First Bank wins Euromoney award for ESG investments in Nigeria

First Bank of Nigeria PLC says it won the Euromoney award for its environmental, social, and governance (ESG) investments in Nigeria.

According to a statement signed by Folake Ani-Mumuney, group head of marketing and corporate communications at First Bank, the award reinforces the bank’s position as a leader in sustainable banking and finance practices in its 130 years of existence.

First Bank said the award honours its contributions and unwavering commitment to environmental, social, and governance investments in Nigeria, facilitated through innovative financial solutions and initiatives.

“Euromoney recognised First Bank’s significant progress amongst other areas in the implementation of an ESG management system, which facilitated the screening of N4.2 trillion new transactions for potential ESG risks in 2024,” the statement reads.

“In support of Nigeria’s green transition, First Bank funded a $10 million solar energy project, expanding access to off-grid solar solutions in Africa and Asia through a pay-as-you-go model; committing N16 billion to develop four modular independent power plants for a major beer manufacturer, enabling it to shift from diesel generators to more sustainable energy sources and significantly reducing production costs.

“Additionally, First Bank started a tree planting campaign in partnership with the Nigeria Conservation Foundation to plant over 50,000 trees in 2024 demonstrating the bank’s dedication to ESG as a business agenda.”

Speaking on the recognition, Ani-Mumuney said the award validates First Bank’s efforts to create a sustainable and inclusive future for all its stakeholders.

The group head reiterated the bank’s commitment to advancing continuous positive impact in the marketplace, workplace, environment, and communities it serves.

“We are thrilled to receive the Euromoney Award for Nigeria’s best bank in ESG,” Ani-Mumuney said.

“This recognition is a testament to the power of enabling giants in our employees, businesses, and communities to achieve success.

“At First Bank, we believe that sustainability is a driver for growth and innovation. Our approach to sustainability is built on three pillars: Citizenship, Stakeholder Management, and Impact Management.”

Also, Euromoney said the event is the definitive annual awards programme of the global banking industry.

According to the finance magazine, the awards represent the highest distinction to the banks and “bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate”.