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FBNQuest Research Predicts Increase In Non Oil Revenue

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Tunde Abidoye, Head of Equity Research at FBNQuest, has affirmed that Government’s steadfast commitment to policy reforms holds the potential to yield favorable economic outcomes.

FBNQuest, is the investment banking and asset management
subsidiary of FBN Holdings Plc.

 

Abidoye said “despite the myriad
headwinds confronting the economy, such as low-single-digit GDP growth, high inflation
rates, and downward pressure on the naira exchange rates, the Government’s steadfast
commitment to policy reforms holds the potential to yield favorable economic outcomes.”

 

 

He underscored that the proposed tax reforms’ implementation is poised to incrementally
elevate nonoil revenue from its current sub 5% of GDP to the high single digits.

 

 

 

” Ultimately,
this trajectory aligns with the Federal Government’s medium-term objective of reaching 8%
non-oil revenue as a proportion of GDP.

 

 

“We need strong policy interventions and concerted efforts to strengthen tax compliance and
encourage investments, especially at the base level, for increased business productivity and
sustainability. he added.

 

 

The investment banking and asset management
subsidiary of FBN Holdings Plc recently, he said, published its FBNQuest Research Economic Outlook
Report.

 

 

The report indicates that Nigeria’s Gross Domestic Product (GDP) is projected to grow
by 3.1% in 2024.
The report outlines the firm’s perspective on the macroeconomy, socio-political
environment, and capital market featuring views on traditional asset classes (fixed income
and equities).

 

 

It also includes expectations for the current year.
Market yields are expected to remain high this year, despite the current economic challenges.
This is due to factors such as the tight monetary policy that the Central Bank of Nigeria (CBN)
is expected to sustain,as well as a sizable supply of Federal Government of Nigeria (FGN)
paper which will be driven by domestic borrowings of around NGN6.1trillion naira.

 

 

 

In light of the rich valuation levels in the equity market, FBNQuest anticipates a correction in
the equity markets in the next few months, with an expected market return of approximately
10% in 2024.

 

 

About FBNQuest
FBNQuest is the unified brand identity for the Merchant Banking and Asset Management
businesses of FBN Holdings Plc and part of the strong heritage of one of the leading financial
service groups in sub-Saharan Africa. Over the past ten years, we have grown from an
investment banking boutique to a full-service investment bank and asset management group.

 

 

At FBNQuest, we are committed to providing innovative banking solutions for our diverse
customer base, including corporate organisations, governments, institutional investors,
financial institutions, affluent and high net-worth individuals.

 

 

We offer a broad range of
solutions to our clients through our various businesses. We arrange finance through the Bank and capital markets, provide strategic advice, trade/broker securities across asset classes,
develop investment solutions, secure assets and ensure wealth creation and preservation.

 

 

FBNQuest is a leading Merchant Banking and Asset Management group in Sub-Saharan Africa
that delivers a wide range of financial services through various businesses –Corporate and
Investment Banking, Investment Management (Asset Management,Alternative Investments,
Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income,
Currencies & Treasury and Equities).

 

 

***To access the full report, pleasevisit:www.fbnquest.com

Business

Chris Kolade Leadership Award Loading As KMEN Sets for MegaSummit 2026

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Kingdom Men Global Network aka KMEN has formally announced the programmes of the 13th edition of its flagship annual gathering for men, Mega Summit.

 

This year’s event will open on Thursday May 14 and end on Sunday May 17 with an all-men musical concert.

The 2026 edition of Mega Summit which will hold at the Presken Hotels on Alade Avenue opposite Airport Hotel, Ikeja Lagos has as theme: Legacy…Faith. Family. Community. And for the first time Mega Summit will host an award on the opening day in memory of foremost Nigerian diplomat and integrity personified and pioneer Chairman of the Board of Trustee of KMEN, late Dr Christopher Kolade who died last year at the age of 92.

The KMEN-Christopher Kolade – Men in Leadership Award for Courageous Manhood will be heralded by the Men in Leadership Summit (MiLEADS) with the sub-theme – Building a Culture of Leadership with Integrity. And will have as speakers Archbishop John Osa-Oni of Vineyard Christian Ministries., Pastor Tunde Bakare of The Citadel Global Community Church, and renowned Pharmacist, entrepreneur and politician Mazi Sam Ohuabunwa, OFR.

 

Pastor Tunde Bakare

Day two will feature another special session for Men in Church Leadership (MiCLEADS) with the sub-theme: Leaving a Legacy of Faith/Discipling for the Next Generation, and will have as speakers Bishop Sunday Onadipe, Bishop, Methodist Church of Nigeria, Diocese of Badagry, Apostle Eyinnaya Okwuonu, former Chairman of Pentecostal Fellowship of Nigeria (PFN), Lagos Chapter., Pastor Dominion Roberts from Liberia, and Rev Fr Matthew Ogunyase of the Catholic Mission, Lagos.

While day three will open with a Special Town Hall discussion on Family with the sub-theme – The Father’s Role in Shaping Legacy and is the only mixed gender panel for Mega Summit 2026 featuring foremost life change coach, Mrs. Yemisi Lagunju and Rev David Abraham, who is the managing director of Managing Business for Christ (MBFC).

On Saturday is a Special Town Hall on Resisting an Emerging Legacy of Addictions. This segment will feature a presentation by Dr Dokun Adedeji on the ravage of Drug Addictions, alongside Abiose Akolade Ladipo, Co-Founder of GamblePause, a Lagos-based NGO in the fight against Gambling Addictions.

