Bank Will No Longer Grant Credit To Borrowers Who Harm The Environment – CBN

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In order to keep a green and sustainable environment, Nigerian banks will no longer lend money to individuals and corporate bodies whose activities harm the environment.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele made this known in Abuja on Thursday during the commemoration of World Environment Day.

Emefiele revealed that “in the banking industry we have made sure that lending practices must take into consideration, our environment to be sure that sustainable banking principles are taken into account when banks are lending money.”

Already “some of the international financial institutions and development finance institutions are beginning to say that as a bank, you want to borrow money from them, they will tell you that as long as they find anything that pollutes the environment, that does not make the environment clean and green, they will not condone that credit activity.”

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Nigerian banks he said “must join not only as bankers, we must join as Nigerians and members of the global community to ensure that our environment remains green.”

After addressing the press, Emefiele led the Deputy Governors of the bank to plant trees on the premises.

He also praised his Special Adviser, Dr. Aisha Mahmood, for doing an excellent job handling the bank’s sustainable banking initiatives.

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