international network towards meeting the overarching objective of promoting green/sustainable finance to enhance the delivery of the SDGs in Nigeria.

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