Later in the afternoon on Saturday is a second Town Hall session on Business and Economy with the sub-theme: Building Sustainable/Generational Businesses, and will feature notable panelists like Rev Professor Biodun Adedipe Founder of BA and Associates, and Rev Dr Abba Peter, Managing Director of Best Practices Limited, among others.Other Town Hall segments at Mega Summit 2026 include that on Politics/Governance with the sub-theme: Swimming Against the Tide – National Transformation through Service, and another Town Hall on Media featuring Mr. Mustapha Isah Osikhekha, former President of the Nigerian Guild of Editors (NGE), Omoba Deji Irawo and others as they navigate best way to Reclaim the Narrative: Legacy in Digital Spaces.

An extra-ordinary edition, the 13th edition of Mega Summit will also have segments designed to equip leaders in men’s ministry through the instrument of KMEN’s School of Men’s Ministry/ISI Training. Each day of Mega Summit 2026 is divided into three segments – morning starting at 9 am, afternoon session and evening climaxing with an impartation service.KMEN is an uncompromisingly Bible-based, independent ministry to men. Established nearly two decades ago, the ministry’s objective is to assist men, irrespective of their church affiliations, in their Christian Walk, that they may become better sons, brothers, husbands, fathers and leaders.

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Ikeja Electric Explains Epileptic Power Supply

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The Ikeja Electric Plc has given reasons for the  ongoing power outages experienced by cudtomers, attributing the situation to reduced electricity allocation from the national grid.

‎In a statement posted on its X handle at , the company apologized for the disruption, noting that some parts of its network were experiencing supply constraints due to reduced power allocation from the grid.

‎‎It added that, to manage the shortfall and maintain grid stability, it had introduced temporary load shedding across affected feeders.

The Ikeja Electricity company said as part of efforts to maintain grid stability and ensure equitable distribution of available power, temporary load shedding is being implemented across affected feeders and locations. The company said it was working with relevant stakeholders to improve supply and minimise the impact on customers.

‎The latest notice follows months of unstable electricity supply in Lagos and other parts of Nigeria, driven largely by a drop in generation linked to gas shortages.

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ALAT at 9: Wema Bank Celebrates Nine Years of Redefining Digital Banking in Nigeria

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Wema Bank Plc is celebrating the 9th anniversary of ALAT by Wema, Africa’s first fully digital bank, marking nine years of transforming how Nigerians experience banking.

 

Launched in 2017, ALAT by Wema was introduced as a bold response to the limitations of traditional banking, long queues, physical barriers, and slow processes. By eliminating these constraints, Wema Bank redefined banking as a fully digital, instant, and accessible experience, enabling customers to open accounts, transact, and manage their finances seamlessly from anywhere.

Over the past nine years, ALAT has evolved beyond convenience into a comprehensive digital ecosystem designed to meet the changing needs of individuals, businesses, and a new generation of financially aware users. From enabling structured savings through features like ALAT Goals to simplifying payments and expanding access to financial services, the platform has consistently delivered solutions that empower users and drive financial inclusion at scale.

This journey of continuous innovation has positioned ALAT not just as a digital banking product, but as a platform that adapts, grows, and evolves alongside its users.

To commemorate this milestone, Wema Bank has launched the ALAT at 9 campaign, a series of customer-focused activities, rewards, and interactive experiences designed to celebrate users while deepening engagement.

As part of the anniversary celebration, customers can access their personalized ALAT Wrapped, offering a simple, visual summary of their journey on the platform, which can be downloaded and shared across social media.

Customers can also participate in the 9 Features in 9 Days experience by engaging with a designated feature each day. Completing all nine activities unlocks rewards, encouraging consistent and active use of the platform.

In addition, customers who complete their 9th transaction at exactly 9:00am or 9:00pm will receive instant rewards.

The celebration also features the ALAT Evolution Jingle Challenge, inviting customers to create and submit the second verse of the ALAT jingle for a chance to win rewards.

Speaking on the milestone celebration, Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said;

“ALAT at 9 is not just a celebration of time. It is a reflection of how far we have come and a clear indication of where we are going. Over the years, we have continued to evolve with our customers, building a platform that is not only functional but also engaging and rewarding. This campaign is designed to give back to our users while reinforcing our commitment to innovation and customer experience.”

Also commenting, Chief Digital Officer of Wema Bank, Olusegun Adeniyi, noted that the anniversary campaign was designed to merge everyday banking with meaningful engagement.

“With ALAT at 9, we are transforming routine banking into an interactive experience. By combining personalized insights, gamified missions, and real rewards, we are creating a platform that responds to users in a more dynamic and rewarding way. This reflects our vision to build a digital bank that is intuitive, adaptive, and centered around the customer,” he said.

The anniversary activities will run from May 2 to May 31stwith customers encouraged to log into the ALAT app to participate, complete tasks, and unlock rewards.

Existing customers can access the experience by updating the ALAT app via the Google Play Store or Apple App Store and signing in with their existing details. New customers can download the app and get started in minutes to enjoy the full range of features and anniversary benefits.

With ALAT at 9, Wema Bank continues to reinforce its leadership in digital banking, delivering not just financial services, but a platform that continue to evolve with its users and rewards them at every stage of their journey.

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