- FirstBank has partnered with the Climate Governance Initiative Nigeria and the Financial Reporting Council to advance climate reporting standards and embed sustainability into governance structures
- The bank voluntarily adopted IFRS S1 and S2 standards and strengthened board-level oversight through its Board Risk Management Committee ensuring climate risks are integrated into enterprise risk management and strategic decisions
- FirstBank is driving capacity building through initiatives like the Climate Mainstreaming Programme and First Academy training positioning itself as a benchmark for sustainability leadership in Nigeria’s financial sector
Nigeria’s corporate landscape is entering a new era of accountability, and FirstBank is boldly at the forefront of this seismic shift.
Through its partnership with the Climate Governance Initiative (CGI) Nigeria, the bank is leading the basis of climate reporting standards and entrenching sustainability as a core component of its operations.
In line with the partnership, the bank participated in the Directors’ Engagement Series themed “IFRS S1 and S2: What Every Board Director Needs to Know.”
The series, which was facilitated by CGI Nigeria in conjunction with the Financial Reporting Council (FRC), brought together regulators and corporate leaders to discuss the implications of the International Financial Reporting Standards (IFRS) S1 and S2 on sustainability and climate reporting.
The Executive Secretary/CEO of the FRC, Dr. Rabiu Olowo, emphasised the importance of boards leading the climate reporting standards in their organisations. “Climate and sustainability governance is a core fiduciary responsibility. Directors are accountable and must ensure their sustainability disclosures are decision-useful, verifiable, comparable, and integrated with financial information. This requires stronger internal processes, better data quality, improved management capacity, and risk management frameworks that incorporate climate-related risks,” he stated.
This signals a new era of accountability, where directors must ensure that climate risks and opportunities are properly disclosed, integrated, and verified.
As Nigeria’s leading financial institution, FirstBank has long since responded to this call with characteristic agility, embedding sustainability into its governance structures and operations. The bank’s directors actively championed this course, reinforcing its commitment to sustainability. Non-Executive Director and Chairman of the FirstBank Board Risk Management Committee (BRMC), Mrs. Remi Odunlami, captured the essence of board-level responsibility when she noted, “You need a sustainability champion, and it doesn’t have to be the CEO.”
She mentioned that FirstBank has a fully functional unit dedicated to ESG and Sustainability, with climate reporting part of its core deliverable to the Board. Her statement reflects FirstBank’s conviction that climate governance must be embraced across all tiers of leadership, not a siloed function.
Mrs. Odunlami further disclosed that following its voluntary adoption of the IFRS S1 and S2 standards, FirstBank’s Board, working through the Board Risk Management Committee (BRMC), has strengthened its oversight of the bank’s readiness for these disclosure requirements.
“The BRMC already supervises the bank’s Sustainability Strategy and broader ESG initiatives, and this foundation is being expanded by enhancing accountability structures, reinforcing internal reporting lines, and embedding sustainability and climate considerations into enterprise risk management and strategic decision-making. The bank is overseeing the development of systems, competencies, and frameworks required to meet the expectations of IFRS S1 and S2, driving capacity-building across key functions, improving data governance and internal controls, and ensuring that climate-risk identification, measurement, and scenario analysis are properly incorporated into risk processes,” she added.
In building organisational competence, the BRMC continues to provide strategic oversight of sustainability and climate-related risks, approves training plans and endorses the scope of capacity-building programmes delivered through the bank’s strategic business school, First Academy.
The bank recently concluded its Climate Mainstreaming Initiative, led by Proparco as part of its technical assistance, which further enhanced internal capabilities and ensured climate considerations are embedded in strategy and business operations. The BRMC also approves key sustainability policies, frameworks, and implementation plans to ensure alignment with IFRS S1 and S2. Collectively, these actions reflect the Board’s commitment to ensuring the bank is well-prepared for credible and effective adoption of the standards.
While the formal voluntary adoption journey is just beginning in Nigeria, FirstBank’s broader sustainability reporting experience has provided important learnings. Organisations aspiring to follow this path should prioritise early Board engagement, invest in continuous capacity building, and establish clear governance structures from the outset. These elements help create alignment, reduce implementation friction, and position organisations to meet the expectations of the IFRS Sustainability Disclosure Standards effectively.
As Nigeria accelerates its sustainability agenda, FirstBank’s proactive stance sets a benchmark for the financial services industry. The bank is demonstrating that responsible finance is the cornerstone of future growth, embedding climate governance into its operations and partnering with regulators and advocacy groups like the FRC and CGI.
For FirstBank, leadership in sustainability is not optional either; it is a responsibility the bank has chosen to embrace, ensuring that Nigeria’s corporate sector is prepared for a low-carbon future.
