FBNQuest Merchant Bank renamed Quest Merchant Bank

Afolabi OlorodeFBNQuest Merchant Bank Limited has announced the completion of its change of name and will now operate as Quest Merchant Bank Limited, following the receipt of all required corporate and regulatory approvals.

This was disclosed in a statement released by the firm on Monday.

The PUNCH reports that FBN Holdings Plc announced the sale of its 100 per cent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP in 2024.

With the receipt of regulatory approval for the name change, the company said that the development does not affect the bank’s legal or going-concern status, management, or the nature of its business.

“Quest Merchant Bank Limited remains a duly licensed merchant bank, regulated by the Central Bank of Nigeria and the Securities and Exchange Commission, and continues to deliver its full suite of merchant banking, advisory, and capital markets services to clients,” read part of the statement.

Commenting on the development, the Acting Managing Director/Chief Executive Officer, Afolabi Olorode, said, “This name change represents a pivotal milestone in the rich history of the bank and a deliberate strategic repositioning that reflects our resilience, strong track record, and long-term growth ambitions. While our name has evolved, our commitment to our clients, stakeholders, and regulators remains unwavering.”

As part of the transition, the bank is updating its branding, communications, and digital platforms to reflect the new name. During this period, some legacy references may remain visible across select touchpoints as updates are progressively completed. All existing contracts, client relationships, and obligations of the bank remain valid, binding, and fully enforceable following the name change.

Standard Chartered outlines 2026 investment outlook for Nigeria

Standard_Chartered_Bank_254c8b7e2aStandard Chartered Bank Nigeria Limited hosted its clients at the 2026 Global Market Outlook event, bringing together industry experts to examine the evolving global financial landscape and its implications for Nigeria in 2026, where it revealed that the country’s growth outlook is optimistic.

A statement from the bank on Tuesday stated that the well-attended event featured presentations from speakers drawn from Standard Chartered, including Manpreet Gill, Chief Investment Officer, Africa, Middle East and Europe; Lanre Olajide, Head of Wealth and Retail Banking, Nigeria; Ernest Adejumo, Head of Wealth Solutions; Uche Ugboh, Head of Treasury Markets; and Chima Eboh, Head of Affluent Banking and Branches.

The speakers delivered insights on current market trends, economic shifts, and wealth-building strategies, followed by a question-and-answer panel session that offered attendees practical perspectives on navigating opportunities and challenges in the year ahead.

Speaking on the impact of the global outlook on Nigeria and the investment opportunities available to stakeholders, Gill said, “Clients took away three key messages from the 2026 global market outlook: (i) Stay overweight equities, (ii) continue to generate attractive yields through diversified bonds, but most importantly (iii) diversify, both within equities and across asset classes given valuations and continued uncertainty.”

Adejumo said the key takeaways from the bank’s 2026 Global Market Outlook highlighted the importance of discipline and diversification in an increasingly complex global environment.

“While short-term volatility may persist, investors who concentrate on long-term fundamentals, quality assets, and informed, advisory-led portfolio construction are best positioned to navigate uncertainty and seize emerging opportunities.

“Our GMO reinforced a clear message for investors: clarity comes from context, not noise. By understanding the global themes influencing growth, inflation, and interest rates, clients are better equipped to make confident and well-timed investment decisions. This approach focuses not on predicting markets but on preparing portfolios through diversification and discipline, aligned with their long-term financial goals,” he said.

The event hosted over 1,200 clients across Lagos, Abuja, and Port Harcourt and concluded with a networking lunch with the bank’s management team.

Nigeria’s economic outlook for 2026 remains cautiously optimistic, with GDP growth projections of 4.3 to 4.4 per cent, driven largely by the services sector, particularly ICT and finance, as well as a potential recovery in the oil sector. Efforts to diversify revenue sources beyond oil are ongoing.

However, challenges, including high inflation and fiscal pressures, persist, while poverty is expected to remain an issue despite reforms aimed at promoting inclusive growth.

Key focus areas include stabilising the naira, controlling inflation through effective monetary policy, improving infrastructure, and ensuring that government policies translate into tangible benefits for citizens. Achieving these goals will require strong fiscal discipline and comprehensive structural reforms.

Standard Chartered said it remains optimistic about Nigeria’s long-term economic potential, emphasising the importance of sustainable reforms, infrastructure development, and regional cooperation in driving growth in Nigeria and across Africa. The bank noted that by aligning global trends with regional strengths, it is well-positioned to support clients and communities in achieving their goals in 2026 and beyond.

