Governance

Corporate Governance in FundQuest

As a responsible financial institution, FundQuest Financial Services Limited maintains corporate policies and standards designed to encourage good and transparent corporate governance, avoid potential conflicts of interest and promote ethical business practices. The business of the Company is conducted with integrity and due regard for the legitimate interests of all stakeholders.

The Company regularly monitors its compliance with the applicable laws, rules and regulations guiding its business activities. These include:

  • Revised Guidelines for Finance Companies in Nigeria
  • Prudential Guidelines for Finance Companies in Nigeria
  • Code of Corporate Governance for Finance Companies in Nigeria
  • Consumer Protection Guidelines on Responsible Business Conduct
  • Banks and Other Financial Institutions Act
    Companies and Allied Matters Act
The Company has in place an internal Code of Conduct for members of the Board and Senior Management of the Company. The Code reflects the business practices and principles of behavior that support the Company’s operations and helps to foster a culture of honesty and accountability. Each member of the Board and Senior Management must sign an annual affirmation of their readiness to comply with the Code of Conduct.

Board of Directors

The Company has a unitary Board Structure and in line with best practice and regulations, the roles of the Chairman of the Board and the MD/CEO are assumed by different individuals to ensure that the right balance of power and authority is maintained. The Company’s Chairman is a Non-Executive Director. Responsibility for the day-to-day management of the Company resides with the MD/CEO, who carries out his functions in accordance with guidelines approved by the Board of Directors. The MD/CEO is assisted by an Executive Director, who also serves as the Chief Operating Officer (COO).

The Board has a balanced mix of skills, experience and competencies deriving from the diverse professional backgrounds of the Directors. The Directors are persons of high integrity and they bring to the Board their diverse experience in several fields ranging from business management, corporate finance, accounting, banking, portfolio management, leasing, treasury management, among others. The Board meets mandatorily once every quarter and additional meeting may be convened if deemed necessary. The performance of the Board is assessed annually through the Board Self-Assessment process managed by an External Consultant.

Board Committees

The Company has a unitary Board Structure and in line with best practice and regulations, the roles of the Chairman of the Board and the MD/CEO are assumed by different individuals to ensure that the right balance of power and authority is maintained. The Company’s Chairman is a Non-Executive Director. Responsibility for the day-to-day management of the Company resides with the MD/CEO, who carries out his functions in accordance with guidelines approved by the Board of Directors. The MD/CEO is assisted by an Executive Director, who also serves as the Chief Operating Officer (COO).

The Board has a balanced mix of skills, experience and competencies deriving from the diverse professional backgrounds of the Directors. The Directors are persons of high integrity and they bring to the Board their diverse experience in several fields ranging from business management, corporate finance, accounting, banking, portfolio management, leasing, treasury management, among others. The Board meets mandatorily once every quarter and additional meeting may be convened if deemed necessary. The performance of the Board is assessed annually through the Board Self-Assessment process managed by an External Consultant.

Management Committees

In addition to the Board and its Committees, Management Committees also provide another instrument by which the Company achieves its governance objectives. The Company has three three (3) standing Management Committees; namely, the Executive Management Committee (EXCO), Asset and Liability Committee (ALCO), and Management Credit Committee (MCC). Each Management Committee has its terms of reference, which defines its purpose and responsibilities.

About FundQuest

Board Of Directors

Management Team

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