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

The forum’s theme is “Preserving Legacies Across Generations” and aims to educate residents from Ibadan and environs about the importance of estate planning in accordance with relevant legislation.

The session will be led by experienced professionals with in-depth knowledge and extensive experience in estate planning.

The focus of this event is generational wealth transfer and proper estate planning, using live and practical examples to bring the message to bear.

The session will provide participants with a comprehensive understanding of the necessary steps and actions to take to preserve their properties across generations.

Additionally, FBNQuest Trustees will share valuable insights on managing conventional estate plans, which are designed to ensure the preservation of legacies.

For further information and clarification about the Estate Planning Clinic visit the website.

About FBNQuest Trustees 

• FBNQuest Trustees is a subsidiary of FBNHoldings
• From Estate Planning to government bond issuance, the firm holds a solid market position as a leading Trust services provider.
• They assess your needsandprovidetailoredsolutionsforseamlesstransferof
• FBNQuest Trustees distinct heritage allows it to leverage specialisation of the subsidiaries of the parent company to enhance service delivery and provide world-class client solutions.

This year’s Global Money Week was themed “Protect Your Money, Secure Your Future” to raise awareness among younger generations about savings culture, investment, and financial discipline.

To promote financial literacy, FBNQuest employees volunteered to teach and interact with pupils, providing insights and techniques on the importance of developing a savings culture from the money given to them by their parents, guardians, and family members.

This will ensure preparedness to capitalise on investment opportunities, promoting a proactive approach to future growth and prosperity.

During the financial enlightenment session with the students, Olamide Adeosun, the chief financial officer at FBNQuest Merchant Bank, emphasized that planning for the future requires self-discipline, commitment, and deliberate effort to achieve desired outcomes. As young adults, it is imperative to have a sound knowledge of savings and investments to raise consciousness on how to grow their money in a safe and sustainable manner to meet their future financial needs.

She stated the need to educate young adults on the smart steps they can take to have their money protected and secured for the future.

The organization continues to show its commitment to improving and deepening the financial knowledge of Nigerian children through its support of Global Money Week.

Through the employee volunteering initiative, FBNQuest employees have trained over 400 students on the importance of Financial Literacy.

The schools visited spanned across Lagos, Abuja, and Rivers states, and representatives shed more light on having clear and specific goals to guide financial decisions.

These were communicated using simple, relatable illustrations, making it easy for the students to understand the importance of cultivating the habit of putting money away to secure their future goals.

FBNQuest Asset Management Limited is one of the leading asset management firms in Nigeria that promotes and manages several collective investment schemes and discretionary client portfolios to deliver high-end financial investment products and services.

The Fund Manager offers investment solutions that helps investors save towards a specific goal, because they understand that investment decisions are guided by unique values.

The firm is also committed to providing sustainable and responsible investment options or a solution that suits the individual requirements of each client.

With the current macroeconomic realities, financial objectives often seem unachievable for many investors in the context of their frequent financial obligations in addition to rising inflation, which seems to push these goals further away.

Speaking on setting clear financial goals, Anne Oragwu, Head, Affluent at FBNQuest Asset Management, stated that

‘financial goal setting is the bridge between financial dreams and achieving financial independence’.

She added that whatever the goal, albeit short or long-term, the key to successful investing is to match each goal with the appropriate investment solutions.

However, to keep investors accountable, a financial adviser can serve as an accountability partner that helps the investor stay on course with an articulated plan.

“You don’t have to wait until you have a lot of money to start investing. With as little as N5000 (five thousand naira), you can start your investment journey with FBNQuest Asset Management and therefore reduce the risk that the value of your savings will be eroded by inflation,”

said Oragwu.

She also highlighted the range of products that investors can consider as they organise their financial goals.

They include the FBNQuest money market funds which can be an ideal savings alternative product and the FBNQuest dollar funds which offers attractive yields for investors who require foreign currency to achieve their goals. She also highlighted FBNQuest’s long- term funds that offer higher risk/reward options.

Commercial Papers (CP) in Nigeria has remained a viable funding option for corporate entities seeking to finance their short-term expenditures, including working capital.

FBNQuest has had a strong reputation for helping indigenous and multinational corporates access the Capital Markets to meet their funding goals.

The firm assisted institutions such as; MTN Nigeria Plc, Dangote Cement Plc, Valency Agro Nigeria Limited, Flour Mills of Nigeria Plc., Nigerian Breweries Plc., CardinalStone Partners Limited, and African Nonferrous Industries Limited, to name a few, in tapping into the Capital Market to access funding.

FBNQuest’s role as Lead sponsor in arranging the registration of CardinalStone Partners Limited’s N20billion Commercial Paper Programme, Flour Mill of Nigeria Plc’s (FMN) N200 billion Commercial Paper Programme, and the subsequent quotation of the first two issuances under that Programme – ₦13.33billon Series 1 and ₦51.64billon Series 2, and African Nonferrous Industries Limited’s N10billion Commercial Paper Programme.

