Banking, Economy & Money

Stanbic IBTC Launches Ambitious Tree-Planting Campaign in Cross Rivers State

Stanbic IBTC Holdings, in collaboration with One Tree Planted and the African Research Association managing Development in Nigeria (ARADIN), has launched a significant environmental project titled “Enhancing Biodiversity Conservation and Sustainable Livelihoods in Afi Mountain Wildlife Sanctuary (AMWS).” This extensive tree-planting and conservation initiative aims to restore degraded watersheds and support local communities in Cross Rivers State, Nigeria.

The three-year project, spanning from April 2024 to March 2027, began with a flag-off ceremony on Friday, June 21, 2024, in celebration of World Rainforest Day. The event featured the planting of tree seedlings and was attended by Stanbic IBTC staff, representatives from the Cross Rivers State Government, and officials from One Tree Planted. This collaboration underscores a shared commitment to environmental preservation and sustainable development.

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, remarked, “Stanbic IBTC is committed to fostering sustainable development and environmental stewardship in Nigeria. Our tree-planting initiative demonstrates our dedication to enhancing biodiversity and supporting local communities. By restoring the Afi Mountain Wildlife Sanctuary, we aim at making  a lasting positive impact on both the environment and the people who depend on it.”

The project is set to significantly impact the local environment. In the first phase, from June to September 2024, 60,000 trees will be planted across 120 hectares. These trees will include environmentally beneficial indigenous species such as Mahogany, Achi, Opepe, African Nutmeg, Cedar, and Apa wood.

Throughout the project’s duration, approximately 420 jobs will be created, with 84 positions already filled during the seedling preparation phase, 64% of which are held by women. 

Additionally, the initiative will benefit 300 small-scale farmers through capacity building and environmental conservation efforts, positively impacting several communities in the Boki Local Government Area. The restoration efforts will enhance soil stabilization and reduce the risks of erosion and landslides.

Harry P. Lynch, President and CEO of One Tree Planted, stated, “Planting trees in degraded or deforested areas helps the environment by accelerating and ensuring the re-establishment of healthy forests. Through reforestation, the canopy is restored, ecosystems are revitalized, and biodiversity can thrive.”

Supported by the Cross Rivers State Forestry Commission, the project focuses on restoring degraded watersheds in the Badu and Mkperebong river corridors within AMWS. This initiative aims not only at enhancing local biodiversity but also at improving the livelihoods of surrounding communities.

In the second and third years of the project, from April 2025 to March 2027, efforts will concentrate on-site maintenance to ensure the long-term survival and growth of the planted seedlings. This comprehensive approach guarantees a sustainable impact, fostering a healthier environment and stronger community resilience.

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