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FBNQuest Asset Management Emerges Money Market Fund of the Year

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FBNQuest Asset Management, a subsidiary of FBNQuest Merchant Bank and part of FBNHoldings Plc., which is one of the leading financial services groups in Nigeria, emerged winner of the Money Market Fund of the Year category at the recently concluded BusinessDay Banks & Other Financial Institution Awards (BAFI), which held in Lagos.

The BAFI award ceremony, seeks to identify the contribution of financial institutions to the industry, across a number of areas including financial performance, sustainability and corporate governance.

FBNQuest Asset Management is the manager of the FBN Money Market Fund and serves the needs of various customer segments through a broad range of solutions comprising, capital preservation, capital growth and other bespoke strategies. This award, was in recognition of the strong performance track record of the FBN Money Market Fund.

Since 2017, the FBN Money Market Fund has outperformed its benchmark, inflation as well as other funds within its category, by achieving a cumulative return of 53% from 1st January 2017 to 30th September 2019). The benchmark, the 91-day Treasury bill rate and inflation rate were 48% and 44%, respectively, during the same period.

“In the past three years and based on our strong fundamental and quantitative research capabilities, our portfolio management team’s performance has remained consistent and our clients have benefited immensely from exposure to our solutions, including the FBN Money Market Fund “said Ike Onyia, Managing Director of FBNQuest Asset Management.

“It was gratifying to see our firm recognized for providing investors with value-adding solutions and for contributing to the industry. Our firm’s pursuit for best practice was demonstrated earlier in the year through compliance with Global Investment Performance Standards (GIPS), which means that our performance reporting framework is now comparable to the practice in mature markets and that investors are better served through standardized and transparent performance reporting principles.

We continue to provide strategic investment advice to discerning individuals and institutions who will be well served through an allocation of their portfolio to the FBN Money Market Fund, which offers strong competitive yields” He added.

The FBN Money Market Fund is a low risk, open-ended mutual fund, which invests in a diversified portfolio of short-term, high quality money market securities such as Treasury Bills, Commercial Papers, Bankers Acceptances and Certificate of Deposits issued by rated banks in Nigeria. It provides investors with short to medium term financial goals, minimum starting investments, competitive returns, low risks and high level of security.


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E-Financial

Greenwich Group Celebrates 30 Years of Financial Innovation

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Greenwich Group, a leading financial solutions provider in Nigeria, is celebrating 30 years of delivering innovative financial solutions tailored to the evolving needs of stakeholders while contributing to the growth and development of the Nigerian economy.

Prince Julius Adelusi-Adeluyi, former Minister of Health and Human Resources; Otunba Adeniyi Adebayo, former Minister of Industry, Trade and Investment of Nigeria; Erelu Angela Adebayo, Chairperson of Greenwich Foundation; Chairman of Greenwich Group, Kayode Falowo; Mrs. Dorothy Falowo; Chief Pius Akinyelure, Chairman, Board of Directors, Nigerian National Petroleum Corporation (NNPC) and Former governor of Ekiti State, Kayode Fayemi, at an exclusive dinner to commemorate the 30th Anniversary of Greenwich Group held over the weekend at the Grand Ballroom, Oriental Hotel in Lagos.

The lead institution, formerly known as Greenwich Trust Ltd, has transitioned from its early days as a Financial Adviser and Issuing House into a Merchant Bank. In March 2024, Greenwich Merchant Bank was granted an Approval-In-Principle (AIP) by the Central Bank of Nigeria (CBN) for a non-operating financial holding company structure. Today, Greenwich Merchant Bank is the most capitalized Merchant Bank in Nigeria, with a strong asset base of ₦146 billion as of June 30, 2024.

In commemoration of its 30th Anniversary, the Company hosted an exclusive dinner event at the Grand Ballroom, Oriental Hotel in Lagos, to celebrate and appreciate its loyal Clients and Customers who have been part of the journey, as well as express its deep gratitude to the stakeholders, while rewarding 45 Staff members who have been instrumental in the Group’s journey to success. The event was well attended by dignitaries across board.

Amongst the awardees was a posthumous award for leadership, which was awarded to the late (Sir) Remi Omotosho with the sum of ₦50 million. The best Staff across the Greenwich Group, Mrs. Yakashim Shettem, also received the Kayode Falowo Award for Excellence which also went with a cash prize.

In his welcome remarks, Chairman of Greenwich Group, Kayode Falowo, expressed profound gratitude to God, appreciated the Company’s stakeholders, and noted that the dinner is part of the Group’s broader initiative to further appreciate its Clients and recognize the efforts of the Staff for their loyalty as it progresses to its next growth phase.

According to him, the institution is set to unfold a remarkable transformation by launching into new territories of businesses—Insurance, PFA and Fintech, as it has received an Approval-In-Principle from the Central Bank of Nigeria to operate as a holding company.

