How AIICO Insurance Is Leading The Charge For ESG Adoption, SDG’s Achievement

Left-right: Adebola Basibo-Odoru (Annuity Product Officer); Leonard Okereafor (Agric & Emerging Risk Manager);  Abimbola Shobanjo (Corporate Responsibility & Sustainability Manager); Segun Olalandu (Head, Marketing & Communication);  Nkechi Naeche-Esezobor (Chairman, NAIPE); Joseph Ogedengbe (Annuity Product Manager) and Ademola Adenekan (Communication Manager).

BY NKECHI NAECHE- ESEZOBOR– In its bid to foster a nationwide culture of governance and sustainability, AIICO Insurance Plc, Nigeria’s leading insurance Company, as a good corporate entity, has highlighted the company’s commitment to ESG and contributions to SDGs.

The insurer disclosed this during a one-day training workshop organised by the company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE), in Lagos.

Speaking at the event while presenting her paper on ESG, Mrs. Abimbola Shobanjo, Head, Corporate, Responsibility, and Sustainability, said, AIICO has introduced Climate-smart initiatives, Green office practices and sustainable resource management e.g. calculating baseline emissions, reducing paper consumption as well as adopting hybrid work arrangements aimed at protecting the environment.

She said company is ensuring diversity and inclusion focus, taking into consideration employee engagement, and gender diversity, and fostering a supportive work culture on the social side of ESG..

On the company’s upcoming employee engagement survey, she said it will include a diversity and Inclusion section, community programmes and outreach (CSR initiatives like health, education, financial inclusion).

While in the area of Governance, Shobanjo said the firm is committed to ethical business practices and transparency, strong leadership and internal governance frameworks with regular audits and compliance checks, complying with local and global regulations.

She listed Pink by AIICO, ActionAid Nigeria, AIICO Revive, AIICO Blood Drive, World Malaria Day, Health & Safety at AIICO, Global Money Week, Girls in Tech, Academic Support, School Children Outreach Programmes among others as some of the projects the company has initiated on SDGs.

Others are graduate trainee Programme, Diversity & Inclusion, International Women’s Day, Tree Planting, Agric Support, AIICO Farming Club, Work from Home (WFH), and Centralised Printing.

The Company’s upcoming programmes, according to her include strengthening environmental programmes (More climate action – GHG emission calculations, waste reduction – process digitalization, recycling); Expanding social impact programmess  (Community outreach, employee well-being); Enhancing corporate governance (More training for leadership, continuous assessment and improvement on internal controls) and ESG Integration (ESG integration into business operations – ISO 26000 SRMS).

She listed investor interest, Long-term business value and Regulatory pressure, as three key areas that ESG matters.

ESG is a framework used to assess various sustainability and ethical issues. While Environmental (E) focuses on a company’s impact on the planet including how businesses manage energy use, waste, pollution, and compliance with environmental regulations; Social (S) refers to a company’s relationship with employees, suppliers, customers, and communities including issues like human rights, diversity, equity, and employee safety.

Governance (G) concerns leadership, executive pay, audits, internal controls, shareholder rights, and strong governance that ensures a company operates ethically and transparently.

On the other hand, SGDs are a set of 17 global goals established by the United Nations in 2015, designed to address pressing global challenges by 2030.