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Tag: FBNQuest

  • FBNQuest Trustees promotes Islamic Estate Planning Clinic

    FBNQuest Trustees promotes Islamic Estate Planning Clinic

    FBNQuest Trustees a subsidiary of FBN Holdings, partnered the Metropolitan Law firm to host the sixth Islamic Estate Planning Clinic  in Abuja. The event was designed to enlighten individuals on the importance of estate planning in accordance with Islamic law.

    The event hosted an interactive panel discussion by experts on philanthropy and Islamic estate planning. The experts examined key issues related to Sadaqah, Zakat, and Waqf and how to maximise their impact while upholding Islamic principles. The speakers also talked about the significance of charitable giving as a means of fulfilling religious obligations and achieving social justice within Islamic teachings. They emphasised the importance of aligning philanthropic objectives with individual goals and community needs to create a lasting legacy of impact.

    The session focused on the rapid technological advancement, the role of blockchain in technology, smart contracts, and the evolving landscape of estate planning. It emphasized the need to understand technology and identify best practices for leveraging online platforms to connect, facilitate personalised estate plans, enhance trust, security, and fairness in multi-generational wealth transfer, particularly in the context of Shariah-compliant practices. Managing digital assets, providing remote legal services, boosting online education, and raising awareness were highlighted as key factors in preserving wealth across borders. The comprehensive presentation delved into these digital frontiers and strategies for leveraging digital tools and platforms to navigate the complexities of inheritance laws while upholding Islamic principles.

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    The panel discussion featured industry experts such as Professor Dogarawa Ahmad, Professor at Ahmadu Bello University, Zaria; Aisha Wanka, Team Lead Northern Hub, FBNQuest Asset Management; Mutiat Olatunji, Relationship Manager, FBNQuest Trustees; Dr Umar Bebeji, Senior Lecturer at Ahmadu Bello University, Zariah; Rotimi Obende, Head, Private Trust, FBNQuest Trustees, and Ismail Rufai, Head, Financial & Shari’ah Advisory, One17 Capital Limited. The event was themed ‘Securing and Preserving Your Legacy’.

    Speaking on the theme of this year’s event, Adekunle Awojobi, Managing Director/CEO, FBNQuest Trustees duly represented by Babajide Fetuga, Head of Marketing and Business Development, FBNQuest Trustees, emphasized the significance of Islamic estate planning in ensuring the security of your legacy.

    He stated that the preservation of your legacy is crucial in understanding the actual value, as your legacy is not just material possessions but also reflects the impact we have made on the people around us and the values that we uphold.

    Therefore, we must safeguard it with a deeper sense of purpose and commitment.

  • FBNQuest Merchant Bank chair speaks on 2019 plans

    Chairman, FBNQuest Merchant Bank, Bello Maccido,  has hinted on the company’s strategic direction for the 2019 fiscal year. He spoke during the fourth Annual General Meeting of the company held in Lagos.

    Its Managing Director and Chief Executive Officer, Kayode Akinkugbe, during the event, also highlighted the challenges and gains in the 2018 financial year.

    Akinkugbe revealed that in 2018 FBNQuest Merchant Bank faced strong headwinds, characterised by contracting interest spreads, a sluggish investment banking market with fewer financing and advisory transactions, and increased competition.

    “Despite the challenging business environment we achieved a respectable financial performance in 2018, and remain committed to adding value to our stakeholders by delivering a superior customer experience and strong returns”.

    The FBNQuest business group maintained profitability and recorded steady growth in some of its business lines. Total revenue increased by 8.6 per cent year-on-year to N40.96 billion from N37.72 billion in Dec 2017, while profit before tax grew by 56.2 per cent year-on-year to N16.4 billion from N10.5 billion in Dec 2017.

    The main contributors were the Asset Management, Corporate Banking, Trustees and Fixed Income, Currencies and Trading (FICT) businesses. This again demonstrates the resilient and diversified nature of the business portfolio.

    Assets under management (AuM) across the group (FBNQuest Asset Management and FBNQuest Trustees) increased by five per cent to close at N261 billion (Dec 2017: N248.5 billion).

  • FBNQuest announces N40.96b annual revenue

    FBNQuest Merchant Bank has announced N40.96 billion annual revenue for the 2018 financial year. The result was released at the company’s fourth Annual General Meeting held yesterday in Lagos.

    In a statement, it said that despite strong growth in other income which was driven by net gains from fees, commission and sundry income, the bank reported a shortfall compared to the previous year’s performance.

    It noted that the operating environment in 2018 was particularly challenging for the business. The year was characterised by contracting spreads in the fixed income market, a sluggish equity/M&A market, fewer transactions, and a competitive landscape that has become more intense.

