Banking
The Inspiring Growth of FBNQuest Trustees in 40 Years
For the past 40 years, FBNQuest Trustees Limited, an FBN Holdings company, has been in the business of providing world-class trust and estate planning services in Nigeria.
Last Friday, FBNQuest Trustees, to celebrate its milestone anniversary, hosted its esteemed stakeholders at an event themed A Legacy that Preserves Legacies held at The Landmark Event Centre in Lagos.
The event presented an opportunity for FBNQuest Trustees to share key insights on the importance of Corporate Trust Management, Estate Planning, and Wealth Transfer, which were crucial elements to ensuring the preservation of legacies.
Speaking about the milestone celebration, Managing Director and Chief Executive Officer of FBNQuest Trustees, Mr Adekunle Awojobi, emphasised the firm’s impact on trusteeship business in Nigeria, and by extension, the economy.
He said, “From when we began our journey in 1979, FBNQuest Trustees has delivered impeccable solutions for the safekeeping of our clients’ assets, the transfer of generational wealth, and the preservation of their legacies. We are extremely proud to be a part of the 125 year-old legacy of First Bank of Nigeria Limited, and the rich heritage of FBN Holdings as we celebrate a 40 year track record of distinction, dependability and professionalism in the trustee business.”
“We want to thank everyone who has contributed to the growth of the company over the years, as we continue to provide excellent services to our clients. We also take this opportunity to recommit to excellently serving our clients across diverse sectors to ensure that their legacies are preserved,” he added.
In terms of growth and financial performance, the company has continuously delivered shareholder value in alignment with the mandate of the Group.
From a share capital of about N30 million in 90s, the company has increased to a share capital of N3 billion in 2019; and has grown its profit after tax (PAT) year on year consistently, with liquid trust assets under management in excess of N40 billion as at June 30 2019.
FBNQuest Trustees was incorporated as Standard Trustees Nigeria Limited on August 8, 1979. The company at the time was a wholly owned subsidiary of First Bank of Nigeria Limited, which was known as Standard Bank of Nigeria Limited.
The name Standard Trustees Nigeria Limited was changed to First Trustees Nigeria Limited in March 1980; and in April 2014 it was renamed FBN Trustees Limited to align with the FBN Holdings group naming convention.
In November, 2017 it was again re-named FBNQuest Trustees Limited to signal its membership of the FBNQuest family, and its commitment to partnering with its clients on their quest to define and achieve financial success.
FBNQuest Trustees is modelled as a representation of the forward thinking culture of the FBN Holdings group, to improve and develop specialised capabilities within the trusteeship, asset and fund management services of the Nigerian financial system.
Today, the company specialises in providing Investment Advisory Services, Corporate, Public and Private Trust Management; and as a part of FBNQuest draws on the trailblazing spirit, and a consistent focus on excellence to deliver exceptional services to clients.
Over the past 40 years, FBNQuest Trustees has not only become a leading trust company in Nigeria, but also a key pillar in the business of trusteeship.
To highlight some of its key achievements over the years, the company continues to be the preferred local partner for international and multilateral entities looking to have businesses in Nigeria, and in 2013 served as the sole bond trustee on the very first bond issued by a multilateral institution in Nigeria (International Finance Corporation (IFC) $50,000,000 fixed rate senior unsecured bond).
FBNQuest Trustees is the first trust company to publish an educative compendium on estate planning to actively engage, and educate stakeholders, on the importance of Estate Planning in Nigeria, through its Legacy Series; and is a pioneer for Islamic finance in Nigeria, which led to its co-management of the first government issued Sukuk instrument launched by the Federal Government of Nigeria in 2017.
The company also partnered and organised a stakeholder engagement on Voluntary Asset and Income Declaration Scheme (VAIDS) and its implications for estate planning.
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
By Modupe Gbadeyanka
The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.
At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.
The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”
She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”
“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.
The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.
Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).
This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.
Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN