First HoldCo Plc has officially notified the Nigerian Exchange Limited (NGX) that it has completed the sale of its 100% equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
This marks the end of a multi-year restructuring within the Group’s investment banking and asset management businesses.
In a regulatory filing dated November 27, 2025, the Group confirmed that the transaction has now been fully finalized following receipt of all required approvals from the Central Bank of Nigeria (CBN), formally severing its ownership of the merchant banking subsidiary.
Nairametrics understands EverQuest Acquisition LLP is a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries.
How we got here — the backstory
The divestment traces back to September 2024, when FBN Holdings first announced plans to exit FBNQuest Merchant Bank as part of a broader portfolio realignment and renewed focus on core commercial banking growth.
At the time, Nairametrics reported that:
- EverQuest Acquisition LLP had emerged as the buyer after a competitive bid process.
- The deal was positioned as a “strategic separation,” allowing FBN HoldCo to streamline operations under its holding structure.
- The move aligned with the Group’s shift toward strengthening its dominant commercial banking business and expanding digital financial services.
Industry analysts described the divestment as a deliberate effort by FBN HoldCo to reduce regulatory drag under the HoldCo structure and unlock value for shareholders by trimming non-core subsidiaries.
What this completion means
With final regulatory approvals now secured, FBNQuest Merchant Bank is no longer part of the FBN Holdings Group, and EverQuest Acquisition LLP takes full operational and strategic control of the merchant banking franchise.
The development is expected to reshape competitive dynamics in Nigeria’s merchant banking space, while also allowing FBN HoldCo to channel capital and management bandwidth toward faster-growing segments of its portfolio.
About FBNQuest Merchant Bank
FBNQuest Merchant Bank (formerly known as Kakawa Discount House) licensed by the Central Bank of Nigeria is a leading corporate and investment banking house, delivering high-end financial products and services to clients in targeted sectors of the economy.
FBN Holdings acquired Kakawa Discount House in 2014 and secured regulatory approval to commence operations as a merchant bank in 2015.
FBNQuest Merchant Bank represents less than 5% of FBN Holdings’ overall operating revenue and assets, and the decision to sell was in line with strategic realignment within the group.
