Tag: FBN Holdings Plc

FBN Holdings rebrands as First HoldCo

FBN Holdings Plc, one of Africa’s oldest and largest financial institutions, announced Tuesday it will rebrand as First HoldCo Plc, extending the name change across its entire group of companies.

The Lagos-based financial group, whose flagship subsidiary FirstBank has operated for over 100 years, said the rebranding aims to unify its diverse businesses under a single identity. However, FirstBank will keep its familiar name. The change will happen once government regulators give their approval.

“This transition represents more than a name change; it is a renewal of our purpose and vision,” said Wale Oyedeji, who leads the company as Group Managing Director. “We are better positioned to meet evolving market demands while strengthening the trust that has defined our relationships for over a century.”

The company said it wants to make it easier for customers to recognise all its different services – from regular banking to investment management and insurance.

FirstBank has been around since 1894, making it older than most banks in Africa. It started when Queen Victoria was still ruling the British Empire and survived Nigeria’s independence and into the modern digital age.

The “HoldCo” in the new name stands for “Holding Company” – basically, it’s the parent company that owns FirstBank and several other financial businesses.

February 27, 2025
Bulls Extend Dominance: NGXASI Up 1.17bps, Investors Gain N778.55 Billion

…Naira Depreciates by 0.35% to ₦1,511.63

The local bourse maintained its positive momentum, with the NGX All Share Index advancing 1.17% to close at 107,822.52 points, marking a new milestone. The uptick was driven by sustained investor interest in key stocks, reinforcing bullish market sentiment.

The positive performance was fueled by buying interest in major stocks such as ETERNA (+9.93%), PRESCO (+4.53%), Dangote Cement (+3.88%), WAPCO (+2.40%), UBA (+1.29%) and 46 other stocks.

Consequently, the Year-to-Date (YTD) return rose to 7.19%. Similarly, the market capitalization rose by 1.17% to N67.27 trillion, adding N778.55 billion to investor wealth.

Performance across sector was broadly positive, with four out of five sectors in our coverage closing in the green. The Industrial Goods Index led the gainers, advancing 2.1 1%, driven by interest in DANGCEM (+3.88%) and WAPCO (+2.40%). The Consumer Goods and Banking indices followed, pasting gains of 1.44% and 0.49%, respectively, supported by price appreciation in Honeywell Flour (+9.99%), Unilever (+5.82%), United Bank for Africa (+1.29%), and FBN Holdings (+0.92%).

Similarly, the Oil & Gas Index edged up 0.20%, reflecting positive sentiment in ETERNA (+9.93%) and OANDO (+0.86%). On the flip side, the Insurance Index was the sole decliner, shedding 0.04% due to sell-offs in LASACO (-7.25%) and AllCO (-2.25%).

MARKET ACTIVITY:

Market activity was negative as traded volume and value declined by 3.44% and 13% to 462.14 million units and N10.23 billion, respectively.

MARKET BREADTH:

The market breadth, which measures investor sentiment through the Gainers/Losers ratio increased to 3.19x from 1.60x as 51 stocks appreciated, 16 stocks depreciated and 61 stocks closed flat.

SYSTEM LIQUIDITY:

System liquidity increased to N950.05 billion on Wednesday, up from N873.63 billion on Tuesday.

FIXED INCOME MARKET:

The Treasury’ bills market traded on a positive with the average yield settling at 22.09%. However, the bond market traded relatively flat, closing at an average yield of 19.78%.

CURRENCY MARKET

The naira depreciated by 0.35% to close at N1,511.63 to a dollar.

February 12, 2025
First Trustees to Host 7th Annual Islamic Estate Planning Clinic

First Trustees Limited, a subsidiary of FBN Holdings Plc. and a leading provider of bespoke trust solutions for individuals, corporate entities, and government organisations, is pleased to announce its 7th Islamic Estate Planning Clinic, scheduled to take place on 15 February, 2025, in Abuja.

This year’s clinic, themed Wealth Transfer: Ensuring Seamless Equity and Clarity, aims to provide comprehensive insights into the principles of estate planning within the framework of Islamic law. The event is designed to educate the Muslim community on the importance of proper estate planning, ensuring the fair and just distribution of assets in accordance with Sharia principles.

