Ideals you can depend on, ideas you can thrive on.
YOUR PARTNER FOR FINANCING aND INVestMeNt sOLUtIONs
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REINFORCING OUR CHERISHED HERITAGE WITH FRESH IDEAS FOR THE FUTURE.
YOU WANT tO kNOW YOU are IN saFe HaNDs. WE HAVE OVer 100 Years OF FINaNCIaL eXPerIeNCe YOU CaN reLY ON.
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to ensure success in ever-changing business enviroments, it is essential to have a clear understanding of clients’ needs and the ability to assist them in realising their expectations. at FBN Capital, nothing drives us more strongly than the commitment to ensure our clients succeed. as your financial partner, we provide game-changing ideas and solutions, while adhering to the highest ideals and principles.
OUr FIrM FBN Capital Limited is a full service investment bank and asset management company. We are a subsidiary of FBN Holdings Plc, one of the strongest and most dependable financial groups in africa, with significant financial capacity and a strong tradition of governance. at FBN Capital we arrange finance, provide advice, administer assets, manage funds, sell investment products and invest alongside clients; and we provide these services through five key divisions: • Investment Banking • Markets • trust and agency services • asset Management • alternative Investments
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We recognise that the financial needs of our clients are becoming more sophisticated. We are continuously investing in our people, processes and systems in order to provide our clients with optimal financial solutions. Our world-class team of professionals operate from offices in Lagos, abuja and Port-Harcourt. Our clients include governments, financial institutions, corporates and High Networth Individuals (HNIs).
Our vision is to be a world-class investment bank and asset manager. Our mission is to create value and wealth for all our stakeholders. Our core values are driven towards living service excellence, innovation, integrity and team work.
FBN Capital Limited possesses signiďŹ cant ďŹ nancial capacity, with access to the tradition and heritage of the FBN Holdings Group.
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Origination & Client Coverage
INVESTMENT BANKING Project & structured Finance Debt Capital Markets equity Capital Markets Financial advisory
TRUST & AGENCY SERVICES
Corporate & Public trusts
Broking trading research
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OUr GeOGraPHICaL FOOtPrINt
FBN Capital’s footprint Ofﬁces: Head Office in Lagos representative Offices in abuja & Port-Harcourt FBN Holdings Plc: Lagos, Johannesburg, kinshasa, Paris, London, Beijing page | 7
YOU WANT tO traNsaCt WItH aN INstItUtION OF sOUND rePUtatION. WE HAVE aN eXPerIeNCeD BOarD aND MaNaGeMeNt teaM tHat Is COMMItteD tO a strONG traDItION OF GOVerNaNCe.
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FBN CAPITAL ARRANGED A US$132 MILLION FACILITY TOWARDS THE DEVELOPMENT OF NIGERIA’S GROWING TELECOMMUNICATIONS INDUSTRY.
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OUr PeOPLe at FBN Capital, we believe our people are our most valuable asset. Being one of the leading private sector employers in the country, we pride ourselves on being a progressive and responsible employer that constantly adopts best-practice in attracting, developing and retaining staff. We believe strongly in living our core business values and are focused on the continuous improvement of services provided to our clients.
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BOarD OF DIreCtOrs Ibukun Awosika Chairman Ibukun awosika is the Chairman of the Board of FBN Capital Limited. she is the founder and CeO of the Chair Centre Group, and serves on a number of corporate and not for profit boards including First Bank of Nigeria Plc, Cadbury Nigeria Plc, Convention on Business Integrity (CBII) and the Nigerian sovereign Investment authority. an outstanding and multiple award-winning entrepreneur, she is the First Nigerian recipient of the prestigious International Women entrepreneurial Challenge (IWeC, 2008) award as a nominee of the Us Department of state; a member of the Nigerian economic summit Group (NesG); a Fellow of the aspen Global Leadership Network; and a co-founder/member of the Board of trustees of Women in Management and Business (WIMBIZ). she is also the chairperson and promoter of after school Graduate Development Centre (aGDC), a social enterprise set up to address employability and enterprise Development amongst young Nigerians. QualiďŹ cations: Bsc Chemistry (University of Ife), Chief executive Programme (Lagos Business school), executive MBa (Iese Business school, Barcelona, spain).
