Vanguard
4 December 2008
BLUE chip companies in the country will soon join their global counterparts by allocating one percent of their profit after tax to support Earth's Fund- funds set aside for combating environmental degradation.
Blue chips are companies with strong capital base, makes high profit and consistently pay dividend to shareholders.
President, Nigerian Conservation Foundation (NCF), Chief Philip Asiodu, who disclosed this during its 2008 Annual Dinner and Awards night in Lagos, said the allocating of one percent PAT to Earth Fund by companies have become a global phenomenon, urging local companies to brace up towards contributing their quota.
"The Earth Fund will comprise contributions of one per cent profit from corporate institutions to address environmental problems and poverty.
"Tagged the one per cent Earth Profit Fund, the resolution was passed urging, among others, that the CEOs and Boards of Directors of Global 500 companies join the one per cent Earths Profit Fund by contributing no less than one per cent of their annual, after tax profits for a trial period of five years," said Asiodu.
"We shall continue here at home to work with relevant government departments and the private sector to establish such a fund. We therefore urge corporate organizations here present to join in this global campaign. Businesses and corporate interest can only thrive in a healthy environment."
He urged Nigerians to work towards ensuring lifestyles that promote wise use of resources at the local and national levels.
"As individuals, we must also look at our life styles. Wasteful consumption of nature's resources and energy continues to push the earth's life support systems to the brink. We must address the various environmental issues confronting us, knowing that the consequences of further neglect will be as catastrophic," he noted.
Executive Director of the Foundation, Professor Emmanuel Obot called on individuals and corporate organisations to engage in activities that will not put the future of society and the globe in jeopardy.
"Our collective global community generates more carbon than the earth natural systems can sequester and process. This has lead to changes in the earth's climatic patterns that exacerbate arid conditions in the northern parts of our country while increasing the frequency of floods and erosion in the south. When these couple with poverty, our efforts, in environmental advocacy at community level becomes intractable. An environmental agenda for Nigeria must, therefore, address poverty issues," he said
The Dinner and Awards Night also witnessed the launching of the book: For Nature and for People, The Story of the Nigerian Conservation Foundation.
The book is a 199 page book that documents the efforts, commitment and doggedness of NCF and other natural resources conservation advocates involved in the promotion of conserving what is left of Nigeria's fauna and flora.
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