The clinic will be held in collaboration with the Metropolitan Law Firm and will feature a distinguished panel of speakers from both the Islamic and legal sectors. Among the experts set to address attendees are Professor Ahmad Bello Dogarawa, a Lecturer at Ahmadu Bello University, Zaria; Ustadh Abubakar Muhammad Sadiq, Amir of 1 Ummah; Abdullahi Abubakar Lamido, Chairman of the Zakkah and Waqf Foundation; Ummahani Amin, Managing Partner at Metropolitan Law Firm; and Mutiat Olatunji, Private Trust Specialist at First Trustees Limited.

In addition to discussions on Islamic estate planning, First Trustees will provide valuable perspectives on managing conventional estate plans, with an emphasis on safeguarding and preserving legacies for future generations.

The event promises to be an essential platform for individuals and organizations seeking to deepen their understanding of estate planning while ensuring the equitable and transparent transfer of wealth in line with both Islamic and conventional legal frameworks.

February 2, 2025
FBNQuest Asset Management Awarded Agusto & Co’s “A+” Rating

FBNQuest Asset Management, a FBN Holdings Plc subsidiary, has been awarded an A+ rating by Agusto & Co. Limited, a leading rating agency in Nigeria. This rating reflects the firm’s stable outlook, robust risk management, and strong investment capabilities, highlighting its impressive operational performance and outstanding business profile. It emphasizes FBNQuest Asset Management’s ongoing commitment to providing exceptional investment services to its clients.

The rating was issued in a recent report by Agusto & Co. This recognition underscores the company’s strong operational record, excellent corporate governance, and professional management of fund assets.

The organisation’s impressive performance demonstrates its unwavering dedication to delivering exceptional value to clients through a variety of products and services tailored to meet their investment needs.

Ike Onyia, Managing Director of FBNQuest Asset Management, expressed his satisfaction with the rating, stating, “We are truly delighted to receive the A+ rating from Agusto & Co. This recognition is a testament to our strong expertise in investment portfolio management and the achievements we have realised over the years. We take pride in this positive acknowledgement, which stems from our well-thought-out business strategies and the exceptional performance of our skilled workforce, cementing our position in the hearts of our stakeholders.”

FBNQuest Asset Management was also recognised as the Best Asset Manager at the 2024 EMEA African Banker Awards. The organisation continues to maintain a consistently strong position in the investment services subsector in Nigeria, leveraging its rich pedigree in intellectual capital, strong research capabilities, and cutting-edge technology to provide clients with value-adding insights, advice, and service.

“Our mutual funds offer diverse investment options that enable the creation of unique and value-enhancing investment strategies for different client segments. Additionally, our range of mutual funds encompasses various asset classes, including equities, bonds, and money market instruments,” he added.

Agusto & Co. is a Pan-African leader in credit ratings and credit reports, having assigned over 1,500 ratings across various sectors. Their ratings are globally recognised, with a broad client base relying on them as benchmarks to gauge business success.

FBNQuest Asset Management is a leading asset manager in Nigeria for individual and institutional investors. A subsidiary of FBNHoldings Plc., it offers a range of investment products and services, with strategies spanning various asset classes and sectors.

Offering specialist portfolio and fund management services, the firm manages investment accounts for high-net-worth individuals and institutional clients, including insurance companies, pension funds, public and private mutual funds, endowment, and charity funds, as well as segregated and special accounts. The firm guides its clients through Africa’s dynamic markets and identifies the best opportunities that shape their portfolios.

January 19, 2025
FBN Holdings Leverages NGX Invest for N150bn Rights Issue

FBN Holdings Plc’s N150 billion rights issue has gone live on the Nigerian Exchange Group’s (NGX) digital platform, NGX Invest (invest.ngxgroup.com). This rights issue, offered on a one-for-six basis to existing shareholders, is accessible through NGX Invest, providing a seamless digital channel for eligible investors to participate.