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BOarD OF DIreCtOrs Kayode Akinkugbe Managing Director/Chief Executive Ofﬁcer
Taiwo Okeowo Deputy Managing Director Head, Investment Banking Division
kayode akinkugbe is the Managing Director and Chief executive Officer of FBN Capital Limited. He has over 20 years’ experience working in top tier global investment banks in the Uk and Nigeria, where he focused on arranging finance and providing strategic advice to public and private sector organisations. He joined from Deutsche Bank where he was Head of sub-saharan africa (ex-sa) coverage. He served as Deputy Managing Director of FBN Capital Limited before his appointment as MD/CeO in March 2012.
taiwo Okeowo joined FBN Capital Limited in 2006 from FirstBank Nigeria Plc where he was Head of the Corporate Finance Group. a seasoned professional with over 23 years’ experience in investment banking, taiwo was a pioneer staffer of IBtC (now stanbic lBtC) and has considerable experience in Project finance, M&a, restructuring and securities underwriting. He is the Deputy Managing Director and Head of the Investment Banking Division of FBN Capital.
Qualiﬁcations: sloan Masters – Msc Qualiﬁcations: Msc International accounting Management (London Business school), & Finance (London school of economics), MBa CFa Charterholder, Fellow of the Institute of Chartered accountants of Nigeria. (Cranfield University, United kingdom) first degree in economics (University of Ibadan).
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Our people drive our success. Remi Odunlami Non-executive Director
Bello Maccido Non-executive Director
Until her appointment as a Director within the First Bank Group (now FBN Holdings Plc), remi Odunlami was executive Director and Country risk Manager at Citibank Nigeria Limited with responsibility for the bank’s risk portfolio and process.
Bello Maccido is the current CeO of FBN Holdings Plc. He has over 20 years’ experience in corporate and investment banking and was, until his recent appointment, the executive Director retail North for First Bank of Nigeria Plc. Bello worked at ecobank Nigeria Plc, FsB International Bank where he became the acting Managing Director and Legacy Pension Managers where he was the Managing Director before he joined the FirstBank Group. He has also been called to the Nigeria Bar.
With over 18 years’ experience in banking, she held several general management positions and was the first sub-saharan african female and first Nigerian appointed to the level of senior Credit Officer within Citigroup. she also serves on the Board of seawolf Nigeria Limited. Qualiﬁcations: Bsc Mathematics (Warwick University, United kingdom), Fellow of the Chartered association of Certified accountants.
Qualiﬁcations: LLB (ahmadu Bello University), MBa Management Finance (Wayne state University, Usa), executive Management programmes (Harvard Business school, the Warton school and IMD, Lausanne, switzerland).
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MaNaGeMeNt teaM Funke Feyisitan Chief Operating Ofﬁcer Funke Feyisitan is a chartered accountant with over 23 years’ experience across financial control, product control and business operations management in major global investment banks. Prior to her appointment as FBN Capital’s Chief Operating Officer (COO) in september 2012, Funke was the executive Director/ COO in JP Morgan with responsibility for several investment banking businesses across europe, the Middle east and africa. Qualiﬁcations: Bsc economics (Brunel University), securities and Financial services approved Person, FCa - Fellow of the Institute of Chartered accountants of england & Wales.
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Patrick Mgbenwelu Director and Head, Project and Structured Finance Patrick Mgbenwelu is the Director and Head of Project and structured Finance. Until his appointment in December 2011, he worked with stanbic IBtC Bank Plc where he was a Director within the standard Bank Group leading the deal team originating, structuring and closing of project financings in Nigeria. Patrick has over 20 years’ banking experience, with a primary focus on financial advisory, structuring, debt arranging/lending and closing of PPP/project finance transactions in the United kingdom, Portugal, saudi arabia, Qatar, Oman, kuwait, U.a.e, other GCC countries, and most recently in Nigeria. Qualiﬁcations:: associate of the Chartered Institute of Bankers (London), Msc Finance & Investment (Middlesex University Business school London) MBa (south Bank University, London).
