First HoldCo Plc has formally notified the Nigerian Change Restricted (NGX) that it has accomplished the sale of its 100% fairness stake in FBNQuest Merchant Bank Restricted to EverQuest Acquisition LLP.
This marks the top of a multi-year restructuring inside the Group’s funding banking and asset administration companies.
In a regulatory submitting dated November 27, 2025, the Group confirmed that the transaction has now been absolutely finalized following receipt of all required approvals from the Central Bank of Nigeria (CBN), formally severing its possession of the service provider banking subsidiary.
BusinessTimes understands EverQuest Acquisition LLP is a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries.
How we obtained right here — the backstory
The divestment traces again to September 2024, when FBN Holdings first introduced plans to exit FBNQuest Merchant Bank as a part of a broader portfolio realignment and renewed give attention to core business banking development.
On the time, BusinessTimes reported that:
- EverQuest Acquisition LLP had emerged as the customer after a aggressive bid course of.
- The deal was positioned as a “strategic separation,” permitting FBN HoldCo to streamline operations beneath its holding construction.
- The transfer aligned with the Group’s shift towards strengthening its dominant business banking enterprise and increasing digital monetary providers.
Business analysts described the divestment as a deliberate effort by FBN HoldCo to cut back regulatory drag beneath the HoldCo construction and unlock worth for shareholders by trimming non-core subsidiaries.
What this completion means
With remaining regulatory approvals now secured, FBNQuest Merchant Bank is now not a part of the FBN Holdings Group, and EverQuest Acquisition LLP takes full operational and strategic management of the service provider banking franchise.
The event is anticipated to reshape aggressive dynamics in Nigeria’s service provider banking house, whereas additionally permitting FBN HoldCo to channel capital and administration bandwidth towards faster-growing segments of its portfolio.
About FBNQuest Merchant Bank
FBNQuest Merchant Bank (previously often called Kakawa Low cost Home) licensed by the Central Bank of Nigeria is a number one company and funding banking home, delivering high-end monetary services to shoppers in focused sectors of the economic system.
FBN Holdings acquired Kakawa Low cost Home in 2014 and secured regulatory approval to begin operations as a service provider bank in 2015.
FBNQuest Merchant Bank represents lower than 5% of FBN Holdings’ general working income and property, and the choice to promote was in keeping with strategic realignment inside the group.
Be First to Comment