FirstHoldCo: Strengthening ESG and Sustainability Efforts Through Rebranding

FirstHoldCo: Strengthening ESG and Sustainability Efforts Through Rebranding

In a business landscape where survival rates are often uncertain, FirstHoldCo Plc (formerly FBN Holdings Plc) has emerged as a beacon of resilience and sustainability. With a legacy spanning over 130 years, the financial services giant continues to set the standard for corporate longevity, particularly in Africa, where businesses face unique challenges.

As part of its ongoing transformation, FirstHoldCo has reinforced its commitment to Environmental, Social, and Governance (ESG) principles, ensuring that sustainability remains at the core of its operations. The company’s diverse portfolio—including commercial banking, asset management, capital markets, securities, trusteeship, and insurance brokerage—allows it to drive ESG initiatives across multiple sectors.

A Commitment to ESG-Driven Growth

FirstHoldCo has embedded ESG risk management into its subsidiaries’ operations, enhancing credit and investment decisions while fostering positive community relations. For institutions like FirstBank and FBNQuest, this approach not only mitigates risks but also creates opportunities for sustainable financial growth.

Unlike corporations that view ESG as a mere compliance requirement, FirstHoldCo integrates these principles into its strategy, making sustainability a defining feature of its brand. By incorporating ESG considerations from product ideation to execution, the group promotes responsible lending and investment practices that contribute to long-term economic stability.

Empowering People and Communities

One of FirstHoldCo’s major priorities is social inclusion and workforce diversity. The company achieved a 40% female-to-60% male employee ratio in 2023—one year ahead of its 2024 target. It has also implemented far-reaching Corporate Social Responsibility (CSR) programs, such as the SPARK (Start Performing Acts of Random Kindness) initiative and Corporate Responsibility and Sustainability (CR&S) Week.

These initiatives have positively impacted over 60,000 lives across Nigeria, Ghana, Senegal, The Gambia, the Democratic Republic of Congo, Sierra Leone, and the United Kingdom. Donations of consumables, computers, school renovations, clean water projects, wheelchairs, and financial support have strengthened FirstHoldCo’s relationship with local communities. Employees have also dedicated over 27,000 volunteer hours to these causes.

Financial Inclusion and Support for Women Entrepreneurs

FirstHoldCo is at the forefront of promoting financial inclusion. Through FirstBank’s FirstGem initiative, which supports women-led businesses, the bank disbursed over N36 billion in loans at a single-digit interest rate of 9% in 2023. Additionally, FirstMonie, its agency banking platform, expanded its female agent network to over 55,000, further bridging the financial accessibility gap.

In another move towards inclusivity, FirstBank has improved accessibility for physically challenged customers in 234 locations, making 25 branches fully accessible while upgrading access at 209 others. The bank has also extended its support to institutions such as the Bethesda School of the Blind and the Down Syndrome Foundation in Lagos.

Sustainability and Climate Action

As part of its environmental responsibility, FirstHoldCo has strengthened its ESG Management System (ESGMS) to ensure responsible lending and corporate transparency. In 2023 alone, 2,239 credit transactions worth N4.236 trillion were assessed for ESG risks.

In partnership with organizations such as British International Investment, the African Development Bank, the International Finance Corporation (IFC), and Proparco, FirstBank is aligning its business strategy with climate-focused initiatives. This collaboration enables the bank to reduce greenhouse gas emissions, enhance climate resilience, and position itself as a leader in sustainable finance.

A significant milestone in its sustainability journey is the commitment to planting 50,000 trees by 2025, in collaboration with the Nigerian Conservation Foundation (NCF). By 2024, FirstBank had already planted 31,000 trees across multiple locations, reinforcing its dedication to carbon sequestration and ecosystem preservation.

Driving Climate Finance and Thought Leadership

FirstHoldCo has also positioned itself as a thought leader in climate finance. A notable effort was the 2023 webinar, Harnessing Climate Finance Opportunities in Nigeria, organized in partnership with the Sustainability Practitioners Institute of Nigeria (SPIN). Featuring experts like Professor Kenneth Amaeshi, Dr. Muntaqa Umaru-Sadiq, and Carina Dunker, the session underscored FirstHoldCo’s commitment to advancing sustainable financial strategies.

A Model for Corporate Leadership

As FirstHoldCo continues to evolve, its ESG and sustainability initiatives remain central to its corporate identity. For the communities where it operates, the impact is tangible—ranging from financial empowerment to environmental conservation. For businesses, FirstHoldCo sets a benchmark for responsible corporate leadership, proving that profitability and sustainability can go hand in hand.

Through its strategic rebranding and unwavering commitment to ESG principles, FirstHoldCo is not just securing its future but also shaping a more sustainable financial landscape in Nigeria and beyond.