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In a significant move reshaping Nigeria’s financial services landscape, First Holdings Plc (First HoldCo) has announced the final and complete divestment of its subsidiary, FBNQuest Merchant Bank Limited.
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The group has sold its 100% equity stake to EverQuest Acquisition LLP, concluding a major strategic transaction. The mandatory notification to the market was signed by Abiola Baruwa, Group Company Secretary of First HoldCo Plc.
A Regulatorily Approved Transaction
The divestment, conducted in full compliance with the Nigerian Exchange Limited (NGX) Rulebook, received the green light from the nation’s apex financial regulator.
According to the official statement, “This transaction has been finalized after obtaining all necessary regulatory approvals from the Central Bank of Nigeria (CBN).”
This endorsement underscores the deal’s adherence to national banking and corporate governance standards, providing certainty to the investing public and stakeholders.
Strategic Implications and Future Outlook
The completion of this sale marks a pivotal strategic shift for First HoldCo Plc, allowing the conglomerate to streamline its portfolio and potentially reallocate capital to other core areas of its business.
For EverQuest Acquisition LLP, the acquisition represents a major entry or consolidation within Nigeria’s competitive merchant banking sector, taking full ownership of the established FBNQuest Merchant Bank platform.
All procedural and regulatory conditions have been satisfied, finalizing the transfer of ownership. This transaction is now a matter of public record on the NGX, providing clarity and closure to a process closely watched by investors and industry analysts.
