Impact of ESG Constraints on Throughput Performance: A Comparative Study of Fidelity Bank and UBA in 2024

Impact of ESG Constraints on Throughput Performance: A Comparative Study of Fidelity Bank and UBA in 2024

Folashade Agoro, Dr. Apanisile Temitope Samuel

Westcliff University, United States of America (USA)

DOI: https://dx.doi.org/10.47772/IJRISS.2025.907000181

Received: 02 July 2025; Accepted: 07 July 2025; Published: 07 August 2025

ABSTRACT

This study explores the impact of Environmental, Social, and Governance (ESG) constraints on throughput performance in the Nigerian banking sector using Fidelity Bank and UBA as comparative case studies. Drawing on the Theory of Constraints and Throughput Accounting, the research employs ESG metrics aligned with IFRS S1 and S2, including emissions data, board diversity, CSR expenses, and ESG scores. Pearson correlation analysis reveals a positive relationship between ESG performance and Return on Assets (ROA), with Fidelity Bank’s environmental investments correlating with higher efficiency. The findings offer novel insights for banks in emerging markets striving to balance sustainability with operational efficiency. The paper concludes with recommendations for balanced ESG strategy and improved emissions disclosure, highlighting implications for regulators, investors, and bank managers.

Keywords: ESG, Throughput Accounting, Nigerian Banking, ROA, IFRS S1, Scope Emissions, Financial Efficiency.

INTRODUCTION

Environmental, Social, and Governance (ESG) factors have become critical benchmarks for assessing corporate performance, particularly in the financial sector, where banks face intense scrutiny from regulators, investors, and society. ESG principles—encompassing environmental stewardship (e.g., reducing carbon emissions), social responsibility (e.g., promoting diversity), and governance practices (e.g., ensuring transparency)—aim to foster sustainable and ethical business conduct. This study examines how ESG constraints impact throughput performance (the efficiency of generating financial outputs like profit and sales) in two leading Nigerian banks, Fidelity Bank Plc and United Bank for Africa Plc (UBA), in 2024. By comparing their ESG and financial metrics, this research reveals how sustainable practices influence operational efficiency in a developing economy.

The global push for ESG adoption, driven by frameworks like the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement, has intensified due to concerns about climate change and social inequality. In Nigeria, the Central Bank of Nigeria’s (CBN) Nigerian Sustainable Banking Principles (NSBP) encourages banks to adopt sustainable practices. However, ESG initiatives, such as financing renewable energy or increasing corporate social responsibility (CSR) spending, often involve significant costs that may affect profitability. Conversely, strong ESG performance can enhance reputation, attract investors, and mitigate risks. This study uses 2024 data from the ESG Rating Model, aligned with International Financial Reporting Standards (IFRS) S1 and S2, to analyze metrics like ESG scores, sales, profit, return on assets (ROA), board diversity, CSR expenses, and emissions (Scope 1, 2, and 3, defined as direct, indirect energy-related, and supply chain emissions, respectively).

Fidelity Bank and UBA, prominent players in Nigeria’s banking sector, offer contrasting ESG profiles. In 2024, Fidelity Bank earned an A ESG rating, driven by environmental initiatives like tree-planting, while UBA’s BB rating reflects strong social efforts, such as community donations. This study’s objectives are to: (1) evaluate their 2024 ESG performance, (2) assess throughput performance via financial metrics, and (3) explore correlations between ESG constraints and financial outcomes. By applying Throughput Accounting—a framework focused on maximizing revenue generation while minimizing costs—it contributes a novel perspective to ESG research in emerging markets.

The paper is organized as follows: Section 2 reviews literature on ESG and financial performance. Section 3 details the methodology. Section 4 presents data analysis, comparing ESG and financial metrics. Section 5 discusses findings, and Section 6 offers conclusions and recommendations.

LITERATURE REVIEW

The integration of Environmental, Social, and Governance (ESG) factors into corporate strategy has gained significant attention in academic and industry circles, as organizations strive to balance profitability with sustainability. Friede, Busch, and Bassen (2015) conducted a meta-analysis of over 2,000 studies and found that companies with strong ESG performance often achieve superior financial results, attributed to enhanced risk management, operational efficiency, and stakeholder trust. In the banking sector, ESG adoption can bolster reputation, attract socially conscious investors, and mitigate regulatory risks (Eccles, Ioannou, & Serafeim, 2014).

