FBN Holdings has reached an agreement to transfer ownership of FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP. EverQuest Acquisition is a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries.

In a statement released on Friday and signed by Adewale Arogundade, the acting company secretary, FBN Holdings indicated that the finalization of the sale is contingent upon receiving the necessary approvals from relevant regulatory bodies.

"In line with the Nigeria Exchange Limited (NGX) Rulebook, we hereby inform the Nigerian Exchange Limited (NGX) and the investing community that FBN Holdings Plc ('the Company') has executed a Share Sale and Purchase Agreement to divest its entire 100% equity interest in its wholly owned subsidiary, FBNQuest Merchant Bank Limited," the statement read.

"This divestment aligns with the Company's strategy to enhance its portfolio within the Group.

"After a competitive bidding process, EverQuest Acquisition LLP, which includes Custodian Investments Plc, Aion Investments, and Evercorp Industries, was chosen as the preferred bidder.

"The completion of this transaction is subject to the necessary approvals from the relevant regulatory authorities."

This divestment occurs amidst ongoing legal disputes between FBN Holdings and one of its major investors, Barbican Capital Limited.

FBN Holdings and Barbican Capital are currently engaged in litigation over allegations that the investor's shares in the company were manipulated.