Africa Losing $15 Billion Annually From Export Of Crude Oil And Gas

By exporting about 70 per cent of its crude oil and 45 per cent of natural gas, Africa annually loses $15 billion, says the Association of Petroleum Producers’ Organisation (APPO).

The APPO Secretary-General, Farid Ghezali, disclosed this on Tuesday in his remarks at the official opening of the 2026 edition of the Nigeria International Energy Summit (NIES), in Abuja.

Ghezali said in spite of the continent’s immense potential, Africa was facing a paradoxical and frustrating reality of making such significant export of its natural resources.

However, Ghezali, forecasts a turn around of the situation, with the operations of the African Energy Bank (AEB) which is being positioned to raise about $15 billion to finance oil and gas projects in the continent of Africa by 2030.

APPO said the bank, which would begin operation fully by June in Abuja was expected to create over 500,000 direct jobs in the local midstream.

African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank), established with an initial capital of Five billion dollars.

Its core mandate is to mobilise domestic and regional capital for energy infrastructure, reduce Africa’s reliance on external financing, and align energy investments with the continent’s long-term development and industrialisation goals.

“The AEB will unify intra-African pricing for gas and oil, allowing our member countries to achieve savings of up to 30 per cent on their energy imports, a potential gain of 1.4 billion dollars for Africa,” he said.

He said financing remained the main bottleneck hindering the development of the continent’s strategic projects, adding that over 150 essential projects, from refineries to pipelines, such as the Ajeokuta-Kaduna-Kano (AKK) pipeline, to gas infrastructure remained blocked.

To address this anomaly, the APPO scribe, said the African Energy Bank was designed to unlock the 200 billion needed for the continent’s midstream-downstream projects by 2030.

Ghezali disclosed that the African Energy Bank would allow the listing of shares of the national oil companies in the continent and flagship projects, such as the Dangote Refinery or the AKK Gas Pipeline.

He explained that it would also connect Africa’s certified projects to the world’s largest sovereign wealth as well as to capital markets with structured equipment and public-private partnerships.

The Chairman, Independent Petroleum Producers Group (IPPG), Adegbite Falade, in his remarks said Nigeria must build an energy industry that could sustain itself, deliver lasting value to Nigerians through collaboration and consolidation rather than through fragmentation.

“The future of the industry lies not in the whole model of extraction and exports of the nation’s raw hydrocarbons, but it lies in creating in-country value that fuels the economy and increasingly contributes to Gross Domestic Product (GDP) growth,” he added.

Falade said since 2025 edition of the summit, Nigeria’s oil and gas industry had recorded notable progresses across the entire value chain, adding that the upstream scaled up in terms of liquid production while gas production had grown significantly.

“This growth in liquid has been supported by an increase in export pipeline availability, reduced crude losses, and stronger indigenous contribution to production.

For the first time, indigenous producers and independents now account for more than 50 per cent of national production.

“We continue to see sustained implementation of the PIA and strengthening of sales through the issuance of relevant and appropriate executive orders.

“However, a few things still remain by way of all kinds of process stakeholders if we are to build an energy industry that is truly self-sufficient and that consistently creates value for the nation.,” Falade said.

He,however, urged the Federal Government to continue to create an industry that could allow the driving and the envelope of private capital to build our industry infrastructure.

Falade said, “Without this, we will not be able to reach the massive gap in potential that we have to meet in our contribution to the nation’s GDP.

We must reduce bureaucracy, we must streamline industry fees and related charges, just to make sure that operators remain competitive.

Our industry today operates at a significantly elevated premium in cost relative to other non-share jurisdictions. We must address the issue of access to long-term and affordable capital.

“We must ensure policy stability and adopt competitive fiscal frameworks that support resource monetisation and stimulate interest rate growth.”

Nigeria To Utilise Gas To Power Africa’s Rise — NNPCL

As an emerging global energy powerhouse, Nigeria has the responsibility to utilise its abundant gas resources to power Africa’s rise and contribute meaningfully to global stability.

Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, disclosed this during an address at the opening ceremony of the Nigeria International Energy Summit (NIES) 2026 held at the Banquet Hall of the Presidential Villa, Abuja.

“Nigeria’s pathway to a prosperous future lies in our collective ability to leverage our resource abundance, especially as gas sits at the heart of our strategy. It is our bridge to a cleaner future, our engine for industrialization, and our foundation for export-led growth”, Ojulari stated.

