Business
FirstBank Partners Eventful to Support SMEs in the Fashion Industry
As part of efforts to provide access to market and provide opportunities for entrepreneurs in the Small Medium Scale Enterprise (SMEs) of the fashion industry, First Bank of Nigeria Limited partnered with Eventful Nigeria Limited on its event, fashion souk, a platform that creates an opportunity for players in the fashion industry to exhibit and sell their wares to the thousands of event participants.
Speaking at the event held in Lagos recently, the Group Head, Marketing and Corporate Communication, First Bank of Nigeria Limited, said the bank has over the years, since its founding, been very supportive of the entrepreneurial space and SMEs, adding that the role of the bank is that of an enabler.
“FirstBank has been involved in every sector of the economy since 1894, so if you think about that there is no sector we have not been involved in, in fact this particular fashion souk, we are the pioneer sponsor and we sponsored it right from when it started.”
Ani-Mumuney explained that the fashion industry over the years has grown incredibly and added that it has helped to grow other businesses.
According to her, “Just like Nigerian music, the fashion industry is still in its infancy. We have great talents and potential in the fashion industry. Let’s consider the developed fashion industry of Italy for instance and the entire value chain of fashion, it tells you that there is a lot to be done. We still need to have fashion zones in core Cities and States, so that within a particular zone, you could have the cutters, button hole creation and others.
“The great thing is that we have a market here, but beyond that is that we could easily become the fashion hub for Africa, especially its export across continents. The fashion industry is diverse and versatile with many roles carried-out by individuals with uniquely different skill-set. Some persons could focus on finishing; some could focus on sketching, garment making and other areas. Indeed, Nigeria are fashion freaks, with a large and diverse market.
Also at the event was Nollywood actor and producer Kunle Afolayan whom had his clothing line Ire Clothing, displayed. Afolayan, the Chief Executive Officer of Ire Clothing said he started the clothing line with just the Kunle Kembe, and presently, it has expanded to about five, six collections.
He also stated that what inspired Ire clothing is because of his love for arts and anything that deals with the Nigerian cultural heritage and helps to document culture, “so with Ire clothing, we use Africa fabrics, Anakara, Adire and others.”
Afoloyan explained that he has modified the old Yoruba Kembe style to something that is now pop culture so that the younger generation can also wear it, adding that there are T-shirts and Kunle’s Dansiki which is a bit smaller than the traditional Dansiki, and face caps.
According to him, “The brand story we are trying to tell is that we want people to embrace their own culture and tradition; use it to their advantage and use it to the world. I think the fashion industry is striving and it’s been here for a very longtime and it is doing better because a lot of our people are exporting our clothing abroad.”
In his remarks, veteran comedian, Atunyota Akpobome, popularly known as Ali baba, said the fashion souk is a platform of opportunities and a collage of business ideas, providing a platform for people to network and express business innovations.
According to Ali baba, “To expand the frontiers of the fashion industry, there is need for exposure and the social media is helping a great deal to improve the employment needs of Nigerians. Once the employment statistics increases there will be higher purchasing power and people will tend to invest and spend more in fashion. In a country of about 200 million people, one should be able to do one million sales in months. But I think we will get there someday. We need to grow our textile industry and revamp the textile companies, which implies that we have to revive the production of cotton so that players in the industry can have access to raw materials, thereby cutting down production cost.”
Also speaking at the event, popular television presenter and model, Uti Nwachukwu, expressed satisfaction with the event, commending the organisers for creating an avenue to convene fashion vendors under one roof to provide their wares at discounted and affordable rates, while giving customers the opportunities to patronize their brands.
He further stated that the fashion souk gives the vendors an opportunity to showcase what they have to sell and creates opportunity for them to advertise their products.
Nwachukwu added: “A lot of vendors and customers here are happy. It is a give and take situation that works well. The fashion industry in Nigeria is the most underrated industry; there is so much potential, and greatness in the fashion industry.
“We have great designers that will shine in any part of the world. It is a great gesture the bank is making by supporting the industry. I just wish the bank can help these designers to get to international level of exposure. Our designs are wonderful, African prints are in fashion in different parts of the world. Finance and exposure are the key challenges facing the industry, if it is properly addressed, things will work out well.”
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.
This article is contributed By A. Ezekiel
Business
Ahead Regulatory Deadline, Fidelity Bank Set to Meet Recaptalization Target, Onyeali-Ikpe Expresses Gratitude
Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalization targets set by the Central Bank of Nigeria (CBN).
With a successful first phase of its capital-raising initiative that recorded over 238% oversubscription and share price growth of over 100% evidencing a huge surge in investor confidence for the bank.
Following the successful completion of phase 1 of its capital raise, the bank is exceptionally well-positioned to not only meet the regulatory threshold but also fuel its growth trajectory.
With the recent conclusion of its equity capital raise through a Public Offer and Rights Issue, collectively known as the Combined Offer.
The response has been nothing short of extraordinary, with the Public Offer oversubscribed by an astounding 237.92%.
This translates to 107,588 valid applications for a total of 23,768,724,000 ordinary shares, amounting to N231.7 billion.