    Read also: Infrastructure bonds needed for real sector growth, says FBNQuest

    The company’s profit before tax grew by 56.2 per cent year-on-year to N16.4 billion from N10.5 billion in Dec 2017. The main contributors were the Asset Management, Corporate Banking and Fixed Income, Currencies and Trading (FICT) businesses. This again demonstrates the resilient and diversified nature of the business portfolio.

    Assets under management (AuM) across the group (FBNQuest Asset Management) increased by five per cent to close at N261 billion .

  • Infrastructure bonds needed for real sector growth, says FBNQuest

    FBNQuest has seen the possibility of growing the real estate sector through bond investment.

    In a statement, it said infrastructure deficit has remained an impediment to the industrialisation and diversification of the economy.

    Infrastructure deficit, it added, has further complicated the ease of doing business in the country and is linked to inadequate public sector financing.

    “By its nature, infrastructure is usually capital intensive. In view of this, the Nigeria Mortgage Refinance Company Plc (NMRC) was set up to bridge the funding cost of residential mortgages and promote the availability, as well as the affordability of good housing to Nigerians by providing increased liquidity in the mortgage market through the mortgage and commercial banks,” it said.

    Given stricter capital adequacy and liquidity regulations for the banking sector, banks have reduced lending to infrastructure. Moreover, the huge financing requirements for infrastructure cannot be provided by banks alone. Consequently, capital markets, which have pools of long term funds, can provide the required financing for infrastructure.  Capital markets experts have restated their calls on government at various levels to take advantage of the multiple benefits inherent in the nation’s capital market to facilitate their respective infrastructure projects.

    According to Head, Debt Capital Markets, FBNQuest Merchant Bank Limited, Oluseun Olatidoye, the Federal Government can tap into the capital markets to fund, using infrastructure bonds and other long term debt securities for the development of various infrastructure such as housing and urban development. This will enable the government to free up cash to be used for public goods.

    He stressed that most infrastructure financing through the capital markets involve active participation of private sector operators, which enhances the construction and utilisation process, given the private sector participants’ drive for efficiency and increased productivity.

    For instance, over the last two years the FBNQuest Merchant Bank Limited has supported the Federal Government in developing road infrastructure by issuing N200 billion Sukuk, dedicated to rehabilitation and construction of roads across the six geopolitical regions.

    The completion of these roads will significantly improve transportation, open up access to hinterlands and enable the agriculture sector by giving farmers and Agripreneurs access to markets.

  • 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 lauded for outstanding performance

    FBNQuest Asset Management, a subsidiary of FBNHoldings Plc, was nominated and won in two categories, at the 2018 BusinessDay Banking and Financial Awards. The annual event is a gathering of industry leaders from the financial services sector to celebrate the achievements of those who drive growth, development and financial Inclusion in Nigeria.

    FBNQuest Asset Management received the awards for “Equity Fund of the Year – FBN Nigeria Smart Beta Equity Fund”, and “Bond Fund of the Year – FBN Nigeria Eurobond (USD) Fund”. The firm was recognised for its strong mutual funds’ performance over the last 12 months across all public funds and portfolios, as it remains committed to being the leading partner for individual and institutional investors.

    Commenting on the awards, Managing Director of FBNQuest Asset Management, Ike Onyia said, “These awards are an incredible honor. They are an acknowledgement of the hard work and dedication of the teams, and an affirmation that we are on course as we continue focus on the  opportunities to innovate and  change the game.

    The FBN Nigeria Smart Beta Equity Fund was the first of its kind in this market. To be recognized for a job well done is proof that we are making a difference, and our clients are satisfied with the value we deliver.”

    The two awards received at the BusinessDay Banking and Financial Awards to the portfolio of awards FBNQuest Asset Management has won in 2018, as it had earlier in the year been announced as the winner of the EMEA Finance 2018 African Banking Awards for the “Best Asset Manager in Nigeria” and  “Best Asset Manager, Pan-Africa”.

  • FirstBank, FBNQuest mark World Savings Day

    First Bank of Nigeria Limited and FBNQuest Merchant Bank, both subsidiaries of FBNHoldings, have joined the rest of the world to mark this year’s World Savings Day.

    With: “What do you wish for?”as its theme, the six geo-political zones of the country were covered with visits to 30 secondary schools and more than 1000 students imparted with knowledge of financial literacy nuggets.

    The World Savings Day is in line with FirstBank’s FutureFirst programme, specially designed to equip students with the knowledge of money management, early entrepreneurship skills, and financial independence whilst stimulating in them savings culture at an early age. Commemorating the World Savings Day is consistent with the Bank’s financial literacy initiatives.

    Also, 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.