Describing what he termed as Africa’s energy trilemma, Ojulari said though the African continent is endowed with vast energy resources, it still grapples with issues of accessibility, affordability, and sustainability, with over 600 million Africans living without access to electricity.

He said that with 37 billion barrels crude oil and 209 trillion cubic feet of gas reserves, Nigeria and the NNPC Ltd are ready to lead the charge in changing the narrative.

“With over 600 million Africans still lacking electricity, the continent’s priority cannot be a copy and paste. Ours must be a just, equitable, people-centered energy additions, one that lifts our people out of poverty, powers industries, supports agriculture, transforms transportation, and unleashes the creativity of Africa’s youth”, he stated.

He said NNPC Ltd was not just a commercial entity but also a peace and prosperity enabler.

On steps being taken to enhance access to gas as the primary fuel for driving industrialization and economic growth, the GCEO said NNPC Ltd has launched a new Gas Masterplan, while aggressively progressing strategic gas infrastructure projects such as the Obiafu-Obrikom-Oben (OB3), Ajaokuta-Kaduna-Kano (AKK) gas pipelines, and the Escravos-Lagos Pipeline System (ELPS) expansion.

“These projects are more than pipelines, they are highways for economic opportunity”, he explained.

Labour Party crisis: Abure faction rejects Otti’s reconciliation move

The internal crisis within the Labour Party, LP, intensified on Monday after the Julius Abure-led National Working Committee, NWC, firmly rejected reconciliation efforts initiated by Abia State Governor, Dr Alex Otti, describing the move as dishonest and ill-timed.

The Abure faction maintained that the leadership dispute remains unresolved, stressing that ongoing legal proceedings have not been exhausted.

It also accused Governor Otti of playing a central role in triggering the crisis currently engulfing the party.

The party’s National Publicity Secretary, Mr Obiora Ifoh, dismissed Otti’s reconciliation proposal, questioning both its sincerity and timing.

“We are not interested in any reconciliation move being proposed by Governor Alex Otti because he is largely responsible for the crisis facing the party today,” Ifoh said.

He added that the reconciliation call was premature, noting that the court ruling being celebrated by the opposing faction was only a judgment of a lower court.

“What we witnessed was a decision of a court of first instance. Why can’t he wait for the outcome of the appeal before talking about reconciliation?” He asked.

Ifoh accused Otti of acting in haste, insisting that the Abure-led leadership would eventually prevail.

“Why is he suddenly in a rush? As far as we are concerned, their celebration is a pyrrhic victory. It will fade away, and Nigerians will soon see the authentic leadership of the Labour Party. The battle is far from over,” he stated.

The strong rejection emphasises the deepening divisions within the party, despite recent court rulings and the Independent National Electoral Commission’s, INEC, decision to recognise the Nenadi Usman-led National Caretaker Committee.

The Abure camp’s response came hours after Governor Otti publicly lamented the exit of the party’s former presidential candidate, Mr Peter Obi, describing his departure as a significant blow to the Labour Party.

Otti made the remarks in Abuja during a meeting involving members of the party’s Board of Trustees, leaders of the National Caretaker Committee, and representatives of the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC.

The meeting followed INEC’s recognition of the Nenadi Usman-led caretaker committee, a move earlier criticised by the Abure faction as rushed and prejudicial.

Addressing stakeholders, Otti said the party’s new leadership was committed to healing internal divisions and restoring unity after its court victory.

“We have agreed that there is a need to establish a reconciliation committee. The interim National Working Committee will advise on the appropriate time to set it up. The goal is to reconcile all members who are willing to return,” he said.

He appealed directly to the Abure-led faction to reconsider its position.

“We call on Julius Abure and his team to sheathe their swords and return to the party. As long as they are willing to abide by the party’s rules, we will gladly welcome them back,” Otti added.

The Abia governor also disclosed that the Labour Party would not participate in the forthcoming Federal Capital Territory, FCT, council elections and ruled out any plan to join a broader opposition coalition ahead of the 2027 general elections.

“Labour Party is already a coalition, a coalition of Nigerian workers and progressive-minded citizens. We have no intention of joining any other coalition,” he said.

Otti also commended INEC for complying with the Federal High Court judgment by replacing the Abure-led executive committee with the Nenadi Usman-led National Caretaker Committee on its official portal.

