In the dynamic and ever-evolving world of investment and enterprise development, recognition for excellence is a testament to resilience, innovation, and purpose-driven strategies. At the 2024 BusinessDay Bank and Other Financial Institutions (BAFI) Awards, First Icon Group emerged as the recipient of the prestigious Most Impactful Investment and Enterprise Development Firm award. This accolade highlights the company’s dedication to fostering sustainable growth, empowering underserved regions, and reimagining financial inclusion.
Stephen Onyekwelu engages Dr Oladipupo Tijani, the Group Chief Executive of First Icon Group, in an insightful discussion about the strategies behind this achievement, the challenges faced, and the vision driving their transformative approach to investment and enterprise development in Nigeria and beyond. Through this interview, Dr Tijani sheds light on how First Icon Group is shaping the future of impact-driven finance and addressing some of the most pressing socio-economic challenges of our time. Excerpt…
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Winning the “Most Impactful Investment and Enterprise Development Firm” award is a significant achievement. What specific strategies and initiatives have set First Icon apart in driving impactful investment and enterprise development?
At First Icon, we firmly believe that impactful investment is not just about financial returns; it’s about creating value that resonates across the economy and society. Our strategy hinges on three key pillars: innovation, inclusivity, and sustainability.
We have developed bespoke financial products that address the unique challenges faced by small and medium enterprises (SMEs), enabling them to scale and thrive. Our Enterprise Development Programmes provide technical support, mentorship, and investments for SMEs across underserved regions, driving economic empowerment.
“Our Enterprise Development Programmes provide technical support, mentorship, and investments for SMEs across underserved regions, driving economic empowerment.”
Furthermore, we prioritise partnerships that align with our commitment to social and environmental responsibility. For example, our investment in Agricultural Structured Finance Company has significantly improved food security and created employment in rural areas through our access to finance intervention programmes within the agriculture sector. These initiatives collectively set us apart and underscore our commitment to meaningful impact.
Your efforts have been recognised as transformative. Can you elaborate on how First Icon’s investment approach contributes to broader economic growth and development, particularly in underserved sectors or regions?
Our investment philosophy centres on catalysing economic development in underserved regions and sectors and is rooted in the principle of inclusive growth. We deliberately channel resources to sectors and regions often overlooked by traditional financial systems. Through our Agricultural Structured Finance and Digital Innovation arms, we have provided access to funding and technology to farmers, agribusinesses, and fintech startups.
These interventions have not only boosted productivity but also created ripple effects across the value chain, generating jobs, improving livelihoods, and strengthening regional economies.
Additionally, we prioritise sustainable finance by ensuring that every investment we make supports long-term development goals. This holistic approach enables us to drive economic growth that is both broad-based and enduring.
What challenges has the company faced in maintaining its impact-driven investment model, and how has it managed to stay resilient and innovative in today’s competitive and dynamic financial landscape?
The journey has not been without its challenges. We have faced the complexities of navigating stringent regulatory environments, managing risks in emerging markets, and maintaining our impact-driven model amid market volatility—all while striving to balance profit and purpose. These challenges have been met with proactive strategies and robust governance structures that ensure accountability, transparency, and compliance across all operations.
To address these hurdles, we have built a highly adaptive organisational culture that thrives on innovation and responsiveness. We have invested heavily in advanced risk assessment technologies, enabling us to anticipate and mitigate potential challenges effectively. Our team, composed of highly qualified, experienced, and motivated professionals, has been pivotal in developing a profound understanding of local markets, allowing us to tailor strategies that resonate with the unique dynamics of each region.
Furthermore, our approach is defined by collaboration and flexibility in working with our investment targets, ensuring alignment of goals and mutual success. At the core of our resilience lies our unwavering commitment to long-term value creation, prioritising sustainable impact over short-term gains. This steadfast dedication continues to drive our success, even in the face of complex challenges.
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With this award as a milestone, what are the next big goals or projects on your roadmap to further enhance enterprise development and investment impact in the coming years?
Our next phase focuses on expanding our impact investment footprint, particularly in digital transformation, green technology, and inclusive financial services. We are developing more sophisticated impact measurement frameworks, exploring innovative financing mechanisms for climate adaptation, and building strategic partnerships to strengthen our developmental impact.
This recognition is as much about your stakeholders as it is about the company. What message would you like to share with your partners, clients, and employees who have contributed to this success? How do you envision their role in the company’s growth trajectory?
This achievement belongs to all our stakeholders who have been instrumental in our journey. To our partners and clients, thank you for trusting us and collaborating with us to create lasting value. Your belief in our vision has fueled our ambition to push boundaries.
To our employees, this award is a testament to your dedication and ingenuity. You are the driving force behind our success, and your passion for excellence inspires us daily.
As we move forward, we see our stakeholders as co-creators of our growth story. Together, we can scale greater heights, unlocking new opportunities and making an even more profound impact. Let’s continue to work hand in hand to build a brighter, more inclusive future.
We see this award not as an endpoint but as a milestone in our ongoing journey to reimagine investment as a powerful tool for sustainable development. A call to further action, an immense responsibility.
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