Michael Oyebola Director and Head, Asset Management Michael Oyebola is the Managing Director of FBN Capital asset Management and has a wealth of experience spanning 18 years both locally and abroad. Until his appointment in January 2011, Michael worked as the Chief Investment Officer of Guaranty trust assurance Plc for four years and was the pioneer Head of Investment, Crusader sterling Pensions Limited. at Gta Plc, Michael headed assur asset Management (the asset management subsidiary) and led the investment management team that managed 17 billion of Guaranty trust assurance and client funds. Qualiﬁcations: associate Member of the CFa Uk, a member of the CFa Institute and an advanced Management Programme (aMP) alumnus (Lagos Business school), Masters degree in Finance (Middlesex University, London) and Masters of science in Investment analysis (University of stirling, scotland).
Irene Otike-Odibi Company Secretary/Legal Advisor Irene Otike-Odibi is Company secretary and Legal advisor. With over 17 years’ legal practice (with a particular bias for company and commercial law), Irene has worked in several top commercial law firms in Lagos including Olaniwun ajayi & Co and aluko & Oyebode, where she gained extensive experience in project finance, capital market operations (particularly in collective investments), advising core investors in the privatization process and mergers and acquisition. Qualiﬁcations: LLB (University of east-anglia, Norwich) and member of the Nigerian Bar.
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EMEAFinance Africa Banking Awards: Best Debt House in Nigeria
EMEAFinance Achievement Awards: Best Bond in africa – Bayelsa state Government
EMEAFinance Achievement Awards:
EMEAFinance Africa Banking Awards:
Best syndicated Loan in africa – Oando Plc
Best Debt House in Nigeria
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Global Finance World’s Best Investment Bank Awards: Best Investment Bank in Nigeria EMEAFinance Africa Banking Awards: Best PPP deal in africa – Deanshanger Projects
EMEAFinance Achievement Awards: Best Local Currency Bond House
EMEAFinance African Banking Awards: Best Debt House in Nigeria
EMEAFinance Project Finance Awards: Best Infrastructure deal in africa – apapa sPM Global Finance World’s Best Investment Bank Awards: Best Investment Bank in Nigeria
EMEAFinance Achievement Awards: Best Local Currency Bond House
We have been recognised for our dedication to clients, excellent service and unique expertise. page | 17
YOU WANT ONe FINaNCIaL PartNer tO Cater tO aLL YOUr NeeDs. WE HAVE a BrOaD arraY OF sOPHIstICateD sOLUtIONs tO OFFer.
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FBN CAPITAL PLAYED A PIVOTAL ROLE IN THE CONSTRUCTION OF A 128KM GAS PIPELINE IN NIGERIA
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INVestMeNt BaNkING We have the expertise and know-how to advise on a wide range of situations specific to each client. Our services include: Project and Structured Finance
Equity Capital Markets
• acquisition finance
• Preferred stock issuance
• Project finance
• Private placements
• Debt structuring and arranging
• equity and convertible securities issuance
• Leveraged Financing
• Initial public offerings
• Financial modeling
• rights issues
• PPP consulting and bid support
• Project risk due diligence analysis • supply chain finance
• sell-side M&a advisory • Buy-side M&a advisory
Debt Capital Markets
• restructurings and recapitalisations
• Goverment, agency and corporate bond issues
• Corporate sales and divestitures
• asset Backed securities
• Corporate Finance
• High Yield Bonds
A deep understanding of investment banking actualities.
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We have a strong track record in debt capital markets, equity capital markets, financial advisory and project and structured finance. at FBN Capital, we have advised on several groundbreaking transactions across the telecommunications, financial services, infrastructure, oil and gas and manufacturing sectors of the economy. We remain an industry leader in deal origination, execution and distribution and execute all transactions with innovation, enthusiasm and commercial pragmatism.
An innovative approach to seamless execution of mandates from structuring and regulatory approval to market offering
An experienced team in managing transactions in the Nigerian Equity and Debt Capital Markets
Sustaining and growing market leadership.
