The development follows the bank’s divestment from First HoldCo Plc and its acquisition by EverQuest Acquisition LLP, an investor consortium led by Custodian Investment Plc.

According to Afolabi Olorode, the acting managing director, the transition represents a pivotal moment in the bank’s evolution.

“This marks a defining milestone in the Bank’s journey, one that reflects our consistent performance, institutional strength, and long-term potential,” Olorode said.

He noted that the new ownership reinforces confidence in the bank’s trajectory and provides a strong foundation for its next phase of growth.

“As we move forward under new ownership, our focus remains unchanged: delivering exceptional value to stakeholders, deepening market leadership, and building a sustainable institution for the future.”

Olorode assured customers and partners that the bank remains fully operational, with all client services, existing relationships, and leadership structures continuing without disruption.

“We are grateful to all who have been part of this journey and remain committed to creating enduring value for our clients and stakeholders,” he added.

FBNQuest Merchant Bank expressed appreciation to its stakeholders for their continued trust and reaffirmed its commitment to stability, performance, and long-term growth as it enters a new chapter under EverQuest’s leadership.

This award underscores FBNQuest’s strategic commitment to advancing Nigeria’s economic diversification agenda by empowering Medium, Small, and Micro Enterprises (MSMEs) and driving growth in the non-oil export sector.

Through tailored financial solutions and deep market expertise, the bank continues to play a pivotal role in unlocking value across key segments of the economy.

Afolabi Olorode, acting managing director and chief executive officer, expressed his appreciation for the honour, stating:

“We are honoured to be recognized as the MSME Trade Finance and Non-Oil Export Merchant Bank of the Year. This award is a testament to our team’s dedication to delivering innovative trade finance solutions and strategic advisory that enable MSMEs to thrive and compete globally. It also reflects our unwavering support for Nigeria’s non-oil export sector, which is critical to building a resilient and inclusive economy,” he added:

“At FBNQuest, we believe that MSMEs are the backbone of economic transformation. Our focus remains on providing bespoke financial products, and strategic partnerships that accelerate growth, create jobs, and foster innovation. This recognition strengthens our resolve to continue championing sustainable finance and inclusive development.”

As the bank looks ahead, it remains committed to deepening its engagement with MSMEs, expanding access to trade finance, and supporting Nigeria’s transition to a more diversified and export-driven economy.

FBNQuest Merchant Bank extends its gratitude to all stakeholders for their continued trust and collaboration and reaffirms its dedication to delivering impactful financial solutions that shape the future of commerce in Nigeria and beyond.

This milestone underscores the Bank’s dedication to employee engagement, organisational culture, and leadership effectiveness, reinforcing human capital as a core strategic differentiator in an increasingly competitive financial services landscape.

The certification followed a rigorous evaluation of employee feedback, workplace culture, and leadership practices, validating FBNQuest’s deliberate people-centred strategies designed to capture growth opportunities amid regulatory advances, fintech disruption, and digital transformation.

“Our recognition as a Great Place to Work reinforces a key tenet of our strategy: that sustainable competitive advantage in modern investment banking is built on exceptional human capital,” said Afolabi Olorode, acting managing director, FBNQuest Merchant Bank.

“In a market defined by technological acceleration, evolving client expectations, and regulation, our people-first approach is not optional, it is a strategic necessity. When we empower our people through targeted development and engagement, we expand our capacity to innovate, strengthen agility, and deliver superior financial solutions. This recognition confirms that investing in talent is the most effective pathway to sustainable growth and resilience.”

This certification reflects FBNQuest’s rigorous focus on key areas critical to its strategic objectives:

– Leadership Excellence: Cultivating a high-trust management culture that enables swift decision-making and strategic agility.

– Talent Development: Accelerating capabilities aligned with market trends, including digital banking and compliance.

– Operational Flexibility: Supporting productivity through adaptive work arrangements, ensuring client responsiveness.

– Inclusive Innovation: Fostering diversity of thought that fuels creative solutions and market insights.

– Talent Attraction & Retention: Implementing a comprehensive rewards strategy to draw top-tier industry talent.

In a financial sector undergoing unprecedented transformation, FBNQuest Merchant Bank’s deliberate focus on people not only strengthens its competitive edge but also enhances its Environmental, Social, and Governance (ESG) profile. This positions the Bank as a trusted partner for global investors and strategic alliances, while reinforcing its role as a key driver of Nigeria’s economic transformation.