At the “Facts Behind the Rights Issue” event held at the Exchange, FBN Holdings Group Managing Director, Mr. Nnamdi Okonkwo, emphasized the strategic importance of the rights issue, stating, “We will be leveraging our diversified portfolio of businesses and shared resources to ‘do more with less’, optimizing costs, improving efficiency, and boosting revenues. We aim to strategically expand into new geographies via both physical and digital approaches while continuing to explore attractive business adjacencies.” He also noted FBN Holdings’ enthusiasm in utilizing NGX Invest’s capabilities, highlighting that “this digital platform allows us to reach a wider investor base and facilitate seamless participation in our capital raise.”

By utilizing NGX Invest, FBN Holdings joins six other Nigerian banks that have recently tapped into this innovative platform to distribute a total of eight public offers and rights issues. This move aligns with the Central Bank of Nigeria’s (CBN) new capital adequacy requirements, which mandate banks to strengthen their capital bases by 2026. To date, NGX Invest has facilitated approximately ₦1.26 trillion (about $770 million) in capital raises within the banking sector.

NGX Invest’s track record in facilitating capital raises has attracted praise from stakeholders. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), noted that banks using NGX Invest have consistently achieved full subscription levels, often reaching oversubscription. Similarly, Ladi Balogun, Group Chief Executive Officer of FCMB Group Plc, commended NGX Group for its pivotal role in enabling over 40,000 investors to seamlessly participate in their recent public offering through the NGX Invest platform.

Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, highlighted the platform’s significance, saying, “NGX Invest’s secure and well-regulated infrastructure has rapidly emerged as the top choice for issuers seeking to distribute their offerings digitally. We are proud to support financial institutions and other issuers in their capital-raising efforts, empowering them to reach a wider investor base and drive economic growth.”

November 6, 2024
Wale Oyedeji appointed GMD of FBN Holdings

Wale Oyedeji has been appointed as the Group Managing Director of FBN Holdings PLC. This consummate professional and charismatic leader will replace Nnamdi Okonkwo, who will retire from the Company after the completion of his term.

Wale holds a Bachelor of Science in Agricultural Economics from the University of Ibadan and a Science in Financial Economics from the University of London. He Is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of the Advanced Management Program of Harvard Business School.

He has over 30 years of banking experience in corporate banking, treasury, commercial banking, and general management. He served as Managing Director of Guaranty Trust Bank UK between 2008 and 2011. He was appointed to the Board of Guaranty Trust Bank Plc CGTBank’) in October 2011, where he served as Executive Director for the Corporate Banking Group and contributed immensely to the growth and transformation of the Business. Wale also served as an Independent Non-Executive Director of Stanbic IBTC Bank.

Before his appointment as the GMD of FBNHoldings, Wale was the MD/CEO of Nova Commercial Bank and contributed to the institution’s conversion to a Commercial Bank and Its foray into Retail Banking. He began his early career with Ernst Young, where he initially trained as an accountant.

At FBNHoldings, Wale would lead the Executive teams at Holdco and the various subsidiaries in implementing the new five-year Strategic plan.

Speaking on this appointment, Mr Femi Otedola, CON, the Group Chairman of FBNHoldings, commented that ‘the Board is pleased to welcome Wale Oyedeji to Holdco and looks forward to him building on the solid foundation of 130-year-old franchise and sustaining undisputed leadership position.’

October 21, 2024
Bears Prevail; Investors lost N171.18billion; Naira depreciated by 0.04% to close at N1,612.12

Bears continued the losing streak in the local bourse as the NGX All-Share Index lost 31 basis point, closing at 97,830.65 points from 98,132.15 points in the previous session.

The market’s negative performance was primarily driven by profit taking in stocks such as United Bank for Africa (-5.26%), Guinness Nigeria (-4.72%), Nigerian Breweries (-4.76%), FBN Holdings (-2.20%), Dangote Sugar (-0.93%) Transnational Corporation of Nigeria (-0.85%), Access Corporation (-0.81%), Guaranty Trust Holding Company (-0.11%) and 11 others.

Consequently, the year-to-date return settled to 30.84%. Also, the overall market capitalization closed at N55.55 trillion, as investor’s wealth decreased by N171.18 billion.

