First HoldCo Plc has officially closed the sale of its 100 % stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, a consortium that includes Custodian Investments Plc, Aion Investments and Evercorp Industries.

The announcement, filed with the Nigerian Exchange Limited (NGX) on November 27 2025, follows the receipt of all required approvals from the Central Bank of Nigeria (CBN) .

Group Company Secretary Abiola Baruwa confirmed the completion in a statement, noting that the transaction aligns with First HoldCo’s broader strategy to streamline its portfolio and focus on its core commercial banking operations.

“We wish to inform the 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 notice read .

The move, first announced in September 2024, is part of a multi‑year restructuring aimed at reducing regulatory drag and unlocking shareholder value.

FBNQuest, which represents less than 5 % of First HoldCo’s revenue, will now operate under new ownership, with EverQuest expected to pursue an aggressive growth agenda in the merchant‑banking space.

Industry observers see the deal as a calculated realignment that reflects the intensifying competition and consolidation pressures within Nigeria’s financial sector.

As the transaction wraps up, First HoldCo can redirect management attention and capital toward its flagship First Bank of Nigeria and other digital‑finance initiatives, while the new owners chart a fresh course for FBNQuest.