FirstBank, a leading bank in Nigeria with branches across countries
<h4>FIRSTHOLDCO</h4>
<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reproduces a piece by<strong> A.Ezekiel</strong> on FirstBank Nigeria, a leading commercial bank which has just changed its name to First Holding Company, FIRSTHOLDCO, in which he extols the prospects of the financial giant</p>
<p><em><strong>In a world where approximately 20% of new businesses fail within the first two years, 45% within five years, 65% within ten years, and only 25% make it to 15 years or more (according to the US Bureau of Statistics), any business that has crossed 15 years should be sharing insights on survival and success.</strong></em></p>
<p><em><strong>But what about businesses that have lasted twice that long? Or a financial services group that has thrived for over 130 years, especially in Africa, where business survival rates are likely lower than those statistics from the Global North? Such a group has certainly earned the right to teach masterclasses on business longevity.</strong></em></p>
<p><em><strong>First HoldCo Plc (FirstHoldCo), recently rebranded from FBN Holdings Plc, exemplifies sustainable business practices. </strong></em></p>
<p><em><strong>A well-diversified group, it is one of Africa’s largest financial services organisations, offering innovative financial solutions through its subsidiaries in commercial banking, asset management, capital markets, securities, trusteeship, and insurance brokerage. FirstHoldCo ensures strategic coordination and synergy among its subsidiaries to deliver long-term value for stakeholders.</strong></em></p>
<p><em><strong>Retaining the legacy strengths and experience of FBN Holdings Plc, FirstHoldCo ensures that its subsidiaries enhance positive environmental, social, and governance (ESG) impacts while minimising or eliminating negative ones. This includes managing ESG risks in the workplace, marketplace, community, and environment, with the institutional capability to turn risks into opportunities.</strong></em></p>
<p><em><strong>For example, ESG risk management enhances credit and investment decision-making, de-risking processes for subsidiaries such as FirstBank and FBNQuest. It also strengthens social relationships with the communities in which these subsidiaries operate.</strong></em></p>
<p><em><strong>ESG and sustainability may be buzzwords for some corporations seeking to appear politically correct, but at FirstHoldCo, they are integral to its identity. The company is self-driven in aligning its strategy and operations with ESG principles and setting new sustainability benchmarks for financial services in Nigeria.</strong></em></p>
<p><em><strong>FirstHoldCo’ s flagship subsidiaries, FirstBank and FBNQuest, integrate ESG risks into their products, services, and offerings from the ideation stage through to development and launch. This approach drives responsible lending and investment practices, enabling the group to leverage ESG market opportunities while promoting sustainable socio-economic growth.</strong></em></p>
<p><em><strong>FirstHoldCo also prioritises people empowerment, fostering a work environment rooted in equal opportunities, diversity, and inclusion. A notable achievement is bridging the diversity gap, reaching a 40% female to 60% male employee ratio in 2023, one year ahead of its 2024 target.</strong></em></p>
<p><em><strong>The group also supports the communities where its subsidiaries operate, ensuring its impact resonates positively. Since 2017, it has implemented the SPARK (Start Performing Acts of Random Kindness) initiative and Corporate Responsibility and Sustainability (CR&;S) Week.</strong></em></p>
<p><em><strong> In 2023, these initiatives impacted 60,000 lives through outreaches to 60 orphanages, 20 schools, and hospitals across Nigeria, Ghana, Senegal, The Gambia, the Democratic Republic of Congo, Sierra Leone, and the United Kingdom. Donations included consumables, computers, clean water projects, school renovations, wheelchairs, and cash. Employees committed over 27,000 volunteer hours to these initiatives.</strong></em></p>
<p><em><strong>In 2023, FirstBank reinforced its commitment to empowering women through FirstGem, a financial product supporting women-led businesses. Over N36 billion in loans were disbursed at a single-digit interest rate of 9%. Additionally, its Agency Banking business, FirstMonie, expanded its female agent network to over 55,000.</strong></em></p>
<p><em><strong>Inclusion remains a key focus, with FirstBank enhancing accessibility for physically challenged customers in 234 locations, making 25 branches fully accessible and improving access at 209 others. It also expanded the SPARK initiative to institutions like the Bethesda School of the Blind and the Down Syndrome Foundation in Lagos.</strong></em></p>
<p><em><strong>FirstBank operates an Environmental, Social, and Governance Management System (ESGMS) to drive responsible lending and minimize ESG risks. In 2023, this system was enhanced to ensure real-time transparency in corporate credit screenings. That year, 2,239 credit transactions worth N4.236 trillion were assessed for ESG risks.</strong></em></p>
<p><em><strong>To strengthen ESG compliance, FirstBank collaborates with development partners such as British International Investment, the African Development Bank, the International Finance Corporation (IFC), and Proparco, a French development finance institution. </strong></em></p>
<p><em><strong>Its partnership with Proparco is crucial for integrating climate initiatives into business strategy. This project enhances its understanding of financed emissions and positions it for climate financing and investment opportunities.</strong></em></p>
<p><em><strong>This initiative will help FirstBank reduce greenhouse gas (GHG) emissions, mitigate exposure to physical and transition risks, and strengthen climate adaptation efforts. It also reinforces its market competitiveness as an ESG leader committed to a low-carbon economy.</strong></em></p>
<p><em><strong>As part of its commitment to decarbonisation, <a href="https://punchng.com/">FirstHoldCo’ s FirstBank</a> actively engages in reforestation and afforestation through partnerships focused on carbon dioxide (CO2) removal. In 2023, it pledged to plant 50,000 trees by 2025 in collaboration with the Nigerian Conservation Foundation (NCF). </strong></em></p>
<p><em><strong>That year, it planted 1,000 trees at the Lekki Conservation Centre, Lagos; Model Secondary School, Maitama, Abuja; and Federal Government Girls College, Calabar. By the following year, it had planted an additional 30,000 trees, bringing the total to 31,000.</strong></em></p>
<p><em><strong>FirstBank also drives thought leadership in climate finance, promoting knowledge on carbon mitigation and climate adaptation. A notable effort was a webinar themed ‘Harnessing Climate Finance Opportunities in Nigeria,’ held in partnership with the Sustainability Practitioners Institute of Nigeria (SPIN). The event featured prominent ESG and sustainability experts such as Professor Kenneth Amaeshi, Dr. Muntaqa Umaru-Sadiq, and Carina Dunker, underscoring FirstBank’s commitment to advancing climate finance discussions.</strong></em></p>
<p><em><strong>With so much achieved and ongoing ESG/sustainability initiatives, what is the greatest impact of ESG at FirstHoldCo?</strong></em></p>
<p><em><strong>For the group, it is the net positive effect on the communities where its subsidiaries operate. For individuals, it is the tangible benefits from its financial solutions and CSR initiatives. For businesses, it is the sustainable practices FirstHoldCo champions, setting a standard for responsible corporate leadership</strong></em></p>

Alleged Sexual Harassment In The Senate OpenLife Nigeria reports that Senator Natasha Akpoti-Uduaghan representing Kogi…
Knock Out For Governor Adeleke Over Withheld Council Funds OpenLife Nigeria reports that the…
The Woman I Really Love OpenLife Nigeria reports that in what seems a final decision…
Oil And Gas Boom OpenLife Nigeria reports that Nigeria has unveiled an ambitious plan…
Nigerian Presidency Challenges US Over Sharia Law OpenLife Nigeria reports that Presidential Adviser on Policy…
United States Announces Visa Restriction Targeting Nigerians OpenLife Nigeria reports that the United States has…
This website uses cookies.