FBNQuest Trustees restates commitment to preserve wealth across generations

FBNQuest Trustees Ltd says it will continue to preserve legacies across generations as its share capital grew from N30 million in the 90s to N3 billion in 2019.

Mr Adekunle Awojobi, Managing Director, FBNQuest Trustees, made the disclosure during the 40th Anniversary celebration of the company on Friday in Lagos.

The event has the theme: “A legacy that preserves legacies.”

It was reported that FBNQuest Trustees Ltd is a subsidiary of FBN Holdings Company that provides solutions for safekeeping of assets and transfer of wealth across generations.

Awojobi said that the company had a liquid trust assets in excess of N40 billion as at June 30 and transactions in excess of N6 trillion.

“These achievements may be laudable but those of us now bearing the torch must task ourselves with the objective of doing more in our time.

“Our beloved company must not only remain a leading Trust Company in Nigeria but should begin to compete at the international level,” he said.

Awojobi said that the company was mindful of the implications of fintech to the future of finance, thus would continue to innovate to grow.

“Over the past 40 years, FBNQuest Trustees has not only become a leading trust company in Nigeria, but also a pillar in the business of trusteeship,” he said.

Speaking on the theme, Dr Omobola Johnson, former Minister for Communications Technology, said that it takes deliberate actions to leave a lasting legacy.

According to her, the individual should work with an end in mind and work daily on their performance and ability to live an impactful life.

She added that true legacies had more values than money and usually transcends the person that bequeath it.

Also, Dr Oba Otudeko, Group Chairman, FBN Holdings, said only 30 per cent of family wealth gets transferred to the next generation, adding that the statistics had been dwindling over years.

Otudeko said that strategic planning would make transfer of legacies successful.

Also, Mrs Nimi Akinkugbe, Founder, Bestman Games, said that many parents made mistakes that affected their legacies through overindulgence of their children and lack of adequate preparation for the children to take over.

“Some children see family business as something to fall back to after failing at other ventures; your children does not need to necessarily take over your companies.

“You can groom others to succeed you or sell it off,” she said.

Mrs Folawe Omikunle, Chief Executive Officer, Teach for Nigeria (TFN), said that deliberate efforts should be made early on leaving legacies that would be sustainable.