Speaking of some of the awardees, the Chairman hinted that Greenwich has continued to build on the legacy of the late (Sir) Remi Omotosho’s good governance, integrity, and professionalism, as he was part of the journey of the Company while alive. He further explained that the recipient of the Kayode Falowo Award for Excellence, Shettem was honored for epitomizing the core values of integrity, efficiency, innovation, loyalty, and transparency.

The Governor of Ogun State, Dapo Abiodun, a special guest at the event, commended the Chairman of Greenwich for demonstrating exemplary leadership and commitment to excellence in his role for spearheading the remarkable traits that have significantly contributed to the growth and success of the Institution.

“We are celebrating the testament of the triumph of tenacity, which is predicated on faith, hope, and fortitude. Kayode is somebody who is dependable, reliable, and very consistent. Kayode upholds all the attributes of good governance. He has demonstrated himself to be a good manager of human and financial resources over the years. I am convinced that your best is yet to come,” he added.

In his vote of thanks, the MD of Greenwich Merchant Bank, Benson Ogundeji acknowledged the presence of the stakeholders, other distinguished guests, top executives of other banks, and valued customers. He emphasized the significance of the celebration, attributing the success of the past decade to the unwavering support and guidance of the Chairman which has been instrumental to the growth of the institution, the commitment of the Staff, and the unwavering faith of the esteemed Shareholders in the Company’s vision, as their continued patronage has been fundamental to Greenwich’s success.

Dignitaries who attended the event included the Ooni of Ife, Oba Adeyeye Ogunwusi; Governor of Ogun State, Dapo Abiodun; Phillip Ikeazor, Deputy Governor, Financial System Stability of the CBN; President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Pius Olanrewaju; Kayode Fayemi – Former Governor Ekiti State; Haruna Jalo Waziri, MD/CEO, CSCS Plc and Dr Emomotimi Agama, DG, SEC. Other dignitaries who attended the event included Mrs. Olufunke Agagu, the wife of a former Governor of Ondo State; Chief Pius Akinyelure, Chairman, Board of Directors, Nigerian National Petroleum Corporation (NNPC) and Ray Atelly, Chairman, Nigerian-British Chamber of Commerce (NBCC) and many others.


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SEC Restates Commitment to Transparency in Fintech Regulation

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Securities and Exchange Commission (SEC) has assured stakeholders in the fintech space it is committed to ensuring transparency and integrity in the regulation of the space.

SEC Restates Commitment to Transparency in Fintech Regulation

Dr. Emomotimi Agama, director general, SEC, said it has provided a level playing field to all applicants.

Agama, stated this during a meeting with Regulatory Incubation and Accelerated Regulatory Incubation Program applicants on Monday.

The SEC DG stated that the commission understands the anxiety and the need to be regulated but added that they have to be very careful even in its desire to be inclusive.

He said, “The process of registration is a very technical process because registration is the hallmark of regulation. It goes beyond onboarding and registering, it requires monitoring, education, and surveillance and all of these are continuous. This journey is a new one that we have not gone through before. As we continue, we will find challenges, which we need to solve because every challenge is solvable.

“I am here to assuage fears being exhibited, we have provided a level playing field but as a government institution we must take things into context while doing this. The groups that were admitted into the ARIP and RI are beginning to see that we have started demanding for some information, operational updates and more regulatory requirements in line with the concept of a Regulation Incubation Programme or a Sandbox as some other institutions call it. In doing this, we are understudying what they are doing and the risk that they pose to investors and to themselves.

“We have not only done that, we have also issued new regulations to the public, which we call an exposure document. If you look at it, it is an upgraded version of our earlier regulations and the regulation making process demands that we get your views as stakeholders before it becomes a regulation.”

Agama stated that the inputs of stakeholders is important as regulators cannot claim to know everything adding that the rules would be amended to include all valid points to make it an all-inclusive document.

He further disclosed that the commission has increased the space to include more regulations to accommodate more individuals, more institutions and more functions because accommodation is the stance of the government regarding the space.

 

 

 


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Ecobank Warns against Fraud during Yuletide

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Ecobank Nigeria has cautioned customers to be vigilant against fraudsters during the Yuletide while promising uninterrupted access to banking services through its digital platforms throughout the holiday season.

Ecobank Warns against Fraud during Yuletide

In a statement on Monday, Adeola Ogunyemi, head, Consumer Banking at Ecobank Nigeria, emphasised that customers can continue their shopping and transactions smoothly via the bank’s various digital channels.

Ogunyemi highlighted the Bank’s long-standing commitment to digital transformation, which aims to improve customer experience and provide alternative access to banking services.

Ecobank Nigeria is an affiliate of the Ecobank Group, the leading pan-African banking group.

The bank offers a comprehensive suite of financial services and solutions to consumer, commercial, corporate, and investment banking customers at over 240 branches and 35,000 Xpress Point agencies across Nigeria.


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