…Strives to battle get-rich-quick syndrome, financial illiteracy
The average Port Harcourt elite is believed to want to ‘blow’ overnight, especially as most young men join fast-buck-making deals such as oil asset matters, oil well area derals, pipeline matters, oil bunkering deals, etc.
The atmosphere is said to be one where people disappear for a while, reemerge to own exotic cars and live big or large in hotels, while their brothers still queuing in legit businesses look dull.
The result has been that season after season, Ponzi schemes appear and most people crash in them, billions of naira gone, lives and careers ruined. The city will heal and another scammer will emerge, and still find multitudes waiting to be scammed.
This seems to have dimmed appetite for genuine investment plans because they may not float huge profit loops.
Some of the government approved investment firms playing in the Security and Exchange Commission-backed platforms and businesses say Port Harcourt is a huge market but with little appetite for slow-and-steady wealth generation. Oil-deal mentality seems big.
Sources in the financial market industry say though PH has always had great potential, the market suffers from get-rich-quick mentality and a knowledge gap as regards investment options.
Furthermore, say, the traditional commercial banking has taken roots and it might take quite some effort to educate people on ways to maximize idle funds through investments in Government-backed Securities as Treasury Bills, Mutual Funds, Sovereign/Corperate Bonds, commercial papers and the likes.
Now, First Ally Asset Management (FAAM) Limited says it has found a way. Edidiong Willie, now in Port Harcourt for the firm as Client Coverage Head, says it required huge research to find a way through the fog.
The FAAM key: “We are ready to bridge that gap by first providing free financial literacy seminars as our contribution to the society and providing guidance for potential investors to ensure that their funds aren’t just safe but that it grows and meets their financial goals.
He seems to realise that most persons in Port Harcourt zone mix all investment to be the same; they see every investment platform to be Umana-Umana, MMM, MBA, and many other codes and abbreviations that wrecked lives in the past. It is the duty of genuine firms to show the people the difference, but it may take time to sink in.
How to win:
Willie said to win and retain potential investors in Port Harcourt, “We have first identified our counterparts in the Asset Management space and their peculiar service gaps. This is what stands us out anywhere else.
“We offer bespoke, personalised services that inform our clients of every step and process in their financial journey. We provide end-to-end services that guarantee both their individual privacy and security of their investments. To end it all, we offer standard Capital Market rates for investment products, Central Bank of Nigeria (CBN) standard rates for forex transactions and little or no custody fee in some cases to attract and provide that margin of profit that makes the difference.
“For our partners, we are always open to conversations on how to boost our presence. The incentives are determined by how realistic such conversations usually turn out.”
FAAM seems prepared for the task, first setting up a solid presence on Tombia Street in the GRA about March 2025 but rolled out in September.
Willie said: “FAAM started operations in Lagos 10 years back as private fund managers for High Networth Individuals, Portfolio Managers for Government and institutional clients and remained on that level until the decision to extend our services to the retail side. Hence, the decision to open in Abuja and recently Port Harcourt. Port Harcourt is a strategic business unit because just like Lagos and Abuja, we have identified our target clients here and we are ready to provide innovative financing solutions that foster growth at that level.”
Read also: FAAM shows face in PH
The confidence he expects people to have is that FAAM is licensed and their products are regulated by the SEC. “We have Custodian banks for all of our products, so we typically do not keep our clients’ funds. Our operations are monitored by the CBN and we do not market any investment outside the floor of the Capital Market.
“No cryptocurrency, no real estate, no Forex and no gambling. Our return rates on investment e.g Money Market Funds are indicative, meaning that it is what the Capital Market decides on a daily basis that we offer to our clients. Hence, our products are low risk and safe investments.”
He went to show confidence to the Garden City investment community: “Everything we do is essentially guided by the SEC. All funds are under the custody of Custodian banks and in the advent of any breach of turbulence, the SEC orders the remittance of investments via nominated custodians.
“FAAM provides asset management and portfolio management services not just for individuals but also for Governments agencies, financial institutions (fintechs), HNI’s and institutional clients, even here in Port Harcourt. The feedback is remarkable and we are optimistic that we have an amazing future ahead.”
A lot of prospective investors usually ask to know the characters on the boards of such firms. Willie thus explained: “Our Board Chairman, Biodun Arokodare, is the former Group Executive Director of NNPC. Ebenezer Olufowose, our Group Managing Director, currently sits as Chairman, Board of Directors of First Bank Nigeria; Olumayowa Ogunwemimo, Edwina Ugwu, Segun Omidele, all these are reputable professionals with combined experience spanning 100 years. They attest to our credibility and integrity as dedicated financial service providers.”
Confidence-building:
FAAM is said to be the asset management subsidiary of First Ally Capital Limited, said to be an innovative, proactive, and client-centered firm licensed by the Securities & Exchange Commission (SEC) and rated A-(IM) by Agusto & Co.
To tease PH investors, the company waved its financial strength thus: “We currently manage assets in excess of ₦150 billion with over 10 years in Operation. FAAM offers a wide range of investment solutions across asset classes—including cash, fixed income, and equities—on both pooled and segregated bases. Our client base includes institutional investors as well as private clients (high-net-worth individuals).”
On product offerings, the firm in a newsletter made available to BusinessDay in PH said: “The Fixed Rate Note Naira and Dollars is targeted at institutional and private clients looking to lock in competitive rates for their investment. This is an instrument with a short-term investment maturity, usually between a fixed period of 90-365 days.”
The report said the FAAM HYIS is a pooled investment scheme that provides clients with attractive returns on their investment, due to the firm’s ability to buy instruments directly and negotiate favourable terms, based on the size of their AUM.
“This product provides a higher rate of return compared to a savings account; Interest rate fluctuates based on market realities.
“There is also the Money Market Fund (MMF) which is a SEC-registered Collective Investment Scheme that offers a wide range of investors the opportunity to invest in a variety of short-term money market instruments.
“The Fund aims to generate income and preserve capital by investing only in instruments approved by the Securities & Exchange Commission.
“The product offers Low entry point, no holding period, zero fees – every Naira works for you, rated ‘A(f)’ by Agusto & Co, Open-Ended, listed on FMDQ, interest rate fluctuates based on market realities. The current indicative rate is 18%. Treasury Bills are government securities issued by the Central Bank of Nigeria.”
There are Federal Government Bonds which are issued and guaranteed by the FG of Nigeria while Corporate Bonds are issued by Large Corporates so investors can enjoy security. “These funds are suitable for institutional and corporate clients who are interested in easily trade able and tax-free investment options. The minimum investment is N50Million, Coupons are paid twice a year, and it can serve as collateral for borrowing.”
The group has Eurobonds, too. “Predominantly, we utilize bonds from Nigerian issuers (Sovereign and non-sovereign); and sometimes bonds from non-Nigerian issuers where the risk/return profile is favourable and the issuer is well known.”
The hope is that with the likes of Norrenberger group and now FAAM, the Port Harcourt elites would begin to embrace slow-and-steady investment attitude and aptitude against get-rich-quick mentality. Perhaps, it is believed, Capital Market instead of Scam Market would emerge.
