The company disclosed the transaction in a statement on Saturday, with Group Company Secretary Abiola Baruwa confirming that all necessary approvals had been secured. “In line with the Nigerian Exchange Limited (NGX) Rulebook, we wish to inform NGX and the investing public that First HoldCo Plc has successfully completed the full divestment of its 100% ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP,” the statement read.
First HoldCo initially announced the agreement in September 2024, citing the divestment as part of its strategy to optimize its portfolio within the group.
EverQuest Acquisition LLP, which comprises Custodian Investments Plc, Aion Investments, and Evercorp Industries, was selected as the preferred bidder following a competitive bid process.
The transaction is expected to allow First HoldCo to focus on its core operations while enabling EverQuest to expand its footprint in Nigeria’s merchant banking sector.