A Future-Ready Workforce for a Changing Market. This certification reflects more than an accolade, it signals the Bank’s commitment to building a motivated, engaged, and future-ready workforce.

By aligning people strategies with business objectives, the Bank continues to deliver on its mandate of innovation, resilience, and sustainable growth, setting a benchmark for excellence in Nigeria’s financial services industry.

This milestone transaction marks Accion’s first-ever entry into Nigeria’s capital markets and demonstrates the Bank’s growing strength as a credible issuer within the country’s debt capital landscape.

A Milestone Transaction with Strategic Impact

The Series 1 issuance, which opened on 20 August and closes on 29 August 2025, provides Accion with access to diversified and cost-efficient funding sources, reinforcing its mission to expand financial inclusion and support micro, small, and medium enterprises (MSMEs).

Backed by an A- credit rating from DataPro, the issuance reflects Accion’s strong fundamentals, robust liquidity, and ability to meet obligations.

Importantly, this transaction is among the first SEC-registered Commercial Paper programmes by a Nigerian financial institution under the current regulatory framework, underscoring both the resilience of Nigeria’s capital markets and FBNQuest’s role as a trusted partner in shaping its evolution.

Leadership Commentary

“As we look to the future, Accion Microfinance Bank remains committed to innovation, ethical banking, and sustainable impact. This programme is a bold step in our journey to deepen financial inclusion. With the support of our partners, we are confident of delivering even greater value to our customers, our investors, and the communities we serve,” said Taiwo Joda, MD/CEO, Accion MFB.

Commenting on FBNQuest’s role, Yetunde Falore, Head of Investment Banking at FBNQuest Merchant Bank, noted:

“We are proud to have partnered with Accion MFB on their debut into the Nigerian Capital Market. This landmark transaction reflects the strength of Accion MFB’s fundamentals and reinforces the confidence investors place in both the issuer and FBNQuest’s strong execution capabilities. We remain committed to supporting Accion MFB and institutions like them in accessing efficient and diverse funding solutions to drive financial inclusion and growth”

Strategic Benefits for Accion Microfinance Bank

• Diversified funding base attracting a wider range of investors.
• Cost-effective alternative to bank loans, improving capital efficiency.
• Stronger liquidity to drive lending capacity and operational growth.
• Enhanced market visibility and credibility through SEC-registered issuance.
• Sustained expansion in micro-lending, accelerating financial inclusion.

Broader Economic Impact

• Expands access to affordable credit for MSMEs and underserved communities.
• Supports job creation by fueling entrepreneurship and small business growth.
• Deepens Nigeria’s debt capital market through new categories of issuers.
• Reinforces investor confidence and regulatory trust.
• Channels investments into productive sectors, contributing to sustainable economic growth.

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.”

This year’s Global Money Week was themed “Protect Your Money, Secure Your Future” to raise awareness among younger generations about savings culture, investment, and financial discipline.

To promote financial literacy, FBNQuest employees volunteered to teach and interact with pupils, providing insights and techniques on the importance of developing a savings culture from the money given to them by their parents, guardians, and family members.

This will ensure preparedness to capitalise on investment opportunities, promoting a proactive approach to future growth and prosperity.

During the financial enlightenment session with the students, Olamide Adeosun, the chief financial officer at FBNQuest Merchant Bank, emphasized that planning for the future requires self-discipline, commitment, and deliberate effort to achieve desired outcomes. As young adults, it is imperative to have a sound knowledge of savings and investments to raise consciousness on how to grow their money in a safe and sustainable manner to meet their future financial needs.

She stated the need to educate young adults on the smart steps they can take to have their money protected and secured for the future.

The organization continues to show its commitment to improving and deepening the financial knowledge of Nigerian children through its support of Global Money Week.

Through the employee volunteering initiative, FBNQuest employees have trained over 400 students on the importance of Financial Literacy.

The schools visited spanned across Lagos, Abuja, and Rivers states, and representatives shed more light on having clear and specific goals to guide financial decisions.

These were communicated using simple, relatable illustrations, making it easy for the students to understand the importance of cultivating the habit of putting money away to secure their future goals.

Commercial Papers (CP) in Nigeria has remained a viable funding option for corporate entities seeking to finance their short-term expenditures, including working capital.

FBNQuest has had a strong reputation for helping indigenous and multinational corporates access the Capital Markets to meet their funding goals.

