First HoldCo Plc has announced the successful completion of its full divestment from FBNQuest Merchant Bank Limited, marking a significant milestone in the group’s ongoing strategic restructuring. In a notice issued in line with the Nigerian Exchange Limited (NGX) Rulebook, the company confirmed that it has transferred 100% ownership of the merchant banking subsidiary to EverQuest Acquisition LLP.
The divestment process, which has been underway for several months, was finalized following the receipt of all mandatory regulatory approvals from the Central Bank of Nigeria (CBN). According to the disclosure, the transaction forms part of First HoldCo’s long-term strategy to streamline operations, enhance capital efficiency, and concentrate on core business areas with strong growth potential.
Industry analysts note that the sale of FBNQuest Merchant Bank reflects the group’s broader efforts to reposition its portfolio and unlock value for shareholders. Over the past few years, First HoldCo has focused on strengthening governance, improving profitability across its subsidiaries, and aligning with evolving market dynamics in Nigeria’s financial services landscape.
FBNQuest Merchant Bank, formerly part of the FBN Holdings group, has operated as a key player in the merchant banking and asset management space, delivering corporate finance, advisory, and investment services to institutional clients. With the acquisition by EverQuest Acquisition LLP, the firm is now expected to embark on a new phase of growth under a different ownership structure.
The company assured shareholders and the investing community that the divestment will not disrupt ongoing business operations across the group. Rather, the streamlined structure is expected to deepen operational efficiency and support future expansion initiatives.
First HoldCo reaffirmed its commitment to transparency and regulatory compliance, pledging to keep the market informed of further strategic developments.
