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Tag: Merchant Bank

  • FBN Holdings clarifies on divestment of FBNQuest Merchant Bank

    FBN Holdings clarifies on divestment of FBNQuest Merchant Bank

    FBN Holdings Plc, on Tuesday explained the rationale behind the divestment of its Merchant Banking business to EverQuest Acquisition LLP.

    The Holding company also listed its other entities and businesses not included in the sale.

    Mr Adewale Arogundade, Acting Company Secretary of the Holdings made the clarification in a notification sent to the Nigerian Exchange Ltd.(NGX) in Lagos.

    A divestment involves a company selling off full or partial stake of its assets through sale, exchange, closure, or bankruptcy, often to improve the company’s value and obtain higher efficiency.

    Many companies use divestment to sell off peripheral assets that enable their management teams to regain sharper focus on the core business.

    NAN reports that FBN Holdings had, on Friday informed the NGX of sale of 100 per cent equity stake in its wholly-owned subsidiary, FBNQuest Merchant Bank Ltd., to EverQuest Acquisition LLP.

    The Holdings said the sale and purchase agreement which aligns with its strategy to optimise its portfolio within the group was subject to approvals from the relevant regulatory authorities.

    Arogundade said that the divestment pertains solely to FBNQuest Merchant Bank, with no impact on the continued operations or strategic positoning of its other subsidiaries within the group.

    “We wish to clarify that all other entities and businesses listed below are not included in the divestment and they remain subsidiaries of FBN Holding  and are well integrated into the group’s strategic focus.

    “These entities are: FBNQuest Capital Ltd.,  FBNQuest Asset Management Ltd., FBNQuest Trustees Ltd., FBNQuest Funds Ltd., and FBNQuest Securities Ltd.,”he said.

  • NOVA Merchant Bank uplifts 50 young lives through paediatric surgical intervention

    NOVA Merchant Bank uplifts 50 young lives through paediatric surgical intervention

    NOVA Merchant Bank, a leading merchant bank in Nigeria, has sponsored a Pediatric Surgical Intervention, as part of its 2023 Environmental, Social and Governance (ESG) program, specifically within its UPLIFT initiative project.

    This initiative, conducted in partnership with the Association of Paediatric Surgeons of Nigeria (APSON), positively impacted 50 indigent child patients at Lagos State University Teaching Hospital (LASUTH) on Monday, September 18, 2023.

    APSON is the umbrella body of all Paediatric Surgeons in Nigeria engaged in the treatment of surgical issues in children, the education and training of specialists in Pediatric surgery, and the enhancement and preservation of the high standards and quality of surgical care provided to children.

    This collaboration exemplifies NOVA’s unwavering commitment to community development and its dedication to impacting lives through its UPLIFT Initiative projects aimed at creating “Today’s solution for tomorrow’s sustainability (UPLIFT).”

    Speaking on the motivation behind NOVA’s intervention, Mr Nath Ude, Managing Director of NOVA Merchant Bank, said, “NOVA envisions a future in which millions of people have free or low-cost access to healthcare and where unnecessary pain caused by preventable illnesses and untimely fatalities can be mitigated. This intervention is a stride towards achieving this vision.” He added that, “No child should be deprived of their promising future due to a lack of healthcare accessibility” noting that the impact of this project will echo through lifetimes to come.

    Emphasizing the pivotal role of NOVA’s intervention, the President of APSON, Professor Roland Osuoji, said, “In the past year, Lagos state heavily subsidized paediatric operations for children between the ages 0-12 which have resulted in a growing waiting list, stretching until 2025.” He added that, “This initiative not only reduces the backlog but also saves lives and offers hope to these deserving families.

    Commenting on the patient selection process, Dr Omolara Williams, the Local Organizing Committee Chairman of the medical outreach, said, “We surveyed our group of patients from our database and pinpointed those who were on the waiting list due to financial constraints. We made every effort to contact as many of them as possible, and as a result, we now have patients ranging from 1 to 14 years old who will receive treatment for their pediatric conditions through this intervention.” She further emphasized the need for continued regional and national initiatives like this to bridge the gap in paediatric surgical care accessibility.

    Expressing appreciation for NOVA’s intervention, the LASUTH Chief Medical Director (CMD), Prof Adetokunbo O. Fabamwo, said, “This collaboration reflects a shared vision of a healthier and brighter future for children in Nigeria.” He noted that this meaningful impact is not just mending bodies but also building dreams.

    NOVA Merchant Bank Limited is an investment grade-rated merchant bank in Nigeria, offering an integrated suite of financial solutions encompassing Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction, and Digital Banking.

  • NOVA Merchant Bank pledges support to women embracing technology in Nigeria

    NOVA Merchant Bank pledges support to women embracing technology in Nigeria

    NOVA Merchant Bank, the leading Bank in Nigeria, has pledged to promote gender equality by supporting women who embrace technology skills, especially in our ever-evolving world.

    This commitment was made during the 2023 NOVA International Women’s Day (IWD) conference held recently, at the Bank’s headquarters in Lagos.

    The IWD conference is part of the Bank’s women empowerment initiative which began in 2020, where women in NOVA converge to discuss gender equality issues and proffer solutions.

    This year’s event featured prominent women who have distinguished themselves in their industries by leveraging technology and innovative solutions to drive value in Nigeria and Africa in line with the global theme, DigitALL: Innovation and Technology for gender equality.

    The Chief-Host and Executive Director of NOVA Merchant Bank, Mrs. Funke Okoya who welcomed participants at the conference, said, “Given the country’s transition to cashless policy,

    NOVA believes that women can play a significant role in providing innovative ideas to capitalise on the benefits of this disruption by leveraging innovation and technology.” She added that NOVA will continue to push for the capacity development of women in Nigeria in tech and drive initiatives that advance women’s cause.

    The Chief Information Officer, NOVA Merchant Bank, Mrs Mabel Irona-Nduka, reiterated the Bank’s stance on female empowerment, adding, “NOVA will continue to lead the many voices committed to women empowerment by making deliberate efforts to close the gender gap in traditionally male dominated roles like information Technology and most especially, at leadership levels.

    Guest Speaker at the event, Dr Ola Brown who is the Founding Partner, Health Cap Africa said, “Having tech savvy women in leadership roles means making more profits especially in a hyper-competitive industry such as banking where we must leverage and utilize all legitimate and innovative alternatives to optimize profit irrespective of gender, and this is where embracing equity is important.”

    Brown emphasised the need for women to believe in themselves as competent enough to advocate for quotas in all areas, including technology, politics, and their careers.

    In her own submission, the Managing Director/CEO, Digital Jewels Africa, Mrs, Adedoyin Odunfa who spoke on protecting the rights of women and girls in the digital space, said, “50 percent of women online have suffered some form of online violence and harassment from the responses and nuances.” She noted that it is critical to teach women and girls digital skills and how to deal with online violence, and also put policies in place to protect women’s rights in the digital space.”

    NOVA Merchant Bank Limited is an investment grade rated bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Corporate and Investment Banking, Asset, and Securities Management, Trade Services, Cash Management, Transaction, and Digital Banking.