First HoldCo Plc has finalized the sale of its entire 100% stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, marking a significant step in the group’s ongoing portfolio realignment.
According to an official notice issued in line with the Nigerian Exchange Limited (NGX) Rulebook, the company confirmed:
“First HoldCo Plc has successfully completed the full divestment of its 100% ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP. This transaction has been finalized after obtaining all necessary regulatory approvals from the Central Bank of Nigeria.”
The divestment signals First HoldCo’s strategic move to streamline operations and strengthen focus on core business segments, while opening a new growth opportunity for the merchant bank under EverQuest’s ownership. Industry analysts say the acquisition positions EverQuest to expand its footprint within Nigeria’s financial services sector.
With regulatory approvals secured and the transaction completed, both entities are now set to transition into the next phase of their respective strategic plans.
