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First HoldCo Plc has finalized the sale of its 100% stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries.
The transaction, which was subject to regulatory approvals, received the green light from the Central Bank of Nigeria (CBN) on November 27, 2025.
According to a statement signed by Abiola Baruwa, Group Company Secretary of First HoldCo Plc, the company has informed the Nigerian Exchange Limited (NGX) and the investing public of the completion of the divestment.
This move marks a significant milestone in First HoldCo’s ongoing portfolio restructuring efforts, aimed at streamlining its operations and optimizing assets within its group structure.
The sale aligns with First HoldCo’s strategy to sharpen its focus on core business priorities, enhance long-term value creation for shareholders, and strengthen its dominant commercial banking business.
With this divestment, First HoldCo expects to unlock value for shareholders and redeploy capital to higher-growth areas.
The details of the transaction are as follows:
Buyer: EverQuest Acquisition LLP (consortium of Custodian Investments Plc, Aion Investments, and Evercorp Industries)
Seller: First HoldCo Plc
Stake Sold: 100% equity stake in FBNQuest Merchant Bank Limited
Regulatory Approval: Central Bank of Nigeria (CBN)
