First HoldCo Plc has announced the completion of the sale of its 100 percent equity in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
In a statement on Saturday, the group company secretary, Abiola Baruwa, said the transaction was finalised after receiving 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 read.
“This transaction has been finalised after obtaining all necessary regulatory approvals from the Central Bank of Nigeria.”
The divestment follows First HoldCo’s earlier announcement in September 2024 of its agreement to sell the merchant banking subsidiary.
First HoldCo — the parent institution of First Bank of Nigeria — said the sale is consistent with its strategic plan to streamline and optimise its portfolio across the group.
EverQuest Acquisition LLP, a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries, emerged as the preferred bidder after a competitive bid process.