First HoldCo Plc Finalises Sale of FBNQuest Merchant Bank

First HoldCo Plc has announced the successful completion of its divestment from FBNQuest Merchant Bank Limited. The company confirmed that it has sold its entire 100% ownership stake to EverQuest Acquisition LLP, marking a significant restructuring move within Nigeria’s financial services sector.

The transaction was finalized following all necessary regulatory approvals from the Central Bank of Nigeria, ensuring compliance with the Nigerian Exchange Limited (NGX) Rulebook.

In a statement dated November 27, 2025, the Group Company Secretary, Abiola Baruwa, disclosed the development, noting that the divestment aligns with First HoldCo’s strategic repositioning.

The Board of Directors of First HoldCo Plc is chaired by Mr. Olufemi Otedola, CON, with Mr. Adebowale Oyedeji serving as Group Managing Director. Other directors include Dr. Alimi Abdul-Razaq, Dr. (Sir) Peter Aliogo, Mrs. Kofo Dosekun, Dr. Abiodun O. Fatade, Dr. Julius B. Omodayo-Owotuga, and Mr. Olusegun Alebiosu.

This move is expected to reshape First HoldCo’s portfolio, allowing the company to focus on other core areas of growth while positioning EverQuest Acquisition LLP to expand its footprint in Nigeria’s merchant banking space.

Industry analysts view the divestment as part of a broader trend of consolidation and restructuring within Nigeria’s financial sector, as institutions seek to streamline operations and strengthen capital efficiency.