The Rights Issue also shone brightly, achieving a remarkable 137.73% subscription rate with 6,903 valid applications for 4,407,252,795 ordinary shares, totaling N40.7 billion.
Dr. Nneka Onyeali-Ikpe, the Managing Director and CEO of Fidelity Bank, expressed heartfelt gratitude for the overwhelming support from investors, stating, “The positive results recorded in our Combined Offer are a testament to the strength of the Fidelity Bank franchise in the capital market.”
Such a robust response not only underscores investor confidence but also reaffirms the bank’s unwavering commitment to delivering innovative financial solutions and sustainable returns to its stakeholders.
Following this remarkable success, Fidelity Bank has secured shareholder approval to launch the second phase of its capital-raising initiatives.
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This includes a significant increase in the bank’s issued share capital from N26.7 billion to N36.7 billion. Shareholders endorsed this expansion during an Extraordinary General Meeting on February 6, 2025, approving the creation of an additional 20 billion ordinary shares of N0.50 each.
This strategic capital boost positions Fidelity Bank to meet the CBN’s new minimum regulatory capital requirement of N500 billion for banks with international authorization by March 31, 2026. This ambitious goal aligns seamlessly with the bank’s vision for sustainable growth and exceptional service delivery, setting the stage for a dynamic future.
Fidelity Bank’s stock performance has further solidified its status as a top contender in the financial sector. From an initial offer price of N9.75 per share during the Public Offer, shares soared to a high of N21.15 on February 7, 2025, representing an impressive growth rate of over 116%.
This positions Fidelity Bank as one of the best-performing financial institutions in the market, with analysts from Apel Asset Limited noting an impressive 80% return on investment for shareholders who have held shares since 2023.
Market analysts project a considerable upside potential of 28.88%, establishing a fair value of Fidelity Bank at N23.15 against a reference price of N19.50. Such promising indicators not only enhance investor confidence but also position Fidelity Bank as a compelling investment opportunity within the Nigerian banking landscape.
The funds raised from the initial phases of the capital-raising exercises are earmarked for several key initiatives. Fidelity Bank plans to utilize these resources for local and international business expansion, enhancing technology infrastructure, and improving customer service initiatives. This proactive approach showcases the bank’s commitment to innovation and operational excellence.
As the bank gears up for the next phase of its capital-raising initiative, the primary focus remains on achieving its recapitalization targets while consistently delivering value to stakeholders. The bank’s leadership is confident that, with sustained investor support and a robust financial strategy, it will adeptly navigate the evolving landscape of the Nigerian banking sector.
Fidelity Bank’s recent achievements in capital raising signal a pivotal moment in its journey toward strengthening its financial foundation. With robust investor backing, strategic capital allocation, and a clear vision for growth, Fidelity Bank is not just on track to meet its recapitalization target—it is poised to exceed it.
The road ahead promises to be one of sustained growth and innovation, reinforcing Fidelity Bank’s position as a leader in the Nigerian financial sector. As the bank looks toward the future, it remains steadfast in its commitment to fostering strong relationships with investors and delivering on its promise of financial excellence and exceptional customer satisfaction.
Fidelity Bank’s proactive measures and impressive market performance pave the way for a brighter, more prosperous future—one where it continues to lead with integrity and vision in the ever-evolving financial landscape.
Leading financial services institutions, Guaranty Trust Holding Company (GTCO) Plc, has launched an initiative to improve quality of life for households and empower women in underserved communities.
This scheme known as Waste for Gas is under its corporate social responsibility (CSR) and stakeholder engagement to reaffirm its unwavering commitment to improving outcomes for people and communities.
The initiative also introduces a structured Waste for Gas exchange programme that promotes responsible waste management, fostering a culture of sustainability.
The company intends to distribute 3,000 3kg gas cylinders with burners to low-income households in Obafemi Owode Local Government, Mowe, Ogun State.
By providing households with gas-powered cooking, the initiative simplifies daily routines, freeing up time for essential activities that support financial resilience.
The project will unfold in two key phases, ensuring that it reaches those most in need.
In the first phase, teams from GTCO, in collaboration with local government representatives, conducted door-to-door visits across 12 wards in Obafemi Owode Local Government from Monday to Friday, February 18 – 21, 2025.
These visits helped identify beneficiaries who currently rely on firewood and charcoal for cooking. Participating households collected and returned plastic waste in exchange for gas cylinders and burners.
In the second phase, which held on Saturday and Sunday, February 22 and 23, 2025, efforts shifted to monitoring and increasing adoption of the new cooking method among the beneficiaries.
The chief executive of GTCO, Mr Segun Agbaje, said, “At GTCO, we are committed to driving progress, not just through innovative financial solutions but by creating real impact in the communities where we operate.
“Waste for Gas is about making life easier for families, giving them more time for what truly matters—whether it’s education, meaningful work, or personal development.
“Beyond this initiative, our goal is to continually evolve sustainable platforms that empower people, strengthen communities, and contribute to socioeconomic progress.”
As GTCO continues to expand its CSR footprint, the Waste for Gas project serves as a blueprint for future interventions that drive meaningful, long-lasting impact in underserved communities.
