FirstBank Deepens ESG Integration as a Core Sustainability Strategy in 2024

In 2024, FirstBank Group demonstrated a clear maturation of its environmental, social and governance (ESG) agenda, translating sustainability commitments into measurable outcomes and industry recognition. The year marked a shift from largely programmatic initiatives toward deeper operational and strategic integration of ESG principles across governance, risk management and core banking activities.

This progress was reinforced by strong external validation. During the reporting period, FirstBank received 10 major local and international awards, reflecting growing stakeholder confidence in the bank’s ESG strategy, execution capacity and long-term value proposition. Notably, the Euromoney Award for Best Bank for ESG recognised the bank’s structured and disciplined approach to ESG risk management, while The Asian Banker named FirstBank Best SME Bank in Nigeria, citing its targeted financing products, advisory services and capacity-building support for small and medium-sized enterprises. Additional recognitions for corporate social responsibility and sustainable branding underscored the bank’s investments in green finance, environmental impact reduction and responsible business practices aligned with Nigeria’s development priorities.

With over 25 million active digital customers, 43 million customer accounts (including digital wallets), and a workforce of 10,241 full-time employees, FirstBank remains one of the most systemically important institutions in Nigeria’s financial services sector. Against this backdrop, the bank has deliberately positioned itself as a pacesetter in ESG adoption, recognising the role of large financial institutions in driving sustainable economic outcomes across emerging markets.

Transitioning from Programmatic ESG to Embedded Sustainability

An assessment of the FirstHoldCo 2024 Sustainability Report (covering January–December 2024) indicates a bank transitioning from stand-alone ESG programmes to more embedded sustainability practices. ESG priorities were increasingly aligned with corporate strategy, supported by enhanced governance oversight, clearer accountability structures and improved performance tracking. This evolution reflects broader regulatory and investor expectations, particularly around climate risk management, social inclusion and responsible capital allocation.

The bank’s sustainability framework is anchored on four strategic pillars: Sustainable Finance and Investment, Environmental Sustainability, People Empowerment, and Community Support. These pillars provide a coherent structure for integrating ESG considerations across business lines, operations and stakeholder engagement.

Sustainable Finance and ESG Risk Integration

Under its sustainable finance agenda, FirstBank reported screening 237 corporate transactions with a combined value of ₦3.04 trillion for ESG risks in 2024. This represents a significant step toward aligning credit decision-making with environmental and social risk considerations, particularly in sectors exposed to climate transition risks, regulatory scrutiny and social impact concerns. From a sustainability analyst’s perspective, this screening process strengthens portfolio resilience, supports regulatory compliance and aligns the bank with global best practices in responsible banking and risk-adjusted capital allocation.

While the report demonstrates scale and intent, future disclosures would benefit from greater granularity on sectoral exposure, risk outcomes and how ESG screening influences pricing, approval or rejection decisions—key areas increasingly demanded by investors and supervisors.

Environmental Sustainability and Climate Action

Environmental sustainability remained a strategic focus during the year. Building on foundational work initiated in 2023, FirstBank continued integrating climate-related risk and opportunity assessments into its operations. These efforts are aimed at identifying greenhouse gas (GHG) emission sources, managing both physical and transition climate risks, and supporting the bank’s longer-term net-zero aspirations.

Beyond internal climate governance, FirstBank maintained a visible environmental footprint through nature-based solutions. In partnership with the Nigerian Conservation Foundation, the bank planted over 30,000 trees across 16 states in 2024, contributing to its commitment to plant more than 50,000 trees within a two-year period. The bank estimates that the 2024 reforestation initiative will sequester approximately 720 tonnes of carbon dioxide, while also supporting biodiversity conservation and Nigeria’s climate commitments under the Paris Agreement and the National Green Recovery Plan.

From an analytical standpoint, these initiatives reflect a balance between operational climate risk management and broader ecosystem stewardship. However, alignment with emerging climate disclosure standards such as TCFD and ISSB would further strengthen transparency around emissions baselines, targets and progress.

Social Performance: Workforce, Inclusion and Community Impact

On the social dimension, FirstBank’s people strategy emphasised workforce inclusion, diversity and employee wellbeing. In 2024, the bank reported a gender distribution of 59 per cent male and 41 per cent female employees, with women accounting for 27 per cent of management positions. Ongoing diversity and inclusion initiatives were positioned as drivers of employee engagement, innovation and organisational resilience.

Community investment remained a cornerstone of FirstBank’s social strategy, anchored by its flagship Corporate Responsibility and Sustainability (CR&S) Week, now in its eighth year. In 2024, activities spanned seven countries—including Nigeria, Ghana and the United Kingdom—reaching over 40,000 beneficiaries through targeted interventions in orphanages, schools and healthcare facilities. Employees contributed close to 2,000 volunteering hours, complemented by financial and in-kind donations, reflecting a structured and employee-led approach to social impact.

Advancing Women’s Economic Empowerment

Women’s economic empowerment emerged as a notable focus area. FirstBank continued implementing the United Nations Women’s Empowerment Principles and expanded FirstGem, its women-focused financial offering. During the year, FirstGem disbursed 1,071,895 loans valued at ₦43 billion, supported by a dedicated ₦5 billion low-cost funding pool. Additionally, female participation within the bank’s agency banking network grew to 55,253 women nationwide, reinforcing financial inclusion and entrepreneurship at the grassroots level.

These interventions position FirstBank as a key enabler of inclusive growth, particularly within Nigeria’s informal and SME-driven economy.

Alignment with the Sustainable Development Goals

The sustainability report maps FirstBank’s activities to eight United Nations Sustainable Development Goals (SDGs) deemed material to its operations. These include poverty reduction, zero hunger, good health and wellbeing, quality education, decent work, responsible consumption, climate action and partnerships. Key performance indicators highlighted in the report include over ₦9 trillion in transactions facilitated through the agent banking network to advance financial inclusion, ₦16.6 billion in agricultural financing, continued healthcare interventions for vulnerable women (including surgeries for Vesicovaginal Fistula), and ESG screening embedded across new corporate lending.

Analyst’s Perspective

Taken together, FirstBank’s 2024 sustainability disclosures reflect a deliberate effort to move beyond traditional philanthropy toward a more integrated, risk-aware and value-driven ESG model. While the long-term effectiveness of these initiatives will depend on consistent execution, improved data quality and independent assurance, the scale of activity and depth of integration signal that ESG considerations are increasingly embedded within the bank’s business strategy rather than treated as peripheral corporate responsibility efforts.

From a sustainability reporting standpoint, FirstBank’s trajectory in 2024 positions it favourably within Nigeria’s financial sector, with opportunities to further enhance credibility through expanded impact metrics, forward-looking targets and alignment with evolving global sustainability disclosure standards.