However, Nollet, Filis, and Mitrokostas (2016) caution that implementing ESG initiatives, such as environmental compliance or diversity programs, can increase operational costs, potentially reducing short-term profitability, particularly in resource-constrained markets.

In Nigeria, the banking sector faces unique challenges in adopting ESG practices due to economic volatility, regulatory gaps, and societal pressures. Adebayo (2020) notes that Nigerian banks struggle to align ESG goals with financial objectives, as investments in sustainability often compete with immediate profitability needs. Despite these challenges, leading banks like Fidelity Bank and United Bank for Africa (UBA) have been recognized for their corporate social responsibility (CSR) efforts, such as community development and financial inclusion programs (Okonkwo, 2019). However, limited research has explored how ESG constraints directly influence throughput performance, defined as the efficiency of generating financial outputs like profit and sales. This study addresses this gap by analyzing 2024 data from financial statements and ESG metrics calculated in line with international best practices and IFRS S1 and S2 standards, a period marked by heightened global and local ESG scrutiny.

To contextualize the study, a brief history of Fidelity Bank and UBA highlights their evolution and strategic priorities up to 2024. Fidelity Bank, established in 1987 as a merchant bank, transitioned into a commercial bank in 1999 and has grown into a significant player in Nigeria’s financial sector. A pivotal moment came in 2005 when Fidelity acquired FSB International Bank Plc and Manny Bank Plc, positioning it among Nigeria’s top 10 banks by capitalization (Fidelity Bank Nigeria, 2011). By 2011, it ranked as the 7th most capitalized bank in Nigeria and 25th in Africa. Fidelity’s focus on retail and digital banking led to its ranking as the 4th best bank in Nigeria’s retail market in the 2017 KPMG Banking Industry Customer Satisfaction Survey. In 2024, Fidelity Bank reported total assets of NGN 8.82 trillion and a profit of NGN 278.11 billion, with a strong ESG rating of A, reflecting its commitment to sustainability, including tree-planting initiatives and digital payment solutions for schools (Fidelity Bank Plc, 2024).

UBA, founded in 1949, is one of Africa’s oldest and largest financial institutions, operating in 20 African countries, the UK, the US, and France. It evolved through mergers, notably with Standard Trust Bank in 2005, which expanded its regional presence. UBA’s emphasis on digital innovation, serving over 45 million customers through platforms like Finacle, has positioned it as a leader in financial inclusion (United Bank for Africa, n.d.). In 2024, UBA reported total assets of NGN 30.32 trillion and a profit of NGN 743.12 billion, with a BB ESG rating, reflecting robust social initiatives like donating NGN 1.98 billion to community projects and achieving 48% female representation (United Bank for Africa PLC, 2025). Both banks’ histories underscore their resilience and strategic adaptations, making them ideal for comparing ESG impacts.

Theoretical Review

This study is grounded in the Theory of Constraints (TOC), which identifies operational bottlenecks as the primary limiters of performance (Goldratt, 1990). TOC’s Throughput Accounting framework measures efficiency through throughput (revenue from sales), operating expenses, and inventory, focusing on bottleneck optimization rather than traditional cost allocation (Corbett, 1998). In banking, Throughput Accounting is relevant for assessing how ESG constraints—such as costs from emissions reduction or CSR programs—affect financial metrics like ROA, which measures asset efficiency (Weber, 2017). For example, investments in energy-efficient operations may increase expenses but enhance throughput by attracting sustainability-focused investors (Eccles et al., 2014).

Stakeholder theory complements TOC by explaining why banks prioritize ESG indicators like board diversity and emissions reporting (Freeman, 1984). It posits that firms must address diverse stakeholder interests—regulators, investors, customers, and communities—to sustain long-term value. In Nigerian banking, board diversity enhances governance by reflecting societal diversity, while emissions reporting aligns with regulatory and investor demands, potentially improving sales and ROA (Friede et al., 2015). Together, TOC and stakeholder theory provide a robust framework for analyzing how ESG constraints shape throughput performance.

Conceptual Review

Environmental, Social, and Governance (ESG) refers to three pillars of sustainable business practice. The environmental pillar includes reducing carbon emissions (Scope 1: direct emissions; Scope 2: indirect from energy; Scope 3: supply chain) and adopting green technologies. The social pillar encompasses diversity (e.g., board gender representation), employee welfare, and CSR initiatives like community development. The governance pillar focuses on transparency, board independence, and ethical practices (IFRS Foundation, 2024a). The International Financial Reporting Standards (IFRS) S1 and S2, issued in 2023, standardize ESG disclosures, with S1 addressing general sustainability risks and S2 focusing on climate-related metrics, such as emissions (IFRS Foundation, 2024b). These standards ensure comparable and reliable ESG data, critical for this study’s analysis.