2027: APC constitutes central coordination committee ahead national convention

The All Progressives Congress (APC) has constituted a central coordination committee for its 2026 National Convention, in a move aimed at ensuring a smooth and well-organised party congress.

The committee was announced in a statement signed by the APC National Secretary, Senator Surajudeen Ajibola Basiru.

Imo State Governor, Hope Uzodimma was appointed Chairman of the committee, while Kwara State Governor, AbdulRahman AbdulRazaq will serve as Vice Chairman. Governor Mai Mala Buni of Yobe State was named Secretary of the committee.

The committee is made up of 73 members drawn from across the country, including serving governors, senators and other key party stakeholders. The list include governors from Kano, Kaduna, Borno, Lagos, Ogun, Rivers, Plateau, Katsina, Sokoto, Gombe, Jigawa, Yobe, Benue, Cross River, Ebonyi, and Nasarawa states, among others.

Prominent members include Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, Deputy Senate President Barau Jibrin, and several others.

The party noted that details regarding the inauguration of the Central Coordination Committee, as well as other activities leading up to the 2026 National Convention, would be announced in due course.

Tinubu Rejoices Over Fela’s Grammy Lifetime Achievement Award

President Bola Tinubu has identified with Nigeria’s afro beat king, Fela Anikulapo Kuti as a fearless voice of the people.

Tinubu, praised the late legend as the world of music honoured him.

In his words, Tinubu described Fela as more than a musician but a fearless voice of the people, a philosopher of freedom, and a revolutionary force whose music confronted injustice and reshaped global sound.

His courage, creativity, and conviction defined a generation and continue to inspire the world and in Yoruba mythology, he has transcended to a higher plane as an Orisa and he is now eternal.

Fela Kuti has blazed the trail with the Recording Academy of America’s Lifetime Achievement Award, becoming the first African to receive this honour, though posthumously. The award is an affirmation of his enduring global influence and the foundational role he has played in the evolution and impact of Africa on modern music.

“He defined Afrobeat, and you can hear and see his influence in generations of Nigerian musicians and in Afrobeats and beyond.” Tinubu wrote.

NAPTIP Raids Hotel In Anambra State, Arrests 4 Suspects

As part of the renewed onslaught on the activities of some human traffickers across the Country, the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has raided a popular, highly rated Hotel (Name withheld) located around the famous 33 areas of Onitsha, Anambra State, arrested four suspected traffickers, and rescued 17 alleged victims of human trafficking.

Also, during the coordinated operations, which was carried out with the support of the Military, two suspects allegedly involved in the selling and buying of babies within the States of the South East Region, were apprehended.

Sadly, 4 of the victims were said to be infected with HIV and are currently being counselled by a Team of Caregivers from NAPTIP and volunteers from the Anambra State Aids Control Agency (ANSACA).

It would be recalled that the Director General of NAPTIP, Binta Adamu Bello, OON, had few weeks ago read the riot act to human traffickers in the Country and promised to make the year 2026 unpleasant for them if they failed to desist from their nefarious activities.

The latest operation followed a credible intelligence by a non – State Actor based in Anambra State which indicated the presence of some underage girls within the said facility and the health status of the victims, having carried out a voluntary screening on them after proper counselling.

Investigation revealed that residents of the area have, before now expressed worried over the unwholesome activities of the operators of the Hotel which has about 45 rooms most especially the influx of men who daily throng there to cool off with the underage girls.

During the operation, while some of the victims were caught in the act with the randy lovers, other victims were seen in skimpy wears and bump shots apparently waiting for their usual customers.

During interrogation, the Victims disclosed that they were recruited from Benue, Imo, Ebonyi and Akwa Ibom States and trafficked to Onitsha for alledged prostitution.

They added that each of them remits the sum of N20, 000 to N25, 000 to their “Madam” daily by sleeping with about 5 men with multiple sex rounds.

“It was my boyfriend who said he saw a job for me here in Onitsha. When I arrived here, the Madam sent someone to pick me at the park and she introduced me to this hustling job. She said I will work for her and pay N20, 000 daily and that at the end of the year, she will buy me a box filled with assorted clothes and the sum of N500, 000 so that I can be free to go and start my own work. It is not with a good mind that I am doing this job, but it was too late for me to refuse”, one of the Victims narrated.