INVESTMENT BANKING EXPERTISE
Deep and extensive relationships with key regulators
Industry knowledge, and an excellent network with investors & financial institutions
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Origination and Client Coverage the Origination and Client Coverage group is the primary initial interface between the firm and its clients. Our clients include some of the largest Nigerian and multinational corporations, Federal and state governments and other leading operators across sub-saharan africa. Our team of experienced professionals build strong relationships with clients, understand their strategic, financing or risk management needs and partner with the relevant product group to deliver on the FBN Capital platform. We focus on the following industry sectors: • Oil and Gas • Infrastructure and Power • agribusiness • Diversified Industries • Financial Institutions • Public sector • technology and telecommunications • real estate and Hospitality • Consumer and retail We won the 2012 EMEAFINANCE Award for Best Debt House in Nigeria and Best Local Currency Bond House.
Debt Capital Markets We have gained extensive recognition by local and international organisations as a leading issuing house for sub-national government and corporate bond issues in the Nigerian capital markets. Our resourceful and pioneering team originates and executes bonds, asset-backed securities and hybrid instruments. Our award-winning approach to each transaction focuses on each client’s financing need and the impact on their short- and long-term strategic goals. Our diverse product and sector specialists possess an in-depth knowledge of the business and effectively engage all necessary stakeholders to ensure delivery of cost-effective solutions.
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Providing cutting-edge solutions tailored towards your ﬁnancial objectives.
Equity Capital Markets Our highly rated team of experts works closely with private and public companies, carefully guiding them through the entire process of raising equity. We structure and execute equity and equity-linked products such as initial public offerings, follow-on offerings, rights issues, private placements and convertibles. We approach each transaction by working closely with our clients to select the optimal structure, size, timing, pricing and marketing strategy. Financial Advisory We deliver corporate finance and strategic advice to clients. FBN Capital is a leading transaction advisor across several sectors, assisting clients in actualising both organic and inorganic growth objectives by leveraging on our deep industry knowledge and product expertise. We have successfully advised major corporate and financial institutions on both domestic and cross-border initiatives. We provide support over the entire spectrum of the client’s economic and business cycles, offering independent and impartial advice. M&A
FBN Capital has advised on corporate restructurings in excess of Us$5 billion to date. Our capabilities include mergers, acquisitions, privatisations, management buy-outs, leveraged buy-outs, divestments, spin-offs, joint ventures, take-overs, as well as private investments in public equities (PIPes) and group private transactions.
We assist in balance sheet restructuring, cash and working capital restructuring, corporate re-organisation and pre-financing advisory. Our industry footprint covers the entire value chain across financial services, energy and natural resources, infrastructure, consumer markets and information and communication technology.
Having a clear understanding of the complexities of M&a and restructuring transactions, we guide and support our clients, and manage the challenges of the process. Our approach is based on: • Understanding our clients’ strategic imperatives and objectives for each transaction • evaluating all relevant options within the context of our clients’ objectives • executing our clients’ preferred strategy efficiently
FBN Capital led the largest fully underwritten subnational issue in Nigeria and was the only Nigerian investment bank that worked on the debut FGN Eurobond issue in 2011. We also led the largest equity issue in Nigeria to date. page | 23
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Project and Structured Finance We assist a variety of clients in structuring and arranging optimal financing solutions for both green and brown field projects spanning all sectors of the Nigerian economy. One of our key strengths is the ability to distribute loan assets to numerous financial institutions, who are confident in our structuring capabilities. We provide access to long term funding and financial structuring and our transactions attract the participation of local financial institutions, foreign banks, as well as development financial institutions and multi-lateral agencies. PROJECT FINANCE ADVISORY
STRUCTURED FINANCE ADVISORY
Our product lines include project finance, debt structuring and arranging, financial modeling, project risk due diligence and analysis, PPP consulting and bid support.
We have strong debtsourcing and arranging capabilities; and an unrivalled track-record in closing challenging debtarranging mandates. We have through knowledge and hands-on experience in managing the entire debtraising process to achieve a successful and timely financial close.
We offer debt-structuring capabilities. We assist clients in developing optimal capital structures, reorganizing balance sheets/existing debt obligations to achieve short, medium and long term strategic objectives.
FBN Capital structured the first privately-funded gas pipeline as well as the first privately funded district development project in Nigeria.
Winner of the 2012 EMEA FINANCE award for the best infrastrcuture deal in Africa.