    According to the official website of World Savings Day, “World Savings Day or World Thrift Day was established to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress” which is akin to FirstBank’s commitment to encouraging its key stakeholders, customers, to imbibe savings culture whilst having their children also carried along on the essence of savings through its youth focused products, KidsFirsts (0 – 12 years) and MeFirst (13 – 17 years) carefully designed to meet the financial targets of the given demographics.

    These accounts ensure the accounts holders acquire the rudiments of banking and financial literacy as they grow into adulthood and they both come with exciting packages to support the financial journey of the children, enabling them learn money management from an early age.

    Speaking on the World Savings Day, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited said ‘’FirstBank’s participation in the 2018 World Savings Day is one of our many interventions in Financial Literacy. As the Bank continues to entrench the savings culture across all its markets, it has over several years engaged in Savings Promo to encourage and reward savings whilst committing human and financial resources to the development of financial literacy among secondary school students under the auspices of the FirstBank Futurefirst programme.

    Sharing similar views, Kayode Akinkugbe, Managing Director/CEO FBNQuest Merchant Bank said “The CBN has created an essential platform which affords us the opportunity to enlighten the younger generation on finance-related matters, and contribute to financial literacy across the nation. It’s an initiative we are very proud to be a part of, as we believe such is crucial for the sustainable development of our nation.” “We believe that opportunities to transfer a wealth of knowledge, are crucial to the development of our economy and the sustainability of society. We therefore, take very seriously, the responsibility of equipping the next generation so they can take our nation to its next level of success,” he added.

  • FirstBank, FBNQuest mark World Savings Day

    First Bank of Nigeria Limited and FBNQuest Merchant Bank, both subsidiaries of FBNHoldings, have joined the rest of the world to mark this year’s World Savings Day.

    With: “What do you wish for?”as its theme, the six geo-political zones of the country were covered with visits to 30 secondary schools and more than 1000 students imparted with knowledge of financial literacy nuggets.

    The World Savings Day is in line with FirstBank’s FutureFirst programme, specially designed to equip students with the knowledge of money management, early entrepreneurship skills, and financial independence whilst stimulating in them savings culture at an early age. Commemorating the World Savings Day is consistent with the Bank’s financial literacy initiatives.

    Also, 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.

    According to the official website of World Savings Day, “World Savings Day or World Thrift Day was established to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress” which is akin to FirstBank’s commitment to encouraging its key stakeholders, customers, to imbibe savings culture whilst having their children also carried along on the essence of savings through its youth focused products, KidsFirsts (0 – 12 years) and MeFirst (13 – 17 years) carefully designed to meet the financial targets of the given demographics.

    These accounts ensure the accounts holders acquire the rudiments of banking and financial literacy as they grow into adulthood and they both come with exciting packages to support the financial journey of the children, enabling them learn money management from an early age.

    Speaking on the World Savings Day, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited said ‘’FirstBank’s participation in the 2018 World Savings Day is one of our many interventions in Financial Literacy. As the Bank continues to entrench the savings culture across all its markets, it has over several years engaged in Savings Promo to encourage and reward savings whilst committing human and financial resources to the development of financial literacy among secondary school students under the auspices of the FirstBank Futurefirst programme.

    Sharing similar views, Kayode Akinkugbe, Managing Director/CEO FBNQuest Merchant Bank said “The CBN has created an essential platform which affords us the opportunity to enlighten the younger generation on finance-related matters, and contribute to financial literacy across the nation. It’s an initiative we are very proud to be a part of, as we believe such is crucial for the sustainable development of our nation.” “We believe that opportunities to transfer a wealth of knowledge, are crucial to the development of our economy and the sustainability of society. We therefore, take very seriously, the responsibility of equipping the next generation so they can take our nation to its next level of success,” he added.

  • FBNQuest seeks more investment in gas infrastructure

    FBNQuest Merchant Bank has discussed some of the opportunities that can be explored for a more robust gas infrastructure funding in Nigeria.

    Its Head- Investment Banking Division, Patrick Mgbenwelu, said the absence of single digit and long term Naira funding remains one of the primary challenges in the development of gas infrastructure facilities.

    ‘’Projects usually require long utilization periods of debt to fully complete construction activities.  The current 5-7 year tenor funding from Nigerian banks at rates of 18 per cent to 24 per cent is inadequate for any gas infrastructure financing. This means that the Nigerian financing landscape needs to transition to one where single digit and long-term currency funding with up to 20years tenor period can be accessed’’.

    On the issue of much needed collaboration, the paper further highlighted the need for partnership models between public and private sector organizations as a key driving force to meet the country’s growing infrastructure demands.