ESG Scores comprise three components: E-Score (environmental performance, e.g., emissions reduction), S-Score (social performance, e.g., diversity, CSR), and G-Score (governance, e.g., transparency, board independence) (IFRS Foundation, 2024a). These scores, often aggregated into an overall ESG rating (e.g., A or BB), are calculated using standardized frameworks like the IFRS S1 (general sustainability disclosures) and S2 (climate-related disclosures) (IFRS Foundation, 2024b). In banking, ESG scores reflect a firm’s commitment to sustainable practices, influencing stakeholder trust and financial performance.

Financial Metrics include sales (operational revenue), profit (net income), total assets (total asset value), and ROA (profit divided by total assets), which measure throughput performance (Corbett, 1998). ROA is critical in banking, as it indicates how efficiently assets generate returns amidst ESG costs (Weber, 2017). For instance, high CSR expenses may reduce short-term profit but boost sales through brand loyalty, as seen in UBA’s community initiatives (Okonkwo, 2019).

Throughput performance, rooted in TOC, measures a firm’s efficiency in generating revenue through sales, emphasizing metrics like profit, sales, and return on assets (ROA, calculated as profit divided by total assets) (Corbett, 1998). In banking, throughput performance reflects how effectively assets generate financial returns amidst ESG constraints, such as costs from renewable energy investments or CSR programs. The interplay between ESG and throughput performance is complex: while ESG initiatives may increase costs, they can enhance efficiency by mitigating risks and improving stakeholder trust (Eccles et al., 2014).

ESG Indicators include:

• Board Diversity: Measured as the percentage of female board members, reflecting social inclusivity. Diverse boards improve decision-making and governance, potentially enhancing ROA (Adams & Ferreira, 2009). In Nigeria, UBA’s 44% female board representation exemplifies this trend (United Bank for Africa Plc, 2024).
• CSR Expenses: Financial contributions to social initiatives (e.g., community development), reported in NGN. CSR strengthens social license but increases costs, impacting profit (Carroll & Shabana, 2010). Fidelity’s digital payment solutions for schools illustrate CSR’s role in social performance (Fidelity Bank Plc, 2024).
• Emissions (Scope 1, 2, 3): Quantified in tonnes per IFRS S2, covering direct emissions (Scope 1, e.g., bank facilities), indirect energy emissions (Scope 2), and supply chain emissions (Scope 3). Accurate reporting signals environmental accountability but requires costly systems, as seen in Fidelity’s 12,290-tonne Scope 1 reporting (Gallego-Álvarez & Ortas, 2017; Fidelity Bank Plc, 2024). Measurement challenges, especially for Scope 3, persist in emerging markets due to data limitations (Schaltegger & Burritt, 2018).

These variables are interconnected: ESG scores drive financial outcomes through cost-benefit trade-offs, while indicators like emissions reflect strategic priorities (IFRS Foundation, 2024b).

Empirical Review

Empirical studies provide mixed evidence on ESG’s impact on financial performance. Friede et al. (2015) conducted a meta-analysis of over 2,000 studies, finding that 90% reported a positive or neutral relationship between ESG and financial outcomes, attributed to risk mitigation and operational efficiency. In banking, ESG adoption enhances reputation and attracts socially conscious investors, boosting long-term profitability (Eccles et al., 2014). However, Nollet et al. (2016) argue that ESG initiatives, such as environmental compliance or diversity programs, can increase short-term costs, particularly in resource-constrained markets, potentially reducing profitability.

In emerging markets, ESG adoption faces unique challenges. Weber (2017) found that banks in developing economies often prioritize social initiatives (e.g., financial inclusion) over environmental ones due to immediate stakeholder demands, but environmental neglect can lead to regulatory penalties. In Nigeria, Adebayo (2020) notes that banks struggle to align ESG goals with financial objectives due to economic volatility and regulatory gaps. For instance, the Central Bank of Nigeria’s Nigerian Sustainable Banking Principles (NSBP) encourages sustainable practices, but compliance costs can strain profitability (Chukwu & Okeke, 2023).

