First HoldCo Plc has formally informed the Nigerian Exchange Limited that it has finalized the sale of its entire 100 percent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.

This milestone signifies the conclusion of a prolonged restructuring initiative within the Group’s investment banking and asset management sectors.

In a regulatory announcement dated November 27, 2025, the Group confirmed that the transaction is now completely finalized following the approval from the Central Bank of Nigeria, thus officially terminating its ownership of the merchant banking subsidiary.

Nairametrics reported that EverQuest Acquisition LLP consists of a consortium that includes Custodian Investments Plc, Aion Investments, and Evercorp Industries.

This divestiture dates back to September 2024 when FBN Holdings initially unveiled its plans to divest from FBNQuest Merchant Bank as part of a wider portfolio reorganization and renewed concentration on core commercial banking expansion. Nairametrics noted at the time that: “EverQuest Acquisition LLP was selected as the buyer after a rigorous bidding process.”

The deal was characterized as a “strategic separation,” enabling FBN HoldCo to simplify operations under its holding structure. This move is consistent with the Group’s shift towards reinforcing its primary commercial banking operations and broadening digital financial services.

Industry experts labeled the divestment as a calculated move by FBN HoldCo to alleviate regulatory burdens associated with the HoldCo structure and enhance shareholder value by scaling back non-core subsidiaries.

With the final regulatory clearances now obtained, FBNQuest Merchant Bank is no longer affiliated with the FBN Holdings Group, and EverQuest Acquisition LLP will have full operational and strategic leadership of the merchant banking franchise. This change is anticipated to alter the competitive landscape in Nigeria’s merchant banking sector, while also enabling FBN HoldCo to direct capital and management resources towards rapidly growing areas within its portfolio.

FBNQuest Merchant Bank, previously referred to as Kakawa Discount House, is authorized by the Central Bank of Nigeria and is recognized as a premier corporate and investment banking institution, providing top-tier financial products and services to clients in various sectors of the economy. FBN Holdings purchased Kakawa Discount House in 2014 and obtained regulatory approval to begin operating as a merchant bank in 2015.

The report indicated that FBNQuest Merchant Bank accounts for less than 5% of FBN Holdings’ total operating revenue and assets, and the decision to sell aligns with the group's strategic realignment.