Banking
FBNQuest Merchant Bank Sustains Growth Despite Challenging FY 2018
By Dipo Olowookere
Part of the investment banking and asset management group (IBAM) of FBN Holdings Plc, FBNQuest Merchant Bank, held its 4th Annual General Meeting (AGM) in Lagos on April 24, 2019.
During the meeting, the board presented the company’s 2018 year end results to shareholders and the analysis showed that despite the challenging operating environment in the year, the firm performed fair.
Though the company achieved strong growth in other income which was driven by net gains from fees, commission and sundry income, a shortfall was recorded in the year under review when compared with the previous year’s performance.
Addressing shareholders at the meeting, Chairman of FBNQuest Merchant Bank noted that the operating environment in 2018 was particularly challenging for the business.
He said 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.
Nonetheless, the IBAM business group maintained profitability and recorded steady growth in certain business lines.
For example, total revenue increased by 8.6 percent y-o-y to N40.96 billion from N37.72 billion in the 2017 fiscal year, while profit before tax grew by 56.2 percent y-o-y to N16.4 billion from N10.5 billion in December 2017.
The main contributors were the Asset Management, Corporate Banking and Fixed Income, Currencies and Trading (FICT) businesses, again demonstrating the resilient and diversified nature of the business portfolio.
Assets under management (AuM) across the group (FBNQuest Asset Management) increased by 5.0 percent to close at N261 billion (Dec 2017: N248.5 billion). The Asset Management business has remained strong in the competitive ranking amongst its peers, based on SEC registered funds, maintaining the 2nd position in the industry, same as the prior year.
The MBAM business contributed 7.7 percent (Dec 2017: 6.5 percent) to gross earnings of the FBN Holdings Plc Group and 25.1 percent (Dec 2017: 19.2 percent) to profit before tax.
Overall, total assets closed at N218.6 billion, representing a 1.1 percent y-o-y increase (Dec 2017: N216.2 billion). The businesses in the group remain well capitalised with total group equity of N44.0 billion.
In his address at the AGM, Managing Director/CEO of FBNQuest Merchant Bank, Mr Kayode Akinkugbe, said, “Despite the challenges of 2018, we have taken learnings, and in 2019, are more determined to find ways of creating more value for our customers.
“We will focus on our strategic goals of increasing group collaboration and enhancing revenue generation across all businesses, improving efficiencies as well as deepening innovation and digitisation to enhance the client experience.”
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
