The Fair Finance Nigeria Coalition has called for an urgent review of Nigeria’s banking regulations. The Coalition advocated stronger accountability and alignment with global sustainability standards.

The call was made in Abuja during the official launch of the Fair Finance Nigeria Policy Assessment 2025.

The report revealed that four major banks, Access Bank, Standard Chartered, United Bank for Africa, and Zenith Bank, scored an average of 1.7 out of 10 in a global Environmental, Social and Governance, ESG, assessment.

Executive Director of Civil Society Legislative Advocacy Centre, Auwal Musa Rafsanjani, said the findings are worrying, noting that banks are not doing enough to address the social and environmental impact of their financing.

According to the report, all four banks scored zero in tax transparency due to failure to disclose key financial details, while the average score for climate action stood at 0.9, reflecting continued investment in high-emission sectors.

The assessment also shows that although the banks performed relatively better in internal policies such as labour rights, gender equality, and anti-corruption, their external commitments to protecting communities and the environment remain weak.

Standard Chartered recorded the highest score at 2.7, largely due to its global sustainability frameworks, with concerns over local implementation.

The coalition said the Nigerian Sustainability Banking Principles introduced in 2012 are outdated and no longer effective.

It, therefore, urged the Central Bank of Nigeria, the Chartered Institute of Bankers of Nigeria, the Bank Directors Association of Nigeria, and the National Assembly to convene a multi-stakeholder meeting to review and strengthen existing regulations.