Market activity for the day wasmixed as volume traded increased by 5.34% to 399.39 billion units while the value traded decreased by 8.11% to N8.00 billion respectively.

We expect the equities market to trade positive in the coming session.

CURRENCY MARKET:

The Nigerian Naira appreciated by 0.04% against the US Dollar in the NAFEM Window, closing at a rate of ₦1,612.12

July 30, 2024
Comercio Partners Weekly Markets Round-up: DMO reports Nigeria’s new borrowing in Q1 2024 is N7.71 trillion

The Debt Management Office (DMO) reported that Nigeria’s new borrowing in Q1 2024 was N7.71 trillion. This included N2.81 trillion from the N6.06 trillion domestic borrowing provided in the 2024 Appropriation Act and N4.90 trillion from the securitization of N7.3 trillion Ways and Means Advances approved by the National Assembly. A DMO press statement titled “Explaining the Q1 2024 Public Debt Data” explained that the N24.33 trillion increase in total debt was due to a combination of new borrowing and naira devaluation. The exchange rate depreciated from N899.39/$1 in Q4 2023 to N1,330.26/$1 in Q1 2024, a 32.39% decline, causing the naira value of external debt to rise sharply despite stable dollar-denominated debt. In Q1 2024, total public debt in naira terms was N121.67 trillion, up from N97.34 trillion in Q4 2023. The DMO clarified that the increase was due to N7.71 trillion in new borrowing and N16.62 trillion from naira devaluation. The agency emphasized the importance of understanding these dynamics and the impact of economic reforms on debt and service costs.

Money Market

System liquidity began the week at a robust ₦951.51 billion but dropped to ₦498.42 billion by Friday due to outflows from bond auction and NTB PMA settlements. Despite this decline, interbank rates fell on a week-over-week basis, with the Open Buy Back (OBB) rate decreasing by 108 basis points to 24.17% and the Overnight (O/N) rate falling by 104 basis points to 25.00%.

We anticipate rates will inch slightly higher at the next session following the OMO PMA settlements.

Treasury Bills Market

The Treasury bills market started the week cautiously, anticipating the NTB PMA midweek. The DMO offered ₦228.71 billion, received ₦773.97 billion in subscriptions, and allotted ₦284.26 billion. Stop rates remained steady at 16.30% for the 91-day and 17.44% for the 182-day tenors, while the 365-day tenor saw a slight decrease of 18 bps to 20.68%. At the end of the week, the CBN held an OMO auction, offering ₦150 billion across three tenors and allotting ₦264.33 billion with a total subscription of ₦295.92 billion, all from the long end of the curve. The stop rate increased by 18.10 bps to 22.48%. Post-auction, mixed market activity, especially in the newly issued 1-year paper, led to a 9 bps rise in the average benchmark yield, which settled at 21.86%.

We anticipate a calm start to the next trading session.

FGN Bond Market

The FGN Bonds market started the new week with a bonds auction. At the auction, the DMO offered ₦450 billion across the 2029, 2031, and 2033 maturities. The total subscription amounted to ₦305.25 billion, with ₦297 billion allotted at stop rates of 19.64%, 20.19%, and 21.50%, reflecting increases of 35 bps, 45 bps, and 161 bps from previous rates. Following this auction, the FGN bonds market traded cautiously in anticipation for the expected supplementary budget. Hence, the average benchmark yield dipped marginally by a basis point, closing the week at 18.67%.

We anticipate a continuation of this trend in the upcoming trading session.

FGN Eurobond Market

The FGN Eurobond market experienced bearish sentiments early in the week due to expectations of no rate cuts this year and a decline in US consumer sentiment, despite the latter closing higher than expected. The market was also influenced by the ongoing impact of the Ghana Eurobond restructuring plan. However, towards the end of the week, the market turned bullish, supported by US PCE prices closing as expected at 2.60%, down from the previous 2.80%. Hence, average benchmark yield dipped marginally by a basis point, closing the week at 9.93%.

We anticipate this trend to persist.

Currency Market

The value of the Naira to the dollar weakened by 133 bps week-on-week to print at ₦1,505.30/$ this week at the Nigerian Autonomous Foreign Exchange Market Window (NAFEM).