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Markets At FBN Capital, we work to understand clients specific needs and offer bespoke solutions to a diverse client base of investors, including high-net-worth-individuals, institutions, corporations and governments. We have: • Strong industry and market insight backed by an extensive local and international network. • Experienced and client-focused professionals with strong product and sector expertise • Close relationships with key regulatory institutions and a keen understanding of the local market. • Excellent investor relationships and distribution capabilities as part of FBN Holdings Plc, one of Nigeria’s largest financial institutions. • Differentiating research capability in macro-economic, fixed income and equity research. Structuring Our Structuring team works closely with sales, trading and investment banking to provide structured products across different assets to enable clients achieve their investment and financing needs. Our product specialists work with clients based on a value-creating approach, initiating trading or transaction ideas, as well as tailoring and pricing bespoke solutions.
Short or long term, we have options to meet your investment requirements.
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Institutional Sales the Institutional sales team services a broad segment of investors including, pension fund administrators (PFas), insurance companies, banks and financial institutions, local and offshore portfolio managers, public sector, large corporations, endowment funds, foundations and cooperative societies markets.
Partnership approach with institutional clients
We provide access to primary and secondary, debt and equity securities, structured investment products, mutual funds and a wide range of investment vehicles. Our partnership approach with institutional clients is anchored on: INVESTMENT CAPABILITIES
We offer our clients customized investment solutions leveraging off our capabilities across equity, fixed income, money market and alternative asset classes.
Our operational stability and intellectual capital provides a robust framework through the investment lifecycle, from investment consultation through to post trade management.
Channels Management Our Channels Management team is committed to building and maintaining relationships with our High Networth clients (HNIs) and other retail clients. Our team of experts ensure that the right products are deployed to meet each clientâ€™s specific needs by providing investment advice, recommending appropriate solutions and efficiently executing sales and purchase requests. the team also develops alternative channels to ensure the efficient servicing of clients and effectively leverages on FBN Holdings Plc.
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Broking We act as stockbrokers on primary issues, serving as the intermediary between the issuers/financial advisors and the Nigerian stock exchange. We distribute public offerings on behalf of issuers and ensure a seamless process of listing proposed companies on the ﬂoor of the exchange. Trading through our subsidiary FBN securities Limited, we offer brokerage, and market making services. We trade actively in the equity and fixed income markets and provide full stockbroking services executing client requests on listed shares.
BROKERAGE SERVICES We offer comprehensive and efficient brokerage services, providing expert advice based on an extensive knowledge of local and international market trends. Our offering covers sourcing large blocks of shares, executing trades on the ﬂoor of the Nigerian stock exchange at the best available price and liaising with registrars, custodians and the central securities clearing systems on behalf of our clients. Our clients enjoy full administrative functions to facilitate timely trades and maximise return on investments. We service HNIs as well as local and foreign institutional clients.
MARKET MAKING FBN securities is one of the initial 10 Market Makers approved for trading on the Nse. appointed and regulated by the Nse, our market making service aims to drive liquidity in the trading of listed stocks and enhance investors’ confidence in the market.
In-depth, qualitative research. page | 28
Research research is at the heart of our value proposition to our clients. In todayâ€™s rapidly changing financial environment, we believe our clients need a financial partner they can rely on to provide clear guidance, progressive thinking and innovative products. Our in-depth and qualitative research covers macroeconomics, fixed income and equities, offering timely market commentary and detailed analyses of the local economy, major sectors listed on the Nigerian stock exchange (Nse) and the Federal Government of Nigeria bond market. Our sound recommendations are based on a thorough and objective analysis of the relevant companies within the context of their respective industries, the local market and international peer set. Our research is well recognized and acclaimed for its value and integrity, as we provide existing and prospective investors access to reliable, independent, quality research to aid investment decision-making and strategy development.
A full range of solutions on offer.
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trUst aND aGeNCY serVICes Corporate and Public Trusts as a leading trustee services provider through First trustees Limited, we have a strong history and market position. the trust & agency unit acts as a custodian of assets for public, corporate and private entities. We also administer, manage and transfer assets on behalf of beneficiaries. Private Trusts Our experienced trust advisors counsel clients on the most suitable estate planning options available to manage their affairs. ESTATE PLANNING
We structure lifetime and testamentary trusts created by clients to take effect during or after their lifetime. We also draft wills and codicils and provide executorship and estate administration services. Further guidance is given to clients who wish to create special purpose trusts with a specific purpose in mind, usually targeted at a particular future need or event.