The firm assisted institutions such as; MTN Nigeria Plc, Dangote Cement Plc, Valency Agro Nigeria Limited, Flour Mills of Nigeria Plc., Nigerian Breweries Plc., CardinalStone Partners Limited, and African Nonferrous Industries Limited, to name a few, in tapping into the Capital Market to access funding.

FBNQuest’s role as Lead sponsor in arranging the registration of CardinalStone Partners Limited’s N20billion Commercial Paper Programme, Flour Mill of Nigeria Plc’s (FMN) N200 billion Commercial Paper Programme, and the subsequent quotation of the first two issuances under that Programme – ₦13.33billon Series 1 and ₦51.64billon Series 2, and African Nonferrous Industries Limited’s N10billion Commercial Paper Programme.

These transactions reinforce its commitment to empower corporate institutions to expand into greater funding success through the Capital Market.

Speaking on the transactions, Afolabi Olorode, Head, Corporate & Investment Banking, FBNQuest Merchant Bank, stated:

‘We are pleased to have supported the successful delivery of several commercial paper programmes and other subsequent issuances to our corporate clients. These programmes emphasise the critical role of the Nigerian Capital Market in providing funding to the private sector for sustainable development. These collaborations are in line with our commitment of delivering value-added investment banking solutions to our stakeholders to enable them to achieve their strategic goals. We will continue to support, strengthen and expand our expertise to demonstrate the most advanced and innovative structures in the Debt Capital Markets’’.

The firm also introduced the use of a Liquidity Support Facility (LSF) structure for UPDC Plc’s Commercial Paper transaction, a feature which enhanced the instrument’s credit with a rating of ‘A-’, and was six notches higher than the Issuer’s rating on the merit of the LSF providers.

As a full-service investment bank, FBNQuest has continued to broker Commercial Paper deals for clients across major industries such as Financial Services, Fast Moving Consumer Goods (FMCG), Real Estate, Agriculture and Agro-commodity, Manufacturing, Oil & Gas etc.

It is the unified brand 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.

The bank believes the initiative is one that would ultimately drive economic growth in Nigeria and equip young adults with life-long skills.

The Youth-Powered initiative will empower participants to broaden their outlook on their future plans providing them access to skills, social capital, and resources needed to realise their aspirations through training and mentorship.

The mentorship program aims to improve the health and well-being of urban, low-income adolescents, between the ages of 15 and 19, by increasing voluntary family planning uptake, situating family planning holistically such that it encompasses: enhancing youths with life skills for healthy living and future planning; fostering an enabling social and policy environment for adolescent health and development; and increasing youth workforce readiness, job opportunities, and entrepreneurship to address socioeconomic determinants of adolescent health.

In line with the bank’s Corporate Responsibility and Sustainability efforts, the firm continues to seek opportunities to give back to our community and the USAID Youth-Powered Ecosystem program presents the platform to achieve this goal.

The organisation is thrilled with this partnership as it is targeted at young adults with the aim of ensuring that they are not only equipped with a skill but are also inspired to prepare for their future.

A representative from DAI stated that “At DAI we are pleased to collaborate with a reputable organisation like FBNQuest to provide hope for the future of out-of-school adolescents that USAID through the Youth-Powered Ecosystem to Advance Urban Adolescent Health Project is programming for, especially through its livelihood trainings and empowerment.

FBNQuest’s contribution to the skill acquisition training of a few young ones will see many of them take charge of their lives by improving their ability to earn a living. We look forward to such commitments from FBNQuest and other reputable companies so that many more adolescents would benefit; and thereby improve their immediate well-being and achieve their long-term goals”.

Commenting on the partnership, Kayode Akinkugbe, Managing Director/CEO, FBNQuest Merchant Bank stated “We are pleased to have partnered with USAID on this laudable initiative that will promote and drive knowledge and skill development. We recognise programs such as these plays a vital role as a catalyst for growth, and we remain committed to equipping our youth with the relevant skills needed to excel.

“We will continue to work with reputable institutions to implement initiatives that will provide access and more opportunities for young leaders to contribute directly to building the Nigerian economy,” he added.

FBNQuest Merchant Bank continues to demonstrate its commitment to delivering people empowerment and financial literacy programs, through various partnerships such as its collaboration with EnterpriseNGR on their Youth of Enterprise (YOE) Initiative and Teach for Nigeria, a non-profit organization committed to developing leaders and promoting educational development across the nation.