Equities Market

The local stock market showed a bullish trend in 2 out of 5 trading sessions this week, with the NGX All-Share Index increasing by 67 bps day-on-day and 32 bps week-on-week, closing at 100,057.49 points. This resulted in a year-to-date growth of 33.81% and a market capitalization rise of ₦0.171 trillion to ₦56.601 trillion. The weekly market breadth was 1.45x, with 48 stocks advancing and 33 declining.

On a week-over-week basis, overall trading volume decreased by 17.42% to 509.70 million units, and the total traded value dropped by 12.88% to ₦9.88 billion. The most actively traded stocks by volume were FBN Holdings (674.59 million units), Transnational Corporation of Nigeria (217.58 million units), and Access Corporation (139.53 million units). In terms of value, the top traded stocks were FBN Holdings (₦14.41 billion), Guaranty Trust Holding Company (₦5.99 billion), and Guinness (₦3.65 billion).

We expect a continued interest in fundamentally sound stocks.

June 29, 2024
Bulls re-emerge; Investors gained N94.95 billion; Naira depreciated by 0.47% to close at N1,507.83

Bulls reemerged in the domestic bourse today, overturning the market’s bearish closes as the NGX All-Share Index gained 17 basis points, closing at 99,385.44 points from 99,217.60 points in the previous session.

The market’s positive performance was primarily driven by investors interest in stocks such as Access Corporation (+0.27%), FBN Holdings (+2.99%), Guaranty Trust Holding Company (+0.92%), Zenith Bank (+1.42%) and 31 others.

Consequently, the year-to-date return settled to 32.91%. Also, the overall market capitalization closed at N56.22 trillion, as investors wealth increased by N94.95 billion.

Market activity for the day was negative as volume and value traded decreased by 23.57% and 33.15% to 276.36 million units and N4.12 billion, respectively.

We expect the market to trade mixed amidst investors profit-taking actions in the subsequent trading sessions.

CURRENCY MARKET:

The Nigerian Naira depreciated by 0.47% against the US Dollar in the NAFEM Window, closing at a rate of ₦1,507.83.

June 26, 2024
Bears resurface; Investors lost N47.62 billion; Naira depreciated by 0.02% to close at N1,483.02

Bears resurfaced in the Nigerian Exchange in today’s trading session, opening the week in the red zone, as the NGX All-Share Index shed 8 basis points by the close of the day, reaching 99,840.95 points from 99,925.29 points in the previous session.

The day’s negative performance was primarily driven by investors profit-taking activities in stocks like MTN Nigeria (-2.67%), United Bank for Africa (-1.34%), AIICO Insurance (-1.02%), FBN Holdings (-2.65%) and 11 others.

Consequently, the year-to-date return declined to 33.52%. Also, the overall market capitalization decreased by 0.08% to close at N56.48 trillion as investors lost N47.62 billion.

Market activity for the day was positive as volume and value traded increased by 334.92% and 233.02% to 1.38 billion units and N16.48 billion, respectively.

We expect the market to trade mixed amidst investors profit taking actions in the subsequent trading sessions.

CURRENCY MARKET:

The Nigerian Naira depreciated by 0.02% against the US Dollar in the NAFEM Window, closing at a rate of ₦1,483.02.

June 19, 2024
Bears emerge; Investors lost N92.32 billion; Naira appreciated by 0.67% to close at N1,473.66.

Bears resurfaced in the Nigerian Equities market, overturning yesterday’s bullish close as the NGX All-Share Index (NGXASI) depreciated by 0.16% to close at 99,630.51 points from 99,793.71 points in the previous session.

The day’s Negative performance was primarily driven by selling pressure in stocks like, MTN Nigeria (-7.13%), Ecobank Transnational Inc. (-2.47%), Transnational Corporation of Nigeria (-2.27%), Wema Bank (-0.73%), FBNH (-0.43%), OANDO (-0.34%) and 13 others.

Consequently, the year-to-date return rose to 33.24%. Similarly, the overall market capitalization decreased by 0.16% to close at N56.35 trillion as investors lost N92.32 billion.

