FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, successfully held its 9th Annual General Meeting recently.

The gathering served as a platform to present the Bank’s Annual Report and Financial Statements for the financial year ended December 31, 2023.

Amid the prevailing economic challenges, the Bank reported a robust financial performance and outlined strategic growth initiatives aimed at delivering sustainable value to its shareholders.

Mallam Bello Maccido, Chairman of the Board of Directors, commended the Bank’s resilience in navigating through the complexities of the operating environment in 2023.

He stated, “2023 was a year filled with unprecedented challenges that tested our resilience. Given the evolving economic landscape which was characterized by shifting government policies and volatile market dynamics, FBNQuest Merchant Bank stood resilient. Our ability to navigate through these challenges underscores our adaptability and unwavering commitment to excellence.”

The Bank reported a strong financial performance for the year 2023, with gross earnings improving by 43.1% year-on-year to N35.5 billion. Profit Before Tax (PBT) of N4.09 billion was recorded, representing a 36% increase year-on-year while PBT for the FBNQuest Merchant Bank Group was N9.98 billion, reflecting an increase of 91.5% year-on-year.

Mallam Maccido added “The asset management business achieved remarkable milestones, hitting above N600 billion in Assets under Management at the end of December 2023.

“The equities business also posted growth in PBT by 182% year-on-year.” In line with its commitment to providing robust and sustainable returns to shareholders, the Bank declared an interim dividend of N1.01 billion.

The Bank’s Board continues to ensure that its governance structures conform with international best practices and regulatory guidelines. At the meeting, shareholders approved the appointment of Mr. Afolabi Olorode as Acting Managing Director, noting that the approval of the Central Bank of Nigeria had been obtained for his appointment.

The retirement of Mr. Kayode Akinkugbe as Managing Director and Mr. Taiwo Okeowo as Deputy Managing Director was also acknowledged, both individuals having served the Bank meritoriously for eight years each.

Looking ahead to 2024, Mallam Bello Maccido expressed optimism about the improved outlook and opportunities for the Bank’s various lines of business.

He stated, “We are dedicated to accelerating revenue growth purposefully and responsibly. The Bank remains committed to delivering value to its stakeholders and driving growth in the years ahead. Its solid financial performance and strategic growth initiatives position it for continued success in the dynamic economic landscape.”

OPay remains committed to working closely with the Central Bank of Nigeria (CBN) and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.

As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.

To support government efforts to clean up the financial industry, Opay and other Fintechs companies have temporarily paused onboarding new customers and creating new wallets. This action reflects our commitment to a secure financial environment and fighting against illicit activities.

Please note that existing accounts and wallets remain unaffected by the CBN’s directive. We want to assure our customers that their funds are secure, their data is protected and this is a temporary measure.

Customer satisfaction is our top priority, and we are committed to promoting financial inclusion and economic growth as key players in Nigeria’s financial ecosystem

Corporate Affairs Commission (CAC) has said that all financial technology operators (Fintechs) must register with the commission before July 7, 2024, noting that operating without registration is a crime according to the provisions of the law.

Hussaini Magaji (SAN), registrar general of the Commissio, stated this at the inauguration for the centre for bulk registration of Point of Sale (PoS) operators on Wednesday.

Magaji said, “It is the requirement of the law and the guidelines which Fintechs mandate PoS operators while obtaining their machines as outlined by the CBN to register with the CAC. Therefore, operating a PoS without registering with the CAC is a crime in Nigeria and the operator ought to be jailed.

“CAC on our part are enforcing the provisions of the law which mandates every legitimate business to register with the commission either as individual, business or merchant, and the PoS operators must register, and what we are doing now is to enforce parts of the provisions of the Companies and Alllied Matters Act (CAMA).”

Speaking further, he said, “CAC was asked to penalise PoS operators who are operating without registration with a N200 form. But because of the president’s position on encouraging small businesses, we agreed that no one should be penalized, which is why we have put a time limit on a date because we have had this sensitisation since December, and by July 7, 2024, we hope to close.”

Magaji added that the registration of all POS merchants and agents across the country would go a long way in reducing crime in the country.

He said, “We have a situation where ransom is paid with POS terminals, so with the registration, we will bring out the people whose machines were used to perpetrate the crime, because the CAC will capture all your information.”

He further noted that the registration centre would be open for 24 hours for Fintechs that might want to register manually, adding that the CAC had already created a structure for the Fintechs on the commission’s portal for ease of registration, where the certificate would be automatically generated and sent to their platform. CAC Opens Centre for Registration of PoS Operators