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.
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.
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.
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.
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.
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 $1.
The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, 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.
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.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.