The Nation Newspaper

Tag: FBNQuest Merchant Bank

  • FBNQuest Merchant Bank transitions to Quest Merchant Bank

    FBNQuest Merchant Bank transitions to Quest Merchant Bank

    FBNQuest Merchant Bank Limited has completed a change of name and will now operate as Quest Merchant Bank Limited, following the receipt of all required corporate and regulatory approvals.

    The name change does not affect the Bank’s legal or going-concern status, management, or the nature of its business. Quest Merchant Bank Limited remains a duly licensed merchant bank, regulated by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), and continues to deliver its full suite of merchant banking, advisory, and capital markets services to clients.

    Read Also: FBNQuest Merchant Bank, Coleman seek N35b short-term capital

    Commenting on the development, the Ag. Managing Director/CEO, Afolabi Olorode, stated: “This name change represents a pivotal milestone in the rich history of the Bank and a deliberate strategic repositioning that reflects our resilience, strong track record, and long-term growth ambitions. While our name has evolved, our commitment to our clients, stakeholders, and regulators remains unwavering.

    “As part of the transition, the Bank is updating its branding, communications, and digital platforms to reflect the new name. During this period, some legacy references may remain visible across select touchpoints as updates are progressively completed. All existing contracts, client relationships, and obligations of the Bank remain valid, binding, and fully enforceable following the name change.”

  • FBNQuest Merchant Bank reports N35.5b gross earnings

    FBNQuest Merchant Bank reports N35.5b gross earnings

    FBNQuest Merchant Bank has despite the prevailing economic challenges, reported a robust financial performance and outlined strategic growth initiatives aimed at delivering sustainable value to its shareholders.

    The bank reported a strong financial performance for the year 2023, with gross earnings improving by 43.1 per cent year-on-year to N35.5 billion.

    Profit before tax of N4.09 billion was recorded, representing a 36 per cent increase year-on-year while pre-tax profit  for the FBNQuest Merchant Bank Group was N9.98 billion, reflecting an increase of 91.5 per cent year-on-year.

    Maccido added “The asset management business achieved remarkable milestones, hitting above N600 billion in Assets under Management at the end of December 2023. The equities business also posted growth in pre-tax profit by 182 per cent year-on-year.” In line with its commitment to providing robust and sustainable returns to shareholders, the Bank declared an interim dividend of N1.01 billion.

    Read Also: Shettima charges pilgrims on global diplomacy, positive Nigerian values

    This was announced at its recently held 9th Annual General Meeting, which served  as a platform to present the Bank’s Annual Report and Financial Statements for the financial year ended December 31, 2023.

    Chairman of the Board of Directors, Mallam Bello Maccido, commended the bank’s resilience in navigating through the complexities of the operating environment in 2023. He stated, “2023 was a year filled with unprecedented challenges that tested our resilience. Given the evolving economic landscape which was characterized by shifting government policies and volatile market dynamics, FBNQuest Merchant Bank stood resilient. Our ability to navigate through these challenges underscores our adaptability and unwavering commitment to excellence.”

    The bank’s board continues to ensure that its governance structures conform with international best practices and regulatory guidelines. At the meeting, shareholders approved the appointment of Afolabi Olorode as Acting Managing Director, noting that the approval of the Central Bank of Nigeria had been obtained for his appointment. The retirement of Kayode Akinkugbe as Managing Director and Mr. Taiwo Okeowo as Deputy Managing Director was also acknowledged, both individuals having served the Bank meritoriously for eight years each.

    Looking ahead to 2024,  Maccido expressed optimism about the improved outlook and opportunities for the bank’s various lines of business. He stated, “We are dedicated to accelerating revenue growth purposefully and responsibly. The bank remains committed to delivering value to its stakeholders and driving growth in the years ahead.

