At Verod, we are resolute in our belief that it is critical for our investments to not only create economic value and attractive returns on investment,
but to also contribute to supporting environmental sustainability, mitigating climate risk and building and supporting equitable and sustainable societies and environments. Verod seeks to do so by creating jobs, promoting gender equality, improving literacy and health, reducing poverty, supporting efforts towards food sufficiency and improving lives through its partner companies and the Verod Foundation, starting with local economies and broadening out across Anglophone West Africa, where it primarily operates.
Investing with the intention to achieve positive environmental and social impact outcomes has become institutionalised at Verod and has been integrated into the objectives of every investment decision that we make. Our investment strategy, therefore, focuses on the opportunities associated with the broader environmental, social and economic outcomes that our investment activities present and create, and this critical deliverable is tracked and monitored throughout the life-cycle of every investment.
Over 6,000 Lives Touched
We employ over 6,000 people within our investment ecosystem.
>50% Gender Balance
We had achieved more than 50% gender-balanced workforce as at the end of 2022.
Over 3,000 Local Suppliers Supported
Over 3,000 local suppliers provide local goods and services to our partner companies, resulting in:
More than $60M
Contributed to local economics of our investment communities through local procurement of input materials and services in 2022.
Over 24.2MW Contribution To The Renewable Energy Penetration in our Local Markets
Over 24MW of renewable energy was produced by our partner companies in 2022.
Our partner companies’ 24.2MW contribution to the renewable energy penetration in our local markets resulted in over 12 tons of carbon emission avoided in 2022.
Sustainable Development Goals Contribution
Verod contributes towards the achievement of the United Nations’ Development Programme’s Sustainable Development Goals (SDGs) in these ways:
Ensuring inclusive and equitable quality education and promote lifelong learning opportunities for all
Verod has been consistent over the years in its determined effort to contribute towards improving and transforming educational standards in Nigeria and Ghana. This commitment is being actualised through both formal investments in the sector and community intervention projects through its foundation (Verod Foundation), which undertook several intervention projects that benefitted over 2,400 school children in 2021.
Reducing Gender Inequalities in Governance, Leadership and Ownership
- Verod has achieved more than 50% gender balance in the workforce of its partner companies.
- The Verod Foundation is partnering with Women in Management, Business and Public Service (WIMBIZ) on various research projects, related to contextualising female inequality in Nigeria, as a first step towards supporting business decisions and policy actions to address gender inequality.
- WIMBIZ’s first report on this, ‘Is Corporate Nigeria on the Path to Gender Equality’ was published in November 2021.
- Verod is committed to supporting and driving reforms and gender-focused policies that we believe will eliminate all forms of discrimination against all women in the workplace.
Contributing to the Steady Penetration of Clean Energy Supply within Our Markets
- Verod has partnered with a renewable energy company called Daystar Power Group (“Daystar”) to provide hybrid solar solutions to the underserved population, predominantly in Nigeria and Ghana.
- These solutions are presently serving over 300 companies, financial institutions and individual homes, providing them with uninterrupted renewable energy supply.
- As at end of 2022, our partner companies supplied over 24.2MW equivalent to over 12.4 tons of CO2 avoided.
Building Climate Awareness & Resilient Partner Companies
- Verod, in collaboration with its partner companies, launched its Climate Protection Initiative in 2020, to drive the reduction of operational energy usage through a well-designed efficiency program focused on driving improvement in energy efficiency across all its partner companies.
- As at end of 2022, all Verod partner companies have put in place measures to track and monitor their energy consumption.
- About 30% of our partner companies are at various stages of implementation of energy-saving initiatives, including installation of renewable energy systems.
Our Core Sustainability Principles are Rooted in Applicable International Standards
Verod subscribes to the applicable international codes underpinning best practices in Environmental, Social and Governance (ESG) management and is guided in all its investment activities by the principles thereof. These include the British International Investment’s (formerly the CDC) Code of Responsible Investment; the International Finance Corporation’s Performance Standards; the African Development Bank’s Integrated Safeguard System (ISS) and the National ESG Laws and Regulations in the applicable country(ies) and sector(s) of our interest. Others are the UN Principles for Responsible Investment (UN-PRI), the UN Global Compact and the Initiative Climat International (all of which Verod is a signatory to).
In addition, Verod is committed to supporting the objectives of the Paris Agreement through its deliberate strides towards building climate-aware and resilient partner companies, investing in renewable energy business and vigorously driving resource-efficiency across its network of partner companies. Furthermore, Verod is on course to laying the foundations towards alignment to net-zero carbon emissions.
Our Sustainability Governance
Verod’s Chief Operating Officer (COO) is accountable for the execution of our sustainability (ESG) standards and principles and is supported by a dedicated officer (Head of Sustainability), who works closely with the senior Investment Officers and partner companies’ ESG Coordinators to ensure the implementation of sustainability practices, including the integration of ESG considerations in the investment cycle of every deal.