A new awareness campaign has been launched by FBNQuest Asset Management, and it is expected to constantly keep the investing public informed about investment opportunities in the Nigerian market. The campaign is tagged #BuildingTogether.
The campaign was designed with the intention of helping Nigerian investors keep abreast with institutional and retail investment opportunities, in order for them for them to fully take advantage of everything the Nigerian markets have to offer.
The campaign will target both existing and potential customers of FBNQuest. According to Mr Ike Onyia, the company’s Chief Executive Officer, the #BuildingTogether initiative became imperative due to the company’s commitment to facilitate the financial aspirations of Nigerians.
“At FBNQuest Asset Management, we have grown our products and offerings over the years, and continue to demonstrate our passion for partnering our clients to achieve success. We believe that as true investment management partners, we can help them facilitate the achievement of their dreams and aspirations.
“The #BuildingTogether initiative is designed to help both existing clients and the investing public become aware of the possibilities available for achieving their short, medium and long term financial goals.” -Onyia
Note that FBNQuest Asset Management is one of the biggest asset managers in the country. As we reported, the company last year recorded a growth rate of 137.54%, thereby emerging the second fastest growing funds manager in the country; second only to AXA Mansard Investments Limited.
It managed about ₦32 billion as at the end of 2016, but was able to increase its AUM to ₦77 billion after pulling in an estimated ₦43 billions of net-inflow and ₦1.1 billion in fund performance.
Currently, FBNQuest Asset Management is in charge of six mutual funds spread around the Euro Dollar, Equity, Money Market and Fixed income fund spaces. It is also the second largest fund manager in Nigeria, a position the fund manager is not giving up anytime soon.
The company is a subsidiary of FBN Holdings Plc. It should be recalled that in 2015, the investment banking and asset management arms of the company (i.e., FBN Holdings Plc) was was refocused under a unified brand name FBNQuest. The unified brand name encompasses other entities such as FBNQuest Merchant Bank, FBNQuest Securities, FBNQuest Capital etc.
In general, fund managers in Nigeria grew mutual fund asset value by an average of 89.71% in 2017, according to research conducted by Quantitative Financial Analytics. Nigerian fund managers began the year with a total mutual fund asset of about ₦224 billion but ended the year with assets worth ₦426 billion, representing an increase of ₦202 billion. The increase, according to the research, emanated from net inflow of about ₦186 billion and performance gain of about ₦16 billion.
CBN grants Mortgage Refinancing Companies approval to refinance Non-member banks
The CBN has expanded access to mortgage financing by removing restrictions on refinancing mortgages earlier imposed.
The Central Bank of Nigeria (CBN), has granted approval to Mortgage Refinancing Companies (MRC), to re-finance non-member banks.
This is contained in a circular referenced FPR/DIR/GEN/CIR/07/056 and signed by Ibrahim Tukur, the Director of Financial Policy and Regulation Department, CBN.
The circular improved on the earlier provisions contained in section 22.214.171.124 which states that “A mortgage refinance company (MRC) shall not, without the prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than twenty times the value of the borrower’s shares with the MRC or 25 percent of its shareholders’ funds unimpaired by losses.”
What this means
Based on the provisions contained in the latest circular, MRCs are now free and legally permitted to refinance the qualifying mortgages of banks and all other non-members ( that do not hold equity), subject to meeting all other relevant requirements specified in the framework.
In a nutshell, the restriction on non-member mortgage lenders from refinancing their mortgages with MRCs has been removed.
Why this matters
Prior to the provisions contained in the latest circular, CBN had expressed fears that provisions of section 126.96.36.199 negatively impacts the mortgages sub-sector, as it constrains the MRCS from refinancing the mortgages of non-shareholder banks. Therefore, the new order will help to remove the restrictions already highlighted.
In lieu of this, the latest circular stated that the provision of section 7.3.1 5 is hereby revised to “the MRC shall not, without prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than 25 percent of its shareholders’ funds unimpaired by losses,” the circular reads.
Nascon Allied Industries Plc: Increase in sale of goods boosts revenues
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating unit
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.
What you should know
Key highlights from 2020 (9months) results
- Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
- Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
- Other income increased to N12.81 million, +27.43% YoY.
- No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
- Gross profit increased to N8.96 billion, +74.56% YoY.
- Operating profit increased to N3.64 billion +18.60% YoY.
- Pre-tax profits increased to N3.47 billion, +16.63% YoY.
- Post-tax profits increased to N2.29 billion, +13.27% YoY.
- Earnings Per Share increased to 115 kobo, +12.75% YoY
- Total assets increased to N44.36 billion, +45.79% YoY.
- Total liabilities increased to N32.04 billion, +67.21% YoY.
- Total equity increased to N12.32 billion, +9.35% YoY.
Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.
Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.
Instagram disables its “Recent” feature
Instagram recently announced it had removed the “recent” tab from hashtag pages on a temporary basis
Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.
The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”
Starting today, for people in the U.S. we will temporarily remove the “Recent” tab from hashtag pages. We’re doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.
— Instagram Comms (@InstagramComms) October 29, 2020
What you should know
Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.
Instagram has also taken the following measures to ensure a successful November election.
- The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
- Serving as a means of information and tool to people in the US on the electoral process
- The ban of any content that can thwart the success of the election.
(READ MORE:U.S dollar stable amid U.S holiday)
Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.
“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”
Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”
Why this matters
The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.