  • FBNQuest’s initiative supports widows, others

    In line with its commitment to foster social impact and sustainable development in Nigeria, FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc has announced a SPARK initiative, to celebrate the third edition of its corporate responsibility & sustainability week recently. The initiative is also part of activities in celebration of FirstBank’s 125th anniversary in Nigeria.

    SPARK– which represents ‘Start Performing Acts of Random Kindness’ was created to empower people within the business communities and create a positive multiplier effect that can impact the nation. Employees from FBNQuest Merchant Bank were encouraged to show compassion, empathy and giving, which were reflected in the key activities organised by the Bank throughout the CR&S week.

    The week kicked off with a visit by employees of FBNQuest Merchant Bank, to Girls Senior Secondary Grammar School Ikoyi, to educate students about the SPARK values, which includes compassion, civility, charity and connection. The organisation recognises that exposing children to such important ethics would help them cultivate better life habits which can create ripple effects, to make the world a better place.

    Employees also raised funds for the Bethesda Child Support Agency through its “Lend a Helping Hand” initiative, to empower Orphans and vulnerable children by providing them access to formal education. The group also donated relief items to Halal Children’s Home and Anawim Catholic Home located in Abuja and Global Foundation for Orphaned Children in Port Harcourt. To round off the CR&S week, FBNQuest Merchant Bank organised a Financial Literacy Session for Widows, which held at the International Women’s Society Secretariat.

  • FBNQuest marks Global Money Week

    FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, took the nuggets of financial literacy to secondary school students across the country to commemorate the 2019 Global Money Week (GMW) which took place on March 25 to 31,  2019.

    The 2019 Global Money Week was themed “Learn Save Earn”. Representatives of FBNQuest Merchant Bank, imparted over 800 students with the knowledge required to make wise financial decisions as they proceed with their academic and career pursuit in life.

    They emphasised the importance of being grounded on the essentials of financial literacy which include budgeting, learning to save and the various types of financial accounts available for this purpose. Volunteers from FBNQuest Merchant Bank went further to cover and highlight how students can take advantage of investment opportunities in fixed deposits and Mutual Funds from a young age, cultivating the habit of putting money away to meet medium to long term financial goals.

    Schools visited include; Government Secondary School, Kuje – Abuja, Government Secondary School, Gwarimpa, Federal Government Boys College, Apo – Abuja; Federal Government Girls College Abuloma, Holy Rosary College, Government Girls Secondary School Rumuokwuta amongst others.

    Speaking on the event, Managing Director/CEO, FBNQuest Merchant Bank,  Kayode Akinkugbe,  stated that “This initiative driven by the CBN provides institutions the opportunity to impart useful financial knowledge to young students at an early age. The importance of teaching financial literacy at this crucial stage of learning cannot be overemphasised as it is pivotal to building sustainable economic growth and development.

  • FBNQuest Merchant Bank gets Agusto & Co ‘A’ rating

    FBNQuest Merchant Bank has been assigned ‘A’ rating by Agusto & Co. Limited. A statement made available to The Nation and published on the website of the rating agency explained that the rating recognised FBNQuest MB’s good capitalisation and good profitability during the period, supported by its acceptable asset quality, investment banking expertise and trading activities.

    The statement further said: “The rating assigned to FBNQuest Merchant Bank Limited (‘FBNQuest MB’ or ‘the Bank’) reflects the Bank’s affiliation with FBN Holdings, the non –operating holding company of one of the largest banking and financial services organisations in Africa with an asset base of N5.2 trillion ($15.7 billion at N331/$) as at December 31, 2017.”

    It added: “FBNQuest MB ranked first on local currency deposits of the five merchant banks operating in Nigeria as at Fiscal year 2017, but ranked fourth by total assets and contingents.

    “The bank has an experienced and stable management team, which provides oversight of its daily operations.

    “Nonetheless, the FBN-Quest MB’s rating is constrained by concentration in its loan portfolio, which renders it vulnerable to adverse changes in the performance of its lending sectors and obligors. The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such.”

    Agusto & Co is Nigeria’s first Credit Rating Agency and a Pan African leader in credit ratings and credit reports. It has assigned well over 1,500 ratings across various sectors. Its ratings are globally accepted, and a wide client base utilises the ratings as benchmark for business.

     

  • FBNQuest Merchant Bank gets Agusto & co ‘A’ rating

    FBNQuest Merchant Bank has been assigned ‘A’ rating by Agusto & Co. Limited.

    A statement made available to The Nation and published on the website of the rating agency, explains that the rating recognises FBNQuest MB’s good capitalisation and good profitability during the period, supported by its acceptable asset quality, investment banking expertise and trading activities.

    Read Also:FBNQuest Merchant Bank leads listing of Notore Plc on Stock Exchange

    The statement further said; “The rating assigned to FBNQuest Merchant Bank Limited (‘FBNQuest MB’ or ‘the Bank’) reflects the Bank’s affiliation with FBN Holdings, the non –operating holding company of one of the largest banking and financial services organisations in Africa with an asset base of ₦5.2 trillion ($15.7 billion @ ₦331/$) as at 31 December 2017.”

    It added; “FBNQuest MB ranked first on local currency deposits of the five merchant banks operating in Nigeria as at FYE2017, but ranked fourth by total assets and contingents.

    “The Bank has an experienced and stable management team which provides oversight of its daily operations.

    “Nonetheless, FBNQuest MB’s rating is constrained by concentration in its loan portfolio which renders it vulnerable to adverse changes in the performance of its lending sectors and obligors. The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such.”

    Agusto & Co is Nigeria’s first Credit Rating Agency and a Pan African leader in credit ratings and credit reports.

    It has assigned well over 1,500 ratings across various sectors. Our ratings are globally accepted, and a wide client base utilizes our ratings as benchmark for business.

     

  • FBNQuest Merchant Bank leads listing of Notore Plc on Stock Exchange

    FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has raised over N200 billion for clients in three years, its Managing Director, Kayode Akinkugbe, has said.

    The funds were raised through commercial papers and bonds.

    The company also acted as Lead Financial Adviser & Issuing House on the Listing by Introduction of the entire issued and paid-up ordinary shares of Notore Chemical Industries Plc on the Main Board of the Nigerian Stock Exchange (NSE).

    Notore Chemical Industries, one of the leading fertiliser and agro-allied companies in Africa, listed 1,612,066,200 ordinary shares with a N50 kobo par value each at a price of N65.50 per share in order to promote better the liquidity of its ordinary shares in the secondary market. It would also allow the firm to have a platform to access long term capital from a wide range of local and international investors when required. FBNQuest Securities acted as the Lead Stockbroker on the listing, alongside other advisers.

    The transaction adds to FBNQuest Merchant Bank’s portfolio of clients it has supported, and once again highlights its capabilities in the successful execution of sizeable capital market and commercial debt transactions.

    Akinkugbe said: “We are proud of the instrumental role FBNQuest Merchant Bank played in this transaction, and appreciate the trust Notore placed in us to assist them. Our clients remain our priority, and we strongly believe their success is our success.

    “As a leading institution for financing, investing, trading, and advisory, we understand the role we must play in supporting our clients across the private or public sector and continue to build our team of industry experts across oil & gas, power, infrastructure, services, diversified industries, and other emerging sectors of the economy to enable us support their goals and objectives.

    “Most recently, this includes UACN Property Development Company’s N10.66 billion Series 29-31 Commercial Papers and a N4.355 billion Series 1 Senior Guaranteed Fixed Rate Bond; Mixta Nigeria’s N9.83 Billion Series 5 Commercial Paper, and Nigerian Breweries Plc’s N11.08 billion series 13-15 Commercial Papers.’

