First HoldCo Plc has confirmed the completion of the sale of its entire shareholding in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, marking the conclusion of a transaction that has been in the works since 2024.
The company made the announcement in a corporate disclosure issued on Saturday by its Group Company Secretary, Abiola Baruwa, who noted that the divestment was finalized following the approval of the Central Bank of Nigeria (CBN).
“In compliance with the Nigerian Exchange Limited (NGX) Rulebook, we hereby notify NGX and the investing community that First HoldCo Plc has successfully executed the full divestment of its 100% equity in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP,” the statement read.
Baruwa confirmed that the deal received all required regulatory authorizations prior to completion, particularly from the apex bank.
Recall that in September 2024, First HoldCo disclosed its agreement to transfer ownership of FBNQuest Merchant Bank to EverQuest as part of its broader corporate realignment strategy aimed at reshaping the group’s portfolio.
The parent company of First Bank of Nigeria explained at the time that the sale aligns with its long-term goal of optimizing its investments and strengthening operational efficiency across its subsidiaries.
First HoldCo revealed that EverQuest Acquisition LLP — a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries — emerged as the preferred buyer after an intensely contested bidding exercise.
The deal marks a significant step in First HoldCo’s restructuring process, with industry analysts describing it as a strategic move to refocus on core banking and financial services operations while enabling FBNQuest Merchant Bank to transition under a new ownership structure.
