First HoldCo completes divestment of FBNQuest merchant bank

First HoldCo Plc has announced the successful completion of its full divestment from FBNQuest Merchant Bank Limited, marking a major strategic shift within the group’s operations. 

The company disclosed that it has transferred 100 per cent ownership of the merchant banking subsidiary to EverQuest Acquisition LLP.

In a notification issued to the Nigerian Exchange Limited (NGX), the Group Company Secretary, Abiola Baruwa, confirmed that the transaction has been fully concluded following the receipt of all required regulatory approvals from the Central Bank of Nigeria (CBN).

The divestment brings an end to First HoldCo’s direct involvement in merchant banking through FBNQuest Merchant Bank, which had operated as one of its key financial services subsidiaries.

The company did not provide further details on the commercial terms of the deal, but the completion signals continued restructuring within the group as it refocuses its portfolio.

With the approval of the CBN and formal notification to the NGX now completed, EverQuest Acquisition LLP officially assumes full ownership and control of FBNQuest Merchant Bank Limited.