First HoldCo Plc (NGX: FIRSTHOLDCO) has officially concluded the full divestment of its subsidiary, FBNQuest Merchant Bank Limited, marking a major step in the group’s ongoing portfolio restructuring.
In a notice on the Nigerian Exchange dated November 27, 2025, and signed by Abiola Baruwa, Group Company Secretary, First Holdco informed the Nigerian Exchange Limited (NGX) and the investing public that it had completed the sale of its 100% ownership stake in its subsidiary – FBNQuest Merchant Bank to EverQuest Acquisition LLP, after securing all required regulatory approvals from the Central Bank of Nigeria.
The announcement brings to a close a process that began more than a year earlier. A prior notification issued on September 6, 2024, by FBN Holdings Plc—which then operated under its former structure—confirmed that the company had entered a Share Sale and Purchase Agreement to divest its entire equity holding in FBNQuest Merchant Bank.
According to the notice, EverQuest Acquisition LLP (Custodian Investments PLC, Aion Investments, and Evercorp Industries) emerged as the preferred bidder after a competitive bid process. The transaction was then subject to regulatory approval.
The divestment aligns with First HoldCo’s strategy to streamline its operations and optimise assets within its group structure. Although detailed financial terms of the deal were not disclosed, the company emphasised that the completion followed due regulatory processes.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