These transactions reinforce its commitment to empower corporate institutions to expand into greater funding success through the Capital Market.

Speaking on the transactions, Afolabi Olorode, Head, Corporate & Investment Banking, FBNQuest Merchant Bank, stated:

‘We are pleased to have supported the successful delivery of several commercial paper programmes and other subsequent issuances to our corporate clients. These programmes emphasise the critical role of the Nigerian Capital Market in providing funding to the private sector for sustainable development. These collaborations are in line with our commitment of delivering value-added investment banking solutions to our stakeholders to enable them to achieve their strategic goals. We will continue to support, strengthen and expand our expertise to demonstrate the most advanced and innovative structures in the Debt Capital Markets’’.

The firm also introduced the use of a Liquidity Support Facility (LSF) structure for UPDC Plc’s Commercial Paper transaction, a feature which enhanced the instrument’s credit with a rating of ‘A-’, and was six notches higher than the Issuer’s rating on the merit of the LSF providers.

As a full-service investment bank, FBNQuest has continued to broker Commercial Paper deals for clients across major industries such as Financial Services, Fast Moving Consumer Goods (FMCG), Real Estate, Agriculture and Agro-commodity, Manufacturing, Oil & Gas etc.

It is the unified brand name for the Merchant Banking and Asset Management businesses of FBN Holdings Plc, one of the strongest and most dependable financial service groups in sub-Saharan Africa. The businesses include FBNQuest Merchant Bank, FBNQuest Asset Management, FBNQuest Securities, FBNQuest Capital, FBNQuest Trustees and FBNQuest Funds.

The unified brand identity for the Merchant Banking and Asset Management businesses of FBN Holdings Plc. is part of the strong heritage of one of the leading financial service groups in sub-Saharan Africa.

This growth, post-election economic reforms, modest gains in the equities market and higher interest rates were among the key messages in the FBNQuest Research 2023 Outlook report published recently.

With the theme “2023 Economic and Industry Outlook”, the report captured the firm’s view on the Nigerian economy, the 2023 general elections, the socio-political environment, traditional asset classes (fixed income and equities) as well expectations for the current year.

With respect to non-oil sector growth, the report points out that non-oil GDP growth had averaged 4.7% y/y over the past 8 quarters up to the fourth quarter of 2022, compared to 0.4% in the previous 8 quarters.

More recently, the services sectors, which accounted for around 56 percent of the economy in Q4 ‘22, expanded by 5.7 percent in the fourth quarter of 2022.

Commenting on the outlook for 2023, Tunde Abidoye, Head Research, Macroeconomics and Fixed Income at FBNQuest, said that the transition of power and the commencement of the new administration’s term will set the tone for the second half of the year as the new government is expected to implement reforms that will stimulate growth and investment.

“Nigeria’s new president faces several challenges including the fiscal pressures related to fuel subsidies, a huge budget deficit, difficulties with forex liquidity and low productivity in the oil sector. Nevertheless, we expect a new manager’s bounce for the economy that will support the moderate rise in equities while interest rates are expected to remain elevated,” Abidoye said.

FBNQuest forecasts another positive year for equities in 2023, projecting gains of 15 percent amid a slow first half and relatively strong performance in the second half of the year.

In the fixed income market, FBNQuest expects market yields to remain elevated through Q1 2023 and most of the rest of the year.

FBNQuest is a leading Merchant Banking and Asset Management group in Sub-Saharan Africa that delivers a wide range of financial services through various businesses – Corporate and Investment Banking, Investment Management (Asset Management, Alternative Investments, Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income, Currencies & Treasury and Equities).

The strike was considered a game-changer for Ukraine, now viewed as a talented underdog in the Russia-Ukraine war.

This also sparked a conversation about how the military recruits and retains top performers.

In a Marine Corps’ talent management report (released November 2021), The Corps Commandant, David H. Berger explains that the Force “must bring into the service the  right people with the  right  skill sets, measure their talents, and then match their skills to the duties they desire and are suited to perform”.

In the same way, organisations realise that to outperform the competition, developing a good supply chain for talent is non-negotiable: you simply get what you plan for.

Identifying Character and Competency

Usually, organisations would analyse past performance to identify future leaders. But interesting new research (by James Intagliata, Jennifer Sturman, and Stephen Kincaid) reveals that previous achievements are not always the sole measure of one’s capabilities.

