First HoldCo completes sale of FBNQuest to EverQuest

First HoldCo Plc has announced the completion of the sale of its 100 percent stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.

In a statement on Saturday, Abiola Baruwa, the group company secretary, said the sale followed regulatory approval from the Central Bank of Nigeria (CBN).

“In line with the Nigerian Exchange Limited (NGX) Rulebook, we wish to inform NGX and the investing public that First HoldCo Plc has successfully completed the full divestment of its 100% ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP,” the statement reads.

“This transaction has been finalised after obtaining all necessary regulatory approvals from the Central Bank of Nigeria.”

In September 2024, First HokdCo announced-its agreement to sell FBNQuest Merchant Bank to EverQuest.

The financial institution, the parent company of First Bank of Nigeria (CBN), said the sale is in alignment with First HoldCo’s strategy to optimise its portfolio within the group.

First HoldCo said EverQuest Acquisition LLP (comprising Custodian Investments Plc, Aion Investments and Evercorp Industries) was selected as the preferred bidder after a competitive bid process.