    Mgbenwelu noted that the government must do more to identify, develop and market investment ready projects for investors to attract private sector capital. When making references on the absence of hedging products, he stated that efforts should be made for the development of these products which will provide much needed added comfort irrespective of whether Nigerian gas projects are funded in either US Dollars or Naira. On the issue of approvals and permits for gas financing, he called on the government to simplify the process and introduce one-stop-shops where investors can easily obtain all requisite approvals and paperwork required for these projects.  In the area of security, he further added that such solutions must include initiatives that will navigate the terrain for job creation to address likely host community issues in sensitive areas to encourage project acceptance by the local communities and other key stakeholders.

     

     

    In the midst of the gas infrastructural challenges highlighted, a number of applicable fund raising routes such as syndicated loans, reserve based lending, prepayment financing, and accessing the equity and debt capital markets can be explored. In terms of sectorial opportunities, improvements in the power sector’s payment chain and liquidity constraints, accelerated reduction in gas flaring and rolling out investor friendly incentives for their participation will enhance development of the sector.

    In conclusion, he noted some positive developments in terms of efforts being made in expanding Nigeria’s gas infrastructure such as the advancement of funding arrangements for the Ajaokuta-Kaduna-Kano Gas pipeline project and funding plans for train seven by NLNG.

     

    The Nigerian gas sector currently has approximately $51 billion worth of investments according to a recent report by the Nigerian National Petroleum Corporation (“NNPC”). However, further review and analysis of historical activities across the gas sector value chain indicates that its potential is yet being sufficiently tapped / utilized, when compared to other sectors of the economy. The relevance of gas infrastructure links to a multitude of other sectors and is constantly identified as a pillar for industrialization, economic growth, and equitable distribution to the commonwealth.

    In the last few years, experts have drawn insights to gas infrastructure financing as being capital intensive especially in the upstream and midstream segments. In this spectrum, onshore and offshore investors including lending institutions have highlighted challenges and concerns in the industry that should be addressed to facilitate and accommodate more gas infrastructure funding

     

  • FBNQuest wins multiple awards at EMEA finance 2018

    …retains award for Best Local Investment Bank 2018

    FBNQuest Merchant Bank, FBNQuest Asset Management and FBNQuest Securities, all members of the FBNHoldings Group, have emerged as winners in several categories at the EMEA Finance 2018 Awards as the firms were awarded “Best Local Investment Bank”, “Best Asset Manager in Nigeria”, “Best Asset Manager, Pan-Africa” and “Best Broker in Nigeria”. This recognition affirms FBNQuest’s strong performance as a leading Investment Bank, Broker, and Asset Manager.

    FBNQuest Merchant Bank was awarded best investment bank for its leading role in key transactions across various sectors, such as Nigerian Breweries’ N11.08 billion Series 13-15 Commercial Papers; the FGN’s ₦100bn Inaugural Sovereign Sukuk; Dufil Prima Foods’ ₦10bn Series 1 Bond; the Divestment of AMCON’s 100% Shareholding in Keystone Bank Limited; and Notore Chemical Industries Plc’s Listing by Introduction on the Main Board of the NSE, to name a few.

    FBNQuest Securities secured the Best Broker award for its dealings on the Nigerian Stock Exchange and Market Making activities, including acting as Lead Stockbroker on the Notore Chemical Industries transaction. The Brokerage business is consistently ranked among the top domestic stockbroking firms by value traded in Nigeria, and is also the leading Primary Market maker among the 10 licensed Primary Market Makers on the Nigerian Stock Exchange (NSE).

    FBNQuest Asset Management was recognized for the strong performance of its mutual funds over the last 12 months across all public funds and bespoke portfolios. The firm is ranked among the country’s top public Fund Managers by the Nigerian Securities and Exchange Commission (SEC).

    Commenting on the awards, Kayode Akinkugbe, MD/CEO of FBNQuest Merchant Bank said, “We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. FBNQuest remains committed to consistently providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support we give our clients.

    “We will continue to deliver our expertise in financing, advisory, trading and investing solutions, as well as our unique distribution and execution capabilities as a part of the FBN Holdings group.” he stated.

    FBNQuest Merchant Bank has maintained a consistently strong position in the investment banking subsector in Nigeria, with a rich pedigree in offering alternatives to traditional bank debt products and a reputation for the successful execution of several big-ticket capital market and commercial debt transactions.

    The Advisory and Debt Capital Markets teams have advised on several landmark domestic and cross-border transactions, successfully raising equity and debt from the public and private capital markets; while the Debt Solutions team has raised funds in excess of $10billion over the past five years and structured some of the largest local project finance transactions in the oil & gas sector.

    The four EMEA Finance awards add to a portfolio of prestigious awards won by FBNQuest Merchant Bank in 2018, which include awards such as the African Banker’s Deal of the Year for the FGN’s $300m Diaspora Bond and The Banker’s Deal of the Year-Africa: Islamic Finance for the FGN’s N100bn Inaugural Sovereign Sukuk.