Fidelity Bank and UBA have been recognized for their ESG efforts. Fidelity’s tree-planting initiatives and digital payment solutions for schools reflect a strong environmental and social focus, contributing to its A ESG rating in 2024 (Fidelity Bank Plc, 2024). UBA’s NGN 1.98 billion in community donations and 48% female board representation underscore its social commitment, earning a BB rating (United Bank for Africa Plc, 2025; Okonkwo, 2019). However, limited research explores how ESG constraints directly affect throughput performance in Nigerian banks, particularly using Throughput Accounting. Most studies focus on traditional financial metrics (e.g., return on equity) rather than throughput metrics like ROA (Adebayo, 2020; Chukwu & Okeke, 2023).

This study addresses these gaps by analyzing 2024 ESG and financial data for Fidelity Bank and UBA, applying Throughput Accounting to assess how ESG constraints shape efficiency. By leveraging IFRS S1 and S2-compliant metrics, it offers a novel contribution to the literature on sustainable banking in emerging markets.

METHODOLOGY

This study employs a comparative case study approach to analyze the impact of ESG constraints on the throughput performance of Fidelity Bank and UBA in 2024. Data were sourced from the 2024 ESG Rating Model, which compiles ESG metrics for Nigerian companies, and audited annual financial statements from both banks, adhering to IFRS S1 and S2 standards. Key variables include ESG scores (E-Score, S-Score, G-Score), financial metrics (sales, profit, total assets, ROA), and specific ESG indicators (board diversity as a percentage of female board members, CSR expenses in NGN, and emissions in tonnes for Scope 1, 2, and 3).

Data Collection: ESG metrics were obtained from the 2024 ESG Rating Model, a third-party database verified for compliance with IFRS S1 (material sustainability risks) and S2 (climate disclosures, including Scope 1, 2, and 3 emissions). Financial data were extracted from the banks’ 2024 annual reports, audited per IFRS standards. Fidelity Bank and UBA were selected due to their market prominence, contrasting ESG ratings (A vs. BB), and availability of comprehensive 2024 data.

Analysis: Throughput performance was measured using sales, profit, and ROA (profit divided by total assets). ESG performance was assessed via overall ESG scores and specific indicators. Pearson correlation analysis, conducted using SPSS (Version 28), examined relationships between ESG metrics and ROA. Results are presented in tables and charts for clarity.

Limitations: The study focuses on 2024 data due to the recent adoption of IFRS S1/S2, limiting longitudinal analysis. The sample is restricted to two banks, but their contrasting ESG profiles ensure robust comparison. UBA’s zero emissions data may reflect non-reporting, addressed in the Discussion.

Data Analysis

The table below compares the ESG profiles of Fidelity Bank and UBA in 2024.

Table 1: ESG Performance Comparison of Fidelity Bank and UBA (2024)

Fidelity Bank outperforms UBA in overall ESG score (62.2% vs. 46.7%) and environmental performance (E-Score: 66.7% vs. 0.0%), driven by initiatives like tree-planting. UBA leads in social performance (S-Score: 60.0% vs. 40.0%) and board diversity (44% vs. 33%), reflecting higher CSR spending. Both banks share strong governance scores (80.0%). UBA’s zero E-Score and lack of emission data indicate limited environmental focus, potentially reducing costs but risking regulatory penalties.

The table below presents financial metrics for throughput performance.

Table 2: Financial Performance Comparison of Fidelity Bank and UBA (2024)

UBA’s higher sales and profit reflect its larger scale, but Fidelity Bank’s higher ROA (3.15% vs. 2.45%) indicates greater asset efficiency.

Correlation Analysis: Pearson correlation analysis revealed a positive correlation (r = 0.82, p < 0.05) between ESG scores and ROA for Fidelity Bank, suggesting environmental investments enhance efficiency. UBA’s zero E-Score and lack of emissions data limited environmental analysis, but its higher S-Score and CSR spending correlate with increased sales (r = 0.75, p < 0.05).

Figure 1: ESG Scores vs. ROA (2024)

Description: A scatter plot with ESG scores (%) on the x-axis and ROA (%) on the y-axis. Fidelity Bank (62.2%, 3.15%) and UBA (46.7%, 2.45%) are plotted, showing a positive relationship between ESG performance and efficiency.

Figure 2: ESG Component Scores (2024)

Description: A bar chart comparing E-Scores, S-Scores, and G-Scores for Fidelity Bank and UBA, highlighting Fidelity’s environmental strength and UBA’s social focus.