Market activity for the day was mixed as volume traded decreased by 11.89% to 848.97 units while value traded increased by 22.62% to N16.55 billion, respectively.

We expect the market to trade mixed amidst investors profit-taking actions in the subsequent trading sessions.

CURRENCY MARKET:

The Nigerian Naira appreciated by 0.67% against the US Dollar in the NAFEM Window, closing at a rate of ₦1,473.66.

June 11, 2024
Bears Resurface; Investors lost N102.55 billion; Naira appreciated by 0.66% to close at N1,476.12

The domestic bourse experienced a reversal last week’s bullish momentum to start the new week, as the day’s trading opened in the negative zone. The All-Share Index (NGXASI) gained shed 0.18% to close at 99,118.86 points from 99,300.38 points in the previous session.

The day’s negative performance was primarily driven by investors profit taking activities in stocks like Access Corporation (-0.29%), United Bank for Africa (-1.35%), Fidelity Bank (-0.49%), FBN Holdings (-4.69%) and 13 others.

Consequently, the year-to-date return settled at 32.56%. Similarly, the overall market capitalization decreased by 0.18% to close at N56.07 trillion as investor’s wealth declined by N102.55 billion.

Market activity for the day was negative as volume and value traded decreased by 19.45% and 38.92% to 349.59 million units and N5.24 billion, respectively.

We expect the market to trade mixed amidst investors profit-taking actions.

CURRENCY MARKET:

The Nigerian Naira appreciated by 0.66% against the US Dollar in the NAFEM Window, closing at a rate of ₦1,476.12.

June 3, 2024
FirstBank Maintains Impressive Performance, Posts N238.53bn PBT in Q1 2024

FBN Holdings Plc declared N238.53 billion profit before tax (PBT) in its unaudited first quarter (Q1) results ended March 31, 2024, which was about 325.2 percent growth from the N56.1 billion reported in Q1 ended March 31, 2023.

The Q1 2024 results reflected the impressive 2023 performance, as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges. From its Q1 2024 profit and loss figures, the Group declared N208.1 billion profit, which was about 315.8 percent higher than the N50.1 billion reported in Q1 2023.

The group announced N730.3 billion gross earnings in Q1 2024, which was an increase of 181.4 per cent from N259.5 billion in Q1 2023.

Amid the hike in the Monetary Policy Rate (MPR), the financial institution declared N455 billion in interest income in Q1 2024, a growth of 153.3 percent from N179.6 billion in Q1 2023. Interest expenses closed Q1 2024 at N226.42 billion, representing a 234.1 percent increase from N67.76 billion reported in Q1 2023.

Despite a double-digit inflation rate, operating expenses moved from N111.2 billion in Q1 2023 to N212.80 billion in Q1 2024.

Total assets from the balance sheet position stood at N21.58 trillion as of March 2024, which was a 27.4 per cent increase from the N16.94 trillion recorded in 2022.

FBNHoldings declared N8.42 trillion in Customer loans and advances (Net) as of March 2024, up from N6.36 trillion in the full financial year 2023. As of March 2024, its customer deposits stood at N13.27 trillion, an increase of 24.4 percent from the N10.66 trillion reported in the 2023 financial year.

The Group Managing Director, FBNHoldings, Nnamdi Okonkwo in a statement said, “FBNHoldings’ strong start to the year reinforces the confidence in achieving targets and delivering sustained value for our shareholders. “Our commitment to optimising the Group’s earnings capacity and maximising operational efficiencies has again delivered outstanding results.

“Underpinned by strong revenue growth and improved operational efficiency, our key financial metrics have shown significant improvement. Remarkably, gross earnings grew 181.4 per cent to N730.3 billion, while profit before tax increased by 325.2 per cent to N238.5 billion while our total assets increased by 27.4 per cent in three months to N21.6 trillion.”

He added that the Group remained focused on its strategic initiatives to further improve profitability, enhance excellence in performance, and surpass stakeholders’ expectations.

However, the shareholding structure of FBNHoldings showed, the Group Chairman, Mr. Femi Otedola direct and indirect stake in the Group stood at 2,517,282,140 as of March 2024 from 1,999,342,376 March 2023.

