Peter Egwuatu and Moses Nosike
3 May 2008
Lagos — The Managing Director/CEO, Bank PHB in this interview with Saturday Vanguard speaks on the achievement of the bank since after consolidation of the banking industry where 25 banks emerged after meeting the stipulated N25 billion capital base by the Central Bank of Nigeria (CBN).
He comments on the bank's corporate social responsibility, string of awards, innovations, financial performance, among others.
What drives Bank PHB's passion for Corporate Social Responsibility (CSR)?Our passionate pioneering emphasis on corporate social responsibility is on one hand, a natural derivative of our values, mission and vision in managing our core business to global corporate governance standards. On the other hand, it is a deliberate commitment to higher ideals beyond profit (bottom line) and hinged on adding value to our social life in order to provide sustainable positive impact for the society in which our operations are based.
Has CSR boosted the bottom line of the bank?
What the Bank has found is that its people empowerment efforts do actually help boost the bottom line, maybe not in a cause and effect way but there is evidence to suggest that its good works coupled with its brilliant public interaction have won it more customers and fans than it otherwise would have had, had it not adopted this win-win strategy which has made it a soar-away success.
The opportunities are enormous, the value immeasurable for those who see the future. It is about ideas. The bank's appreciable strides in CSR have not gone unnoticed.
In fact, it has been well rewarded, although we would rather describe it as rewarding. All in all, Bank PHB has made laudable and far-reaching contributions in the sphere of CSR. And it can safely be said that the bank has emerged as a role model for other banks and corporate organizations who are trying to make a mark beyond the bottom-line.
Can you tell us what exactly the bank has done in CSR?
I believe that like the rest of Africa, you are tuned to Apprentice Africa, also referred to as the world's leading business reality television show which we are bringing for the first time to not only Nigeria but Africa. As you note in all of our initiatives, we are focussed on the best for our people especially in motivating Nigerians to be global leaders.
The Fulbright Scholarship is the US government's most prestigious scholarship, and past awardees in its 50-year history have included distinguished global icons like Chinua Achebe, Maya Angelou, Boutros Boutros Ghali, Javier Solano, Fernando Cardoso, Ingvar Carlsson, and Bill Clinton.
In recognition of Bank PHB's commitment to capacity building as well as extending the frontiers of education, leadership and innovation, the US Embassy selected us as its first Nigerian corporate partner to help sponsor its scholarship programme. It was in this capacity that Dr. Abubakar Momoh, a Senior Lecturer at the Lagos State University departed Nigeria for a research stint at the UCLA under the aegis of the Fulbright-Bank PHB Scholarship Programme.
Also we have had a unique opportunity to contribute to global debates, and share ideas with the international community on Corporate Social Responsibility.
The UNGC, the United Nations Global Compact, is the world's largest voluntary partnership committed to corporate citizenship.
Realising that its goals are in proper alignment with those of this United Nation body, Bank PHB promptly signed up to this global coalition that promotes responsible corporate citizenship in the world. In July 2007, we were with other global leaders in business and politics at the UNGC Leaders' Summit in Geneva, Switzerland.
Futhermore, in building its brand, BankPHB has focused a lot on the developmental aspirations of young people. The Intern was another initiative in that pyramid of efforts. Debuting on Nigeria's national television in January, the programme held Nigerians spell bound for 13 weeks.
It was, in effect, a redefinition of Reality TV as we know it. Instead of the usual soppy fare, we saw a communally edifying yet entertaining programme that encouraged an abiding capacity for "accepting no limitations" in business as well as in life.
In fact, an independent research survey carried out by a foremost research firm, Research International, underlined the show's uniqueness: an astounding 95 per cent of respondents agreed that it was a very educative programme.
We have also assisted in national elections. As the national elections drew near in 2007, Bank PHB again dug in to play its part in ensuring that the elections would not be marred by violence. Having regard to the fact that we couldn't probably go round the millions that make up the electorate, we concentrated our efforts on the reportage, a critical area because actions and reactions are generally generated based on information received from the mass media.
Bank PHB, in conjunction with the United States Information Service and Ruyi Communications organized a massive voter enlightenment programme which equipped the Nigerian Media with adequate skills and experience required to facilitate effective professional reportage of the 2007 elections.
One other global area is the World Leadership Forum. Bank PHB became the first African company to sponsor this event that had in attendance global luminaries like Colin Powell, Michael Porter and Rudy Giuliani. You may ask why did the Bank bother?
Because the Forum is the ultimate venue for the challenging of conventional thinking, where leading icons congregate to proffer solutions to the world's most challenging issues. With the Bank PHB sponsorship, Africa became, not just a topic on the agenda, as it perennially is, especially the hunger and deprivation topics; Bank PHB brought Africa to the fore as an enabler, a facilitator, the kind of role that Africa should increasingly be taking on. It must be said again that since then other African institutions have begun to follow suit.
One intervention we hld very dear is the national scholars scheme where we sponsor brilliant but indigent students who may have to drop out of school because of funds. We also build or update libraries in those schools. Right now we are inching closer to half of the states in the federation.
What makes this Bank so unique? How have you so highly leapfrogged into our consciousness and life style since after the consolidation?
It has been written by one newspaper that if any bank has made the most of the consolidation, it is Bank PHB. And the accolades have been on a conveyor belt akin to Heathrow's newest terminal! Non-stop. As you know, we recently won two awards at the Vanguard Banking Excellence Award: as the Most Innovative Bank of the year, and as the Banker of the year.
Last year at the maiden edition, and just on the heels of a most-impressive half year financial, and the emergence of its shares as one of the most sought after shares on the exchange, Bank PHB also won the "Most Improved Bank" award.
Announcing the criteria that qualified Bank PHB for the most improved Bank award, Chairman of the awards panel, Mr. Victor Hammond, management consultant and former chairman Africa Board of Deloitte and Managing Partner Akintola Williams Deloitte, said the most improved bank award seeks to "show the bank that has taken strategic steps to up its service delivery to customers, providing value added services to its numerous customers."
The criteria used in selecting Bank PHB as the winner in this category according to the award committee included asset quality, corporate governance, capital adequacy, customer service, new products and services and noticeable changes in the bank's policies and practices post consolidation.
How do you see the Award?
We are delighted, at the same time challenged to grow even deeper. I won Banker of the Year, according to the organisers, based on selfless services to banking industry; products pioneered by the individual; compliance with regulatory authorities; innovation introduced into the industry; general acceptance by colleagues; leadership traits, and succession planning.
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