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FBNQUEST Bank Holds AGM, Reports Massive 2023 Financial Success

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FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, successfully held its 9th Annual General Meeting recently. The gathering served as a platform to present the Bank’s Annual Report and Financial Statements for the financial year ended December 31, 2023. Amid the prevailing economic challenges, the Bank reported a robust financial performance and outlined strategic growth initiatives aimed at delivering sustainable value to its shareholders.

 

 

Mallam Bello Maccido, Chairman of the Board of Directors, 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 reported a strong financial performance for the year 2023, with gross earnings improving by 43.1% year-on-year to N35.5 billion. Profit Before Tax (PBT) of N4.09 billion was recorded, representing a 36% increase year-on-year while PBT for the FBNQuest Merchant Bank Group was N9.98 billion, reflecting an increase of 91.5% year-on-year. Mallam 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 PBT by 182% 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.

 

 

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 Mr. 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 Mr. 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, Mallam Bello 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. Its solid financial performance and strategic growth initiatives position it for continued success in the dynamic economic landscape.”

 

 

*****About FBNQuest Merchant Bank

FBNQuest Merchant Bank Limited is the investment banking and asset management business of FBN Holdings Plc, one of the strongest and most dependable financial groups in Africa. We are innovative and client-focused, with strong industry and execution expertise to serve our diverse client base of corporate organisations, financial institutions, high net worth, and affluent individuals across a wide range of services.

 

 

From securing wealth to financing business opportunities, we are constantly searching for what comes next so we can take our clients there first. We are a trusted and inspirational partner founded on innovation, a strong heritage, and a pioneering spirit that drives us to help our clients look beyond today and redefine tomorrow.

 

 

We provide services in Corporate Banking, Investment Banking, Wealth Management, Institutional Sales, Fixed Income, Currencies & Treasury, and Agency Services to support the diverse financial needs of our clients.

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Trade Fair Board Backs NAFDAC Crackdown

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The Lagos International Trade Fair Complex Management Board (LITFCMB) has condemned the use of its facility for the production of counterfeit products and other illegal activities, pledging to work with regulatory and law enforcement agencies to rid the complex of such practice

 

The board also commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its recent enforcement operation, which led to the arrest of two persons allegedly linked to the illegal revalidation of expired drinks and the production of counterfeit consumables within the complex.

In a statement issued on Wednesday, the Executive Director and Chief Executive Officer of LITFCMB, Veronica Safiya Ndanusa, said the activities were contrary to the board’s commitment to promoting legitimate trade and ethical business practices.

She disclosed that relevant authorities had commenced investigations to establish the facts surrounding the incident and identify measures to prevent a recurrence.

Ndanusa warned that individuals and businesses found culpable of engaging in activities that endanger public health or undermine the integrity of local manufacturing would face the full weight of the law.

“As a body rooted in the principles of ethical business practices, transparency and genuine trade, we strongly condemn any activity that threatens public safety or brings the reputation of the Lagos International Trade Fair Complex Management Board into disrepute,” she said.

“Our facility exists to provide a conducive environment for legitimate businesses to thrive, not to serve as a breeding ground for the production or distribution of counterfeit and substandard products.”

The board chief assured members of the public that the management would collaborate with relevant regulatory and law enforcement agencies to ensure that the complex remained free of illegal activities.

She also urged traders and business operators within the facility to comply with established standards, stressing that the pursuit of profit must never come at the expense of consumers’ health and safety.

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Not The Right Time To Impose New Taxes , Oyedele Warns Governments

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against introducing new taxes or increasing existing tax burdens on vulnerable citizens and productive sectors, warning that such measures could deepen economic hardship.

 

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, where he presented a communiqué on behalf of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public spending,report quoted Oyedele as urging governments to identify waste, find savings and improve revenue collection before placing additional financial pressure on citizens and businesses.

He said borrowing remained necessary to finance economic growth but stressed that governments must ensure that debt supports job creation and inclusive development.

“Borrowing and debt financing is a necessary condition for growth, and every country emerging, developing must be able to apply debt financing in a way that is overall of positive impact, particularly to stimulate job-rich and inclusive growth,” he said.

The minister also called for available public funds to be prioritised for essential services, including healthcare and education, while private capital could help finance other areas of investment.

On the choice between taxation and borrowing, Oyedele said both options carried consequences and should be considered in the context of their impact on household welfare.

“If you collect taxes, you raise the money now, and that itself has a lot of trade-offs. What taxes are you collecting? You collect taxes from the most vulnerable, and this will deprive them of money to provide food, health, education,” he said.

He argued that excessive taxation could leave low-income households with less money for basic needs, while borrowing also carried future obligations.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” Oyedele said.in the report.

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Fayemi Explains Why America Must Have Nigeria As Partner

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Former Governor of Ekiti State and ex-Minister of Mines and Steel Development, Dr Kayode Fayemi, has warned the United States against slipping into isolationism in its engagement with Africa, insisting that Nigeria remains a must-have strategic partner in the evolving global order.

 

Fayemi maintained this position in Lagos while speaking as a panelist at the Nigeria Moment, a Nigeria–United States Strategic Dialogue organised by the American Business Council in collaboration with the Heritage Foundation.

In his presentation, which focused on why Nigeria is a must-have partner in the changing world order, Fayemi,former chairman of the Nigeria Governors’ Forum (NGF) stressed the need for a more holistic relationship between both countries grounded in transparency, mutual benefit and shared prosperity.

He insisted that Nigeria must be treated as a strategic partner in the emerging world order.

“While welcoming the growing American interest in Nigeria’s vast mineral endowment, Fayemi warned that the partnership must go beyond resource extraction.

“Nigeria must be engaged as a strategic actor and a co-creator in shaping the future of global energy and resource governance, rather than as a testing ground for experiments. A partnership built on mutual respect, shared interests and long-term cooperation offers the strongest foundation for an enduring relationship between Nigeria and the United States,” Fayemi said.

Describing the engagement as a pleasure, Fayemi said the dialogue brought together a distinguished group of policymakers, business leaders and strategic thinkers to reflect on the future of Nigeria-US relations.

He commended the convener of the dialogue, Mr Ayo Otuyalo,for an excellent convening and for bringing together such high-level participants for the important strategic conversation.

The conference featured Governor Babajide Sanwo-Olu of Lagos State as keynote speaker, alongside senior representatives of the Federal Government, including the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Minister of Power,

Also st the event were : Engr Joseph Tegbe; Minister of Solid Minerals Development, Mr Dele Alake, represented by Engr Simon Nkom; and the Head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyinwa Eyesan among others.

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