Another Victim whose status is compromised stated that “When the people care here to test us. They told me that I have been infested, and they advised me and my friends that we need to start treatment to flush out the infection. They gave us medicine. But, after they left, our Madam beat us seriously because we came out of the rooms to see the people who tested us. She collected the medicine they gave to us and warned us that we should never go out for any treatment again. I cried and cried for hours, and the more I cried, the more she beat me”, another victim ,narrated her ordeal with a bitter lamentation.

Speaking on the development, the Director General of NAPTIP, Binta Adamu Bello, expressed sadness over the plights of the victims and most especially their deteriorating health status.

“I want to sincerely thank the Military in Onitsha for their support to NAPTIP during this operation, and also the Gender and Human Rights State Response Team (GHR-SRT) domiciled under the Anambra State Aids Control Agency (ANSACA) in the Office of the Governor who provided timely intervention and collaboration that led to the rescue of the underage girls.

“I am most devastated by the health status of the rescued victims and the action of their so-called Madam who not only collected the Antiretroviral medicines that were given to them by the good spirited Organization that visited the hotel, but also prevented them from assessing any further medical opportunity. This is a criminal act and NAPTIP has launched a manhunt for her.

“The Agency has also invited the Owner of the Hotel for interrogation with a view to determining the next sanction on the facility.

“As said few weeks ago, NAPTIP shall continue to double its efforts and scale up activities to ensure a good chase for the human trafficking criminal elements in the Country”, the NAPTIP Director General stated.

Sanwo-Olu Urges Investors To Partner With Lagos State

The Governor of Lagos State, Mr. Babajide Sanwo-Olu, has urged local and international investors to invest in Lagos, saying the State is willing and ready to partner with investors.

He assured them of his administration’s commitment to providing infrastructure and a secure and safe environment for businesses in the State.

The Governor spoke at the Nigeria-UAE Investment Forum tagged “Investopia Global Africa” hosted by the Federal Ministry of Industry, Trade and Investment at Eko Hotels and Suites, Victoria Island, Lagos, on Monday.

Governor Sanwo-Olu said Lagos State in the last six and a half years of his administration has provided infrastructure across the State in different sectors and is willing to partner with investors to do more for the people.

He said: “Lagos is positioning itself, leading the Nigerian conversation, and we are getting tremendous support from the Federal Government because, at the end of the day, all of those investments sit at the sub-national.

“I want to assure all of our local and international investors that Lagos is indeed a willing and ready partner. Whatever the red tapes there are, we are removing them. We also want to step back and let the businesses run for themselves. The security environment is safe, sound, and secure.

“Lagos State made an investment in the Lekki Port, which is the biggest deep port in the country. We are also making an actual investment in the Badagry Port. It is all about partnerships and creating an enabling environment.

“Lagos State is planning, with the support of the Federal Government, to build another international airport. That is also forward-looking. Lagos State is also planning to build the largest logistics hub that will ensure that all of the markets that are in the agribusiness can sit in Lagos and work well.”

Governor Sanwo-Olu also spoke about his administration’s commitment to boosting the State and national economy through the Lagos International Financial Center (LIFC), which is a joint initiative of the Lagos State Government and EnterpriseNGR.

He said: “We have had extensive conversation around the path of the Lagos International Financial Centre (LIFC). We started this journey in 2023. We still have another eight months to a year to finally unveil it. The beauty of it is the amount of global support that we are receiving.

“We are trying to learn from various regions to bring about a model that will be a true African model that will work for everyone but will also be a Nigerian model. We are actually thinking globally. We are thinking about how to remain competitive, resilient, and able to play on the same level of platforms with other big cities and other big markets in the world.

“The Lagos International Financial Centre we are talking about is not just about Lagos; it is really a conversation about Nigeria, but it has to be in a city and a place where it can also be attractive and be ready to unlock the investment.”

EFCC Arrests 10 Suspects, Trucks For Suspected Illegal Mining Activities In Kwara

Operatives of the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested ten individuals suspected of involvement in illegal mining activities along the Ilorin – Ogbomosho axis.

They were arrested on Sunday, February 1, 2026, following credible intelligence on unlawful mineral excavation and transportation in parts of Kwara and Oyo States.

The suspects, comprising nine truck drivers and one escort were intercepted and taken into custody in a well -coordinated sting operation. Solid minerals arrested with the suspects include lithium, tin, and lepidolite. The suspects have no requisite licences, permits, or regulatory approvals for their mining activities.

Other items recovered from the suspects are trucks loaded with the unlawfully mined materials.

The suspects will be charged to court upon the conclusion of investigations.