By Ayomide Otitoju
In a business landscape where longevity is rare, FirstHoldCo Plc (formerly FBN Holdings Plc) has demonstrated remarkable resilience, thriving for over 130 years in an environment where many enterprises struggle to survive beyond a decade. The financial services giant, one of Africa’s largest, has reinforced its commitment to Environmental, Social, and Governance (ESG) principles as it rebrands, ensuring sustainable growth while delivering value to stakeholders.
Commitment to ESG and Sustainability
Retaining the legacy of FBN Holdings, FirstHoldCo remains steadfast in driving ESG initiatives across its subsidiaries, which span commercial banking, asset management, capital markets, securities, trusteeship, and insurance brokerage. The group integrates ESG considerations into its business strategy, transforming risks into opportunities and enhancing long-term sustainability.
ESG Risk Management and Financial Inclusion
FirstHoldCo has embedded ESG risk management in its credit and investment decision-making processes. This initiative strengthens its subsidiaries—such as FirstBank and FBNQuest—by enhancing financial risk assessments and fostering responsible lending and investment practices. Additionally, the group has taken steps to promote diversity and inclusion, achieving a 40% female to 60% male employee ratio a year ahead of its 2024 target.
Community Engagement and Social Responsibility
Since 2017, FirstHoldCo has implemented the SPARK (Start Performing Acts of Random Kindness) initiative and Corporate Responsibility and Sustainability (CR&S) Week. In 2023 alone, these programs impacted 60,000 lives through donations to 60 orphanages, 20 schools, and multiple hospitals across Nigeria, Ghana, Senegal, The Gambia, the Democratic Republic of Congo, Sierra Leone, and the United Kingdom. Employees contributed over 27,000 volunteer hours to these initiatives.
FirstBank also continues to drive financial empowerment through its FirstGem initiative, which provides loans to women-led businesses at a single-digit interest rate. In 2023, the bank disbursed over N36 billion in loans. Meanwhile, its agency banking business, FirstMonie, has expanded its female agent network to over 55,000, further promoting financial inclusion.
Strengthening ESG Compliance and Climate Action
FirstBank operates an ESG Management System (ESGMS) to ensure responsible lending and mitigate ESG risks. In 2023, it assessed 2,239 credit transactions worth N4.236 trillion for ESG risks. The bank has also partnered with global institutions such as British International Investment, the African Development Bank, the International Finance Corporation (IFC), and Proparco to enhance climate initiatives and integrate sustainability into its business strategy.
To further its commitment to decarbonization, FirstBank actively engages in reforestation and afforestation efforts. In partnership with the Nigerian Conservation Foundation (NCF), it pledged to plant 50,000 trees by 2025, with 31,000 already planted across Nigeria by 2024.
Thought Leadership in Climate Finance
FirstHoldCo is at the forefront of promoting knowledge in climate finance. A recent webinar, ‘Harnessing Climate Finance Opportunities in Nigeria,’ featured notable sustainability experts, underscoring the company’s dedication to advancing climate-related discussions and practices.
A Benchmark for Sustainable Business Practices
With its extensive ESG and sustainability initiatives, FirstHoldCo continues to make a significant impact on communities, businesses, and individuals. Through its responsible financial solutions and corporate social responsibility programs, the group sets a standard for corporate leadership in Africa, reinforcing its commitment to sustainable economic growth and social well-being.
