First Bank wins Euromoney award for best ESG investments

First Bank has emerged as the winner of the 2024 Euromoney Award for its contributions and commitment to Environmental, Social, and Governance (ESG) investments in Nigeria,

This was disclosed in a statement issued by First Bank on Sunday, August 4, 2024.

According to First Bank, Euromoney recognised the bank’s significant progress among 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.

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 to support Nigeria’s green transition.

The bank invested 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.

First Bank also started a tree planting campaign in partnership with the Nigeria Conservation Foundation to plant over 50,000 trees in 2024 demonstrating its dedication to ESG as a business agenda.

Speaking on the award, the First Bank’s Group Head of Marketing and Corporate Communications, Folake Ani-Mumuney, said the bank was excited 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.

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“Our approach to sustainability is built on three pillars: Citizenship, Stakeholder Management, and Impact Management.

“This award validates our efforts to create a sustainable and inclusive future for all our stakeholders, and we are committed to advancing continuous positive impact in the marketplace, workplace, environment, and communities we serve.”

According to Euromoney, the “Awards for Excellence” is the definitive annual awards programme of the global banking industry.

“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,” it said.

First Bank recently won Best SME Bank in Nigeria and Best Bank in Africa, Best Private Bank in Nigeria, and Best Private Bank for Sustainable Investment in Africa by Global Finance among other awards.

The Star