We help to set-up, structure and manage charitable trusts such as foundations and endowments. We also act as platforms via which funds can be raised for extraordinary charitable causes.
We act as escrow agents to transactions among parties and hold title documents for safekeeping purposes in accordance with the custodial agreement. safety, security, neutrality and confidentiality remain our major consideration in this regard.
Agency Services through a team of experts, we act as a financial agent on transactions, including: â€˘ syndicated loans â€˘ Corporate bonds
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Integrated offerings through efďŹ cient collaboration.
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asset MaNaGeMeNt Our specialist portfolio and fund management services, through FBN Capital asset Management, covers managing investment accounts of high-net-worth-individuals and institutional clients; including insurance companies, pension funds, public and private mutual funds, endowment and charity funds, as well as segregated and special accounts. Our Investment Philosophy the core principles of our philosophy remain at the very heart of our business: • We are committed to adhering to our fiduciary responsibility. • We endeavour to grow our clients’ assets based on fundamentally sound investments. • We are singularly focused on our client’s needs without any conﬂicts of interest. We provide our clients unrivalled investment management services by focusing our efforts only on those areas of expertise where we have a deep understanding and clear competitive advantage. this is a function of the quality of our investment managers and analysts, supported by the right infrastructure and services. INVESTMENT PROCESS
Agree Client’s Investment Objectives Exit & Superior Returns to Investors
Investment Policy Statement
Postinvestment Management, Monitoring & Analysis
Research and Analysis
Asset Allocation/ Portfolio Construction
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Applying a client-driven investment strategy.
Our broad range of products and services aim to assist individuals to adequately provide for their future through solid financial planning. We support corporations and public funds in meeting their regulatory obligations, advise universities, charities and other not-for-profit organisations and establish sound investment programmes for insurers. Our discretionary and non-discretionary fund and portfolio management services cater to: • Public sector funds
• Gratuity and other end-of-service schemes
• Private funds
• Charity funds
• segregated accounts
• trust accounts
• Insurance company funds and products
• Mutual funds
• endowments funds PORTFOLIO MANAGEMENT
We tailor our products and services to ﬁt your needs. Money Market Instruments
Real Estate Investments
WEALTH MANAGEMENT Private Equity Investments
Capital Market Instruments/Equity Investments
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aLterNatIVe INVestMeNts First Funds Limited, a subsidiary of FBN Capital Limited, is our primary platform for providing growth capital to firms looking to finance their expansion plans. Our investments cut across various sectors including food and beverages, hospitality, travel and leisure, healthcare, leasing, telecommunications, real estate and oil and gas. From 2004 to 2008, we managed over N6billion (estimated $40m) of First Bank of Nigeria Plcâ€™s reserve under the defunct sMeeIs programme, an initiative of the Central Bank of Nigeria. We now focus on providing risk capital to high- growth mediumsized companies. We make significant minority equity and quasi equity investments in businesses across Nigeria, and seek to partner with companies backed by strong and experienced management teams, with scalable business models, and products that enjoy a large addressable market. Our team of specialists work towards unlocking shareholder value through partnerships with entrepreneurial management teams.
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DiversiďŹ ed investments. Solid returns.
Expert collaboration in the Energy, Hospitality, Infrastructure, Agribusiness, Real Estate and Public sectors. page | 35
CONtaCt Us: Head Ofﬁce 16 keffi street off awolowo road s W. Ikoyi Lagos, Nigeria tel: +234 (1) 2798300, +234 (1) 270 7180 – 9
Abuja Representative Ofﬁce Plot 777, Muhammadu Buhari Way Central Business District abuja, Nigeria tel: +234 (9) 234 2992
Ideals you can depend on, ideas you can thrive on. A subsidiary of FBN Holdings PLC ©2013 FBN Capital Limited. All rights reserved. This communication is intended for information purposes only. It does not serve as investment advice. Please contact listed offices for further information.
Port Harcourt Representative Ofﬁce 3rd Floor, 22/24 aba road, Port Harcourt, Nigeria tel: +234 (8) 4802745