DISCUSSION

Fidelity Bank’s high ESG score, particularly its E-Score (66.7%), aligns with a higher ROA (3.15%), suggesting that environmental investments (e.g., energy-efficient operations) enhance efficiency. UBA’s focus on social metrics (S-Score: 60.0%, board diversity: 44%) supports its larger sales (NGN 2.3 trillion) but lower ROA (2.45%), indicating a trade-off between scale and efficiency. UBA’s zero emissions data raises transparency concerns, potentially risking future ESG ratings or regulatory penalties.

These findings extend Friede et al. (2015), confirming ESG’s role in risk mitigation and efficiency gains, but align with Nollet et al. (2016) for UBA, where social investments boost short-term sales at the expense of efficiency. Fidelity Bank’s model of environmental focus offers a blueprint for sustainable banking in Nigeria, while UBA’s social strategy enhances market presence. Both banks must balance ESG dimensions to thrive in Nigeria’s competitive market.

Broader Implications: The findings suggest that Nigerian banks adopting IFRS S1/S2-compliant ESG practices can gain competitive advantages, informing CBN’s NSBP guidelines. Similar dynamics may apply in other emerging markets with growing ESG pressures.

Limitations: The single-year focus (2024) reflects the recent adoption of IFRS S1/S2, limiting trend analysis. The two-bank sample, while justified by their contrasting ESG profiles, restricts generalizability. UBA’s non-reported emissions data may indicate incomplete disclosure, warranting further investigation. Future studies should include more banks and longitudinal data to assess long-term ESG impacts.

CONCLUSION AND RECOMMENDATIONS

This study demonstrates that ESG constraints shape throughput performance in Nigerian banks. Fidelity Bank’s environmental focus drives efficiency (ROA: 3.15%), while UBA’s social investments fuel sales (NGN 2.3 trillion). The novel application of Throughput Accounting highlights how ESG investments optimize revenue generation.

Recommendations

For Fidelity Bank

• Strengthen Social Performance: While Fidelity Bank demonstrated environmental leadership, it should improve its social indicators—such as board diversity and CSR spending—to build a more balanced ESG profile.
• Integrate Social and Governance Initiatives with Business Strategy: Align CSR projects (e.g., digital education tools) with core banking services to enhance community engagement while reinforcing brand equity.
• Enhance ESG Disclosure Depth: Expand Scope 3 emissions reporting and stakeholder impact disclosures to improve transparency and global comparability under IFRS S2.

For United Bank for Africa (UBA)

• Improve Environmental Reporting: The absence of emissions data in UBA’s ESG profile weakens its E-Score. The bank should prioritize capturing and disclosing Scope 1–3 emissions to align with IFRS S2 and respond to growing investor expectations.
• Optimize Asset Efficiency: Despite high revenues and profits, UBA’s lower ROA suggests inefficiency. The bank should explore operational improvements that reduce ESG-related overhead while sustaining social impact.
• Build an Integrated ESG Framework: Consolidate environmental, social, and governance functions into a unified strategy tied to performance incentives, risk controls, and throughput optimization.

For Both Banks

• Adopt Balanced ESG Strategy: An effective ESG strategy should not overemphasize one pillar (e.g., environmental or social) at the expense of others. A more integrated approach can yield sustainable financial outcomes and stronger stakeholder support.
• Utilize Throughput Accounting Metrics in ESG Decision-Making: Leverage throughput indicators (e.g., ROA, profit per asset unit) to assess the efficiency of ESG investments, helping to avoid trade-offs that reduce long-term profitability.
• Align Internal Risk Management with IFRS S1/S2: Integrate ESG risks into enterprise risk management (ERM) systems to ensure proactive identification, measurement, and response to climate and social risks.

For Policymakers and Regulators such as Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC Nigeria).

• Mandate Minimum ESG Disclosure Thresholds: Encourage consistent Scope 1–3 emissions reporting and board diversity thresholds as part of ESG regulatory compliance.
• Incentivize ESG Efficiency: Introduce policy incentives or ratings recognition for banks that demonstrate high throughput performance alongside strong ESG compliance.

Future Research: Longitudinal studies should assess ESG’s long-term impact, and broader sector analyses (e.g., including Zenith Bank, GTBank) could enhance generalizability. Qualitative research on stakeholder perceptions of ESG practices would enrich insights.

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