December 01, (THEWILL) — First HoldCo, chaired by billionaire investor, Femi Otedola, has finalised the divestment of its entire stake in FBNQuest Merchant Bank to EverQuest Acquisition LLP, a consortium comprising Custodian Investments, Aion Investments and Evercorp Industries.
The sale, which received full approval from the Central Bank of Nigeria, marks the completion of a multi-year internal restructuring designed to streamline First HoldCo’s portfolio and refocus capital toward its core banking business, First Bank of Nigeria.
Originally announced in September 2024, the transaction transfers full operational and strategic control of FBNQuest to EverQuest. Executives described the move as a “strategic separation” that reduces regulatory obligations for First HoldCo, frees up capital, and allows the group to concentrate on strengthening its commercial banking footprint.
FBNQuest, built from the acquisition of Kakawa Discount House in 2014, accounted for less than five percent of group revenue. With the merchant bank now under new ownership, analysts expect EverQuest to adopt a more aggressive expansion strategy within Nigeria’s merchant-banking and investment-services segments.
The deal positions First HoldCo to operate as a more focused financial holding company, while EverQuest assumes responsibility for driving FBNQuest’s next phase of growth.
Ogochukwu Onwaeze
