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Business News

FBNQuest wants Nigerians in Diaspora to invest in economy

FBNQuest, a subsidiary of FBN Holdings Plc.

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FBNQuest

FBNQuest Asset Management, has highlighted investment opportunities for Nigerians in the Diaspora that would result to partnership.

The Managing Director, FBNQuest Asset Management, Ike Onyia charged Nigerians abroad to take advantage of investment opportunities to develop the country’s economy.

“FBNQuest Asset Management is open to partnerships that will unlock the potential of the Nigerian diaspora community as a source of economic development. We provide bespoke solutions to organizations and individual investors looking to set up structures that can help them achieve their investment goals. As a trusted advisor and credible partner with sound local knowledge and a rich pedigree, we will help them navigate through opportunities in the homeland’’. Onyia was quoted.

FBN Quest had become the unified name for the Merchant Banking and Asset Management businesses of FBN Holdings Plc, one of the strongest and most dependable financial service groups in sub-Saharan Africa.

The businesses include -FBNQuest Merchant Bank, FBNQuest Asset Management, FBNQuest Securities, FBNQuest Capital, FBNQuest Trustees and FBNQuest Funds.

FBNQuest Merchant Bank, the investment banking and asset management group of FBN Holdings Plc, declared a profit before tax (PBT) of ₦6.17 billion for the year ended 31st December 2017, representing a 25.7% increase from the previous year’s position.

Total assets of the group grew to N140.701 billion, from N137.2 billion in 2016.

In May, 2018, FBNQuest Merchant Bank received accolades from global financial and capital market awarding institutions in recognition of the impact and size of transactions delivered by the Investment Banking business in 2017.

Deal book 300 x 250

The firm won five awards in various categories of the EMEAFinance Achievement Awards, including ‘Best Local Currency Bond House’ and ‘Best Social Development Bond’ for its role in Mixta Real Estate’s $4.5b Senior Guaranteed Fixed Rate Bonds; Most Innovative Naira Bond for the US$300m Inaugural SEC-Registered Diaspora Bond; ‘Best Mergers and Acquisition Deal’ for the Divestment of AMCON’s 100% Shareholding in Keystone Bank; and ‘Best Naira Bond’ for its role as one of the financial advisers on the Federal Government of Nigeria’s ₦100b 7-year Inaugural Sovereign Sukuk.

The Bank was also recognized for the FGN’s Sukuk transaction by The Banker’s Deal of the Year Awards, receiving the ‘Deal of the Year – Africa’ award.

FBNQuest operates to be the leading Merchant Bank and Asset Manager in sub-Saharan Africa. More so, its aims to be a trusted, inspirational partner founded on innovation, deep local roots, and global insights in the country’s banking system.

Located in Lagos, Abuja and Port Harcourt, the broad range of FBNQuest services ensures a bespoke solution for everyone.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.

In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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