Drawing on a database of more than 23,000 candidate assessments for roles at public and private companies, the researchers analysed the behaviours of 1,500 individuals, from entry-level professionals to senior leaders, and isolated the following three psychological markers as reliable predictions of an individual’s ability to grow and handle increased complexity in new roles:

Cognitive Quotient (CQ): While many organisations zero in on intellectual horsepower when considering leadership qualities, CQ measures advanced behaviours which differentiate individuals who creatively use their intellect to solve problems.

Is it in their character to step back from tasks to see things from the perspective of their manager?

In decision-making (big or small), are they able to scrutinise the landscape to anticipate the unexpected, while proactively planning to create value, whatever their findings maybe?

CQ is the person’s ability to demonstrate creativity and innovation in solving problems and involves intuition, perception, and intellectual curiosity.

Drive Quotient (DQ): People with a high DQ continuously go beyond their comfort zones to happily take on new challenges.

The motivation to excel, a strong work ethic, and persistence are excellent qualities that aspiring leaders commonly display, but the DQ differentiator is in the way the individual applies their energy.

Not just to maximise personal performance, but to develop and leverage the capabilities of others, for organisational good. This is a distinction often overlooked in many models.

Emotional Quotient (EQ): Companies know they need leaders with emotional intelligence, but according to the researchers, they tend to focus on basic skills such as self-awareness, getting along with people, and being able to read the room, which is necessary, but not sufficient.

To find people with high EQ, the differentiators identified in the new research point toward a search for individuals who engage for impact. For example, those who are intentional about channelling their insights to influence stakeholders and negotiate outcomes.

And, in addition, individuals who are able and willing to deliver difficult messages with courage and empathy.

CQ, DQ, and EQ are each impactful. But together, these markers can help organisations identify and develop the leadership required to navigate unidentified challenges.

In one of the researchers’ double-blind studies, the three markers also accurately differentiated those who later made it to the C-Suite from those who didn’t, two times out of three.

Optimising Career Development and Employee Retention in a Hybrid World

The COVID-19 crisis revealed a transformative relationship between Chief Executive Officers (CEOs) and Chief Human Resources Officers (CHROs), with the majority of CEOs surveyed saying that they would prefer their CHROs to spend more time finding, retaining, re-skilling and upskilling great employees. Talent management was top of mind.

There have also been massive changes in the mindset of employees, for whom re-assessing their career development has become more important than ever in the new hybrid work environment. In a recent interview with Satya Nadella, CEO of Microsoft, he suggested the need for Human Resource (HR) leaders and their companies to make the work experience inclusive and meaningful for employees, a paradigm shift from “I work for Microsoft” to “How well does Microsoft work for me?”

Asides from attracting and retaining talent, employee commitment is built over time through expanded opportunities, learnings, feedback, and career coaching. An O.C. Tanner Institute study has shown that companies that prioritise career development see an increased likelihood of engagement (+115%), opportunity (+167%), and personal success (+152%).

The probability of increased engagement is 3.7 times higher for companies that provide opportunities to grow in specific areas, acquire new skills, and work on special projects.

To help CHROs succeed in executing core talents management components such as planning, recruitment, employee onboarding, performance management, learning and professional development, compensation management, and succession planning – an automated Talent Management System (TMS) is deployed to deliver these processes via software modules.

TMSs are also increasingly responsible for supporting the remote workforce by promoting proactive conversations, increasing shared commitment, and driving social engagement.

IN Conclusion

The Future of Work

Today’s HR leaders are expected to deliver quite a handful by attracting top talent, building an effective and engaged team, actively listening to employees, developing retention strategies, nurturing a happy and inclusive workplace, and developing a strong employer brand, while also seeking cost-effective mechanisms that tackle current and future uncertainties.

Little surprise that leading HR departments underscore the need to better understand and refine the employee experience, to turn any possible attrition into attraction regardless of employee location (on-site or remote).

The future of work clearly demands that organisations must now leverage technology to power and scale a refined talent management system that fosters a culture of sustained innovation.

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FBNQuest is a leading Merchant Banking and Asset Management group in Sub-Saharan Africa that delivers a wide range of financial services through various businesses – Corporate and Investment Banking, Investment Management (Asset Management, Alternative Investments, Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income, Currencies & Treasury and Equities)

The Nigerian Debt Capital Market in recent years has seen a resurgence in Commercial Papers (CP) issuances and a total of approximately N1 trillion in value of commercial papers was issued in 2020 alone. 

FBNQuest has played a pivotal role in reinitiating the Commercial Paper market for non-bank issuers leading seven institutions to establish Commercial Paper programs in the past few years.

FBNQuest continues to rely on its deep sector expertise and structuring skills to execute and close the most complicated financings across all key sectors of the Nigerian economy. 

On record, it has arranged public commercial paper issuances worth up to N400 billion for large institutions. 

The firm also introduced the use of a Liquidity Support Facility (LSF) structure for UPDC Plc. 

Commercial Paper transaction, a feature which enhanced the instrument’s credit with a rating of ‘A-’, and was six notches higher than the Issuer’s rating on the merit of the LSF providers.

As a full-service investment bank, FBNQuest has played an essential role in several Commercial Paper deals for clients such as Dangote Cement Plc., MTN Nigeria Communications PLC, Nigerian Breweries PLC, Flour Mills of Nigeria PLC, Mixta Real Estate Plc., FBNQuest Merchant Bank Ltd, Valency Agro Nigeria Ltd, CardinalStone Ltd and Prima Corporation Ltd.

Speaking on the organization’s support and active involvement in the growth of CP transactions, Patrick Mgbenwelu, Group Executive – Head Investment Banking and Operations, FBNQuest Merchant Bank stated, ‘’Our aim is to consistently provide extraordinary value and bespoke solutions for our stakeholders and foster development in the Nigerian financial markets at large.

This comes with the in-depth expertise of our capital markets team, comprising professionals with experience in finance spanning international and local markets, as well as a robust understanding of the key sectors of the Nigerian economy.

We will continue to strengthen and expand our expertise to demonstrate the most advanced and innovative, yet simple structures in the Debt Capital Markets industry”.

We remain committed to delivering value-added investment banking solutions to corporates, sub-nationals, and the Federal Government, leveraging our strong distribution platform and proven track record for raising funds for capital expenditure and expansion projects across diverse industries and the public sector. he added.

The organization’s continuous success at brokering some of the record-high value Commercial Paper transactions in Nigeria has attracted both local and international recognition which is validated by several accolades received by FBNQuest such as: “Deal of the Year – Equity” by the African Banker Awards; “Investment Bank of the Year” by BusinessDay Banks and other Financial Institutions” (“BAFI”) Awards ”Public Sector Bond Deal” by Association of Issuing House of Nigeria, “Best Local Investment Bank in Nigeria” by EMEA Finance, “Best Local Currency Bond House”, “Best Naira Bond”, “Best Social Development Bond” and “Best Refinancing in Africa” by EMEA Finance.

TLcom Capital LLP, an Africa-focused venture capital firm recently announced a first close of $70 million for its $150 million Africa focused tech fund (TIDE Africa Fund II -TAF2), this achievement firmly positions the firm as one of the largest independent Venture Capital (VC) fund managers fully dedicated to the continent. 

Most of this capital has come from returning Limited Partners (those who backed the first fund), indicating their confidence in the fund manager. 

These Limited Partners (LPs) include Development Finance Institutions (DFIs) like Sango Capital, IFC, Proparco, and CDC Group (now known as British International Investment), as well as private sector and philanthropic investors like FBNQuest Funds and King Philanthropies, respectively.

A new investor backing TAF 2 is AfricaGrow – a joint venture platform backed by Allianz (the world’s largest insurer) and DEG (the German DFI). 

The new fund gives TLcom the opportunity to expand its existing focus on fast-growth tech-enabled African startups to markets like Egypt, as well as strengthen its long-standing presence across East and West Africa.

In the manager’s first Africa-focused VC fund (TIDE Africa Fund I – TAF 1) which closed at US$71Mn, FBNQuest’s capital contribution in TAF 1 helped TLcom back and catalyse eleven companies directly via co-investments of over US$200Mn into these companies in subsequent funding rounds. 

This has helped produce successful tech companies such as Andela, Kobo360, Twiga Foods, uLesson, Okra and Autochek.

In addition to the above, TLcom has built a robust network in the Africa tech ecosystem with over ten years of direct participation in the space. 

The fund manager has established ecosystem initiatives such as a CEO Summit – a summit to catalyse synergy and collaboration between CEOs of portfolio companies, and a Tech Female Founders Summit – an event designed to build a collaborative network of African female tech founders.

Speaking on the TAF 2 first close, Ijeoma Agboti, the Managing Director, FBNQuest Funds stated: “We recognise the transformational role that technology must play in narrowing the gap between industries in Africa and the rest of the world, and we are proud to have played a key role in enabling this growth.

FBNQuest is pleased to have participated in the first close of TLcom’s 2nd pan-African Tech Fund (TIDE Africa Fund II). 

This follows our first close commitment to the manager’s maiden fund (TIDE Africa Fund I). Our decision to support TLcom on its second fund was based on the fund manager’s track record of investing in high growth tech companies with strong business fundamentals and implementing value creation strategies that improve the operations and profitability of these companies. 

We remain confident that TLcom is well-positioned to continue to deliver on our shared objective to provide capital, the required operational support and access to international partnerships to technology companies in the Africa region through the TIDE Africa Fund II.”

As a leading Alternative Investments manager, backing the TIDE Africa Fund II adds to the organisation’s selective portfolio of tech focused funds, and once again highlights its capabilities in the high growth technology venture capital space.