    Also on the list of successful transactions are Municipality Waste Management Contractors’ N20.3 billion Fixed Rate Medium Term Note; the Divestment of First Bank of Nigeria’s 100 per cent equity interest in FBN Mortgages; and Dufil Prima Foods’ 5-year  N10 billion Series 1 Fixed Rate Bond. In addition to these, the bank has raised about $500 million in equity from the public and private capital markets and also closed six M&A deals over the past three years.

    A testament to the quality and consistency of execution is evident in the several international awards it has received, having won the prestigious African Banker Magazine’s Deal of the Year (Debt) award for the FGN’s $300 million Diaspora Bond; The Banker Magazine’s Deal of the Year Africa in Islamic Finance for the FGN’s N100b 7-year Inaugural Sovereign Sukuk; as well as EMEA Finance Magazine’s Best M&A Deal Africa (Mid-Market) for the divestment of  AMCON’s 100 per cent  Shareholding in Keystone Bank, Most Innovative Bond for the FGN’s $300 million Diaspora Bond, and Best Social Development Bond for Mixta Real Estate’s N4.5b Senior Guaranteed Fixed Rate Bonds in 2018, to name a few.

     

  • FBNQuest Bank leads Notore Chemical Ind. listing on NSE

    • Bank raises N200B bonds, US$500M equity   

    FBNQuest Merchant Bank said with its impressive portfolio it has raised in excess N200 billion for private clients in the last 36 months through commercial papers bonds.

    Most recently are UACN Property Development Company’s N10.66billion Series 29-31 Commercial Papers and a ₦4.355billion Series 1 Senior Guaranteed Fixed Rate Bond; Mixta Nigeria’s N9.83 Billion Series 5 Commercial Paper, and Nigerian Breweries Plc.’s N11.08billion series 13-15 Commercial Papers.

    Also on the list of successful transactions are Municipality Waste Management Contractors’ N20.3billion Fixed Rate Medium Term Note; the Divestment of First Bank of Nigeria’s 100% equity interest in FBN Mortgages; and Dufil Prima Foods’ 5 year  ₦10 billion Series 1 Fixed Rate Bond.

    In addition to these, the Bank has raised about US$500 million in equity from the public and private capital markets and also closed 6 M&A deals over the past three years.

    According to the bank these are testaments to the quality and consistency of execution is evident in the several international awards it has received, having won the prestigious African Banker Magazine’s Deal of the Year (Debt) award for the FGN’s $300m Diaspora Bond; The Banker Magazine’s Deal of the Year Africa in Islamic Finance for the FGN’s ₦100b 7-year Inaugural Sovereign Sukuk.

    It has also won the EMEA Finance Magazine’s Best M&A Deal Africa (Mid-Market) for the divestment of  AMCON’s 100% Shareholding in Keystone Bank, Most Innovative Bond for the FGN’s $300m Diaspora Bond, and Best Social Development Bond for Mixta Real Estate’s ₦4.5b Senior Guaranteed Fixed Rate Bonds in 2018, to name a few.

    Managing Director, FBNQuest Merchant Bank, Kayode Akinkugbe reckoned that the bank was the Lead Financial Adviser & Issuing House on the Listing of Notore Chemical Industries Plc on the Main Board of the Nigerian Stock Exchange (NSE).

    said: “We are proud of the instrumental role FBNQuest Merchant Bank played in this transaction, and appreciate the trust Notore placed in us to assist them. Our clients remain our priority, and we strongly believe their success is our success.

    “As a leading institution for financing, investing, trading, and advisory, we understand the role we must play in supporting our clients across the private or public sector and continue to build our team of industry experts across oil & gas, power, infrastructure, services, diversified industries, and other emerging sectors of the economy to enable us support their goals and objectives.’

    Akinkugbe reiterated that to provide complementary services to the FBN Holdings Group’s expansive client base of retail, high net-worth and institutional customers, while also offering a broader choice in financing, investments and transaction execution. The group continues to ensure the delivery of innovative initiatives to enhance its positioning and deliver shareholder value.