E-Financial
FIRSTHOLDCO: Reinforcing ESG, Sustainability Initiatives As It Rebrands
By A.Ezekiel
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.
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.
First HoldCo Plc (FirstHoldCo), recently rebranded from FBN Holdings Plc, exemplifies sustainable business practices. 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.
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.
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.
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.
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.
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.
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. 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.
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.
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.
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.
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. 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.
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.
As part of its commitment to decarbonisation, FirstHoldCo’ s FirstBank 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). 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.
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.
With so much achieved and ongoing ESG/sustainability initiatives, what is the greatest impact of ESG at FirstHoldCo?
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
African Development Bank (AfDB) is mobilising $2.2 billion to develop agricultural processing zones in 28 states in Nigeria to boost food security and create jobs, Akinwumi Adesina, the bank’s president said on Tuesday.
Adesina was speaking in northern Kaduna state while launching the first phase of the initiative that is targeting five states. This phase is being bankrolled by more than $500 million that was first announced in 2022.
The AfDB head said the funding needs for the second phase would be presented to the AfDB board shortly for approval.
“We have been able, I would like to say, to mobilize $2.2 billion of investment interest to support the second phase across Nigeria,” he said during the ceremony in Kaduna.
Adesina said besides the AfDB, Arab Bank for Economic Development, Africa Import-Export Bank, agri-investment fintech Sahara Farms and French and U.S. institutions were among institutions that would help raise the $2.2 billion.
The agro-processing zones aim to create facilities to process agricultural produce closer to farmers, which will reduce post-harvest losses and strengthen value chains from farms to market.
Last year, Nigeria spent $4.7 billion importing food, the AfDB said, a trend authorities also hope to reverse with more investment in the farming sector.
Nigerian authorities have postponed legal proceedings against Binance as tensions persist over the crypto exchange’s role in the country’s economic troubles.
According to a recent report, a court in Nigeria has pushed back the tax evasion case to April 30.
The delay gives the Federal Inland Revenue Service (FIRS) more time to respond to Binance’s request to cancel a previous court order that allowed legal documents to be served to the company via email.
The FIRS initially filed the lawsuit in February, claiming Binance owes the country a whopping $2 billion in taxes along with an additional $79.5 billion in economic damages.
Related court filings reveal that the agency is pushing for the exchange to pay corporate income taxes for the years 2022 and 2023.
On top of that, FIRS has demanded a 10% annual penalty on the unpaid taxes and nearly 27% interest on the outstanding amounts.
The agency has argued that Binance’s level of business activity qualifies as a “significant economic presence” in Nigeria, thereby making it liable for taxation under local law.
Binance, however, has challenged the court’s earlier decision to allow the order to be served via email.
According to Chukwuka Ikwuazom, Binance’s attorney, the order should be annulled, as Binance is registered in the Cayman Islands, has no physical office in Nigeria, and was served without proper court authorisation for cross-border delivery.
Since expanding its services to Nigeria on October 24, 2019, with the addition of Naira, Binance’s journey in the West African country has been marred with regulatory pushback.
Things came to a head in February 2024 when two Binance executives, Tigran Gambaryan, a US citizen, and Nadeem Anjarwalla, a British-Kenyan national, were unexpectedly detained by Nigerian authorities.
The executives had travelled to Abuja for what was supposed to be a series of meetings with government officials to address concerns around Binance’s local operations.
Instead, they were arrested and charged with tax evasion and money laundering.
The situation took a dramatic turn when Anjarwalla escaped custody in March and fled the country, reportedly making his way to Kenya, where he remains at large.
Gambaryan, however, stayed behind bars for months.
As previously covered on Invezz, reports soon started to surface that Gambaryan was suffering from pneumonia, malaria, and a herniated spinal disc, all while allegedly being denied proper medical attention.
His detention caught the attention of US lawmakers, which even led Representative Rich McCormick to introduce a resolution in July 2024 that classified his arrest as a hostage situation.
By October, the Nigerian government dropped the money laundering charges against Gambaryan, leading to his release on October 23, 2024.
He returned to the US the same month, bringing an end to a nearly seven-month-long detention.
In between, Binance officially halted all naira-related services and exited the Nigerian market in March 2024.
Moniepoint Microfinance Bank, a subsidiary of Moniepoint Inc., Africa’s leading digital financial services provider and the Continent’s fastest growing financial institution, is set to demonstrate its continuous innovations towards advancing financial inclusion in Nigeria.
The Federal Government recently hailed the contributions and remarkable achievements of Africa’s fastest-growing financial institution, Moniepoint Inc in the financial technology sector, its commitment to advancing financial inclusion, and its ongoing collaborations with law enforcement agencies to combat financial fraud.
Mr. Babatunde Olofin, the managing director, Moniepoint Microfinance Bank, has been announced among industry leaders to speak at the Payments Forum Nigeria (PAFON).
The Forum scheduled to hold on Thursday, April 10, 2025 at the Function Room 1, Oriental Hotel, Lekki Road, Lagos, has as the theme: “Bridging the Customer Experience Gap for Financial Inclusion Using AI”.
Babatunde Olofin is a digital innovator, entrepreneur and experienced banker; with two decades experience in digital financial product management within the telecoms, banking and fintech space.
Under his leadership, Moniepoint MFB is focused on providing comprehensive banking services that support the financial well-being of individuals and businesses across Nigeria.
Tunde is a well sought after conference speaker for the clarity and depth of thought he brings to issues around the transformation of Nigeria’s digital banking landscape.
He will join other speakers, namely, Ebehijie Momoh (Mrs), managing director and chief executive officer, AfriGoPay Financial Services Ltd., Uche Uzoebo (Mrs), managing director and chief executive officer, Shared Agent Network Expansion Facilities (SANEF) Limited and Mrs. Chika Nwosu, managing director and chief executive officer of PalmPay (Nigeria). and Fasasi Atanda, national president of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN).
Others include, Happiness Obioha, CEO, Tizel Cybersecurity, Olusoji Solomon Adeyemo, Azure Application and AI Specialist, Microsoft UK., Ibirogba Oluwagunwa, chairman, Lagos State Chapter, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Olusegun Gabriel Afolabi, co-founder & chief innovations architect, Face Technologies UK Ltd., and Chukwuemeka Enoch Mbaebie, the convener, Lagos Blockchain Week.
Chidera Amuta, Marketing Manager, Vendorcredit, is the event host.
According to Mr. Chike Onwuegbuchi, co-convener of Payments Forum Nigeria, “this year’s theme, ‘Bridging the Customer Experience Gap for Financial Inclusion Using AI’, underscores the urgent need to safeguard digital transactions against emerging threats while ensuring seamless financial inclusion and innovation”.
PAFON 2.0 will feature keynote presentation, fireside chat, panel discussion, networking opportunities, among other activities aimed at enabling knowledge sharing on key industry insights, issues, amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses in the payment industry.
Industry players such as Bankers, Fintech startups, mobile money operators, blockchain experts, Cybersecurity, etc., are among the expected attendees.
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