The stock price of FBNHoldings closed on March 27, 2024, at N21.1 per share on the floor of the Exchange.

June 1, 2024
FBNQuest Promotes Financial Literacy to Secure Your Future

FBNQuest, the investment banking and asset management subsidiary of FBN Holdings Plc, recently held its financial literacy and enlightenment session to commemorate the 2024 Global Money Week, and as part of the organisation’s Corporate Responsibility & Sustainability (CR&S) activities. This year’s Global Money Week was themed “Protect Your Money, Secure Your Future” to raise awareness among younger generations about savings culture, investment, and financial discipline.

To promote financial literacy, FBNQuest employees volunteered to teach and interact with pupils, providing insights and techniques on the importance of developing a savings culture from the money given to them by their parents, guardians, and family members. This will ensure preparedness to capitalise on investment opportunities, promoting a proactive approach to future growth and prosperity.

During the financial enlightenment session with the students, the Chief Financial Officer at FBNQuest Merchant Bank, Olamide Adeosun, emphasized that planning for the future requires self-discipline, commitment, and deliberate effort to achieve desired outcomes. As young adults, it is imperative to have a sound knowledge of savings and investments to raise consciousness on how to grow their money in a safe and sustainable manner to meet their future financial needs.

She stated the need to educate young adults on the smart steps they can take to have their money protected and secured for the future.

The organization continues to show its commitment to improving and deepening the financial knowledge of Nigerian children through its support of Global Money Week. Through the employee volunteering initiative, FBNQuest employees have trained over 400 students on the importance of Financial Literacy. The schools visited spanned across Lagos, Abuja, and Rivers states, and representatives shed more light on having clear and specific goals to guide financial decisions. These were communicated using simple, relatable illustrations, making it easy for the students to understand the importance of cultivating the habit of putting money away to secure their future goals.

April 8, 2024
Seplat Energy is New Telegraph’s Outstanding Energy Company of the Year

Seplat Energy Plc, leading Nigerian independent energy company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE), has been named as the Outstanding Energy Company for 2023 by one of Nigeria’s authoritative newspaper brands, New Telegraph Publishing Company Limited, publishers of the New Telegraph Newspapers.

The Company emerged as the winner at the award ceremony held in Lagos in the weekend. The highly competitive and prestigious annual award aims to reward excellence and outstanding individuals and businesses in Nigeria that have distinguished themselves by their remarkable contributions to the country’s development in the year under review.

Seplat Energy was recognised for its performance in 2023 in the areas of business and operational excellence, whilst leading Nigeria’s energy transition with accessible, affordable and reliable energy that drives social and economic prosperity for all its stakeholders.

The Managing Director and Editor-in-Chief, New Telegraph Newspapers, Ayodele Aminu, whilst commending Seplat Energy for its giant strides in Nigeria’s energy space, said the newspaper is using the award to reward individuals and businesses in Nigeria that have distinguished themselves by their remarkable contributions to the development of Nigeria in both the public and private sectors.

According to Aminu, the New Telegraph awards look to distinguish the best in every sector across the nation.

In her remarks, the Director, External Affairs and Social Performance at Seplat Energy Plc, Chioma Afe, thanked the board, management and staff of the New Telegraph for the hard work, dedication and professionalism displayed over the years in building a reputable brand and promoting the ethos of journalism.

Afe, who was represented by Stanley Opara, Manager Corporate Communications at Seplat Energy Plc, expressed the company’s appreciation for the recognition and assured all its stakeholders of Seplat Energy’s unwavering commitment to strong corporate governance, operational excellence and continuous value creation and retention.

“For Seplat Energy, this is a call for more work and increased results, as we remain charged to consistently deliver value to all our stakeholders around the world.”

Other companies and governments that were honoured at the awards were: Zenith Bank Plc, UBA Plc, Unity Bank Plc, Transcorp Plc, Airtel Plc, FBN Holdings Plc, Niger Delta Power Holding Company, Lagos, Enugu, Bauchi, Bayelsa, Gombe States, amongst others.

February 4, 2024