EverQuest Eyes Continuity, Synergy After FBNQuest Merchant Bank Acquisition

By Adedapo Adesanya

Last week, First HoldCo Plc, formerly FBN Holdings Plc, completed a full divestment of its 100 per cent ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries.

First HoldCo in a notification to the Nigerian Exchange (NGX) Limited and the investing public said the transaction was finalized after obtaining all necessary regulatory approvals from the Central Bank of Nigeria (CBN) as part of its strategic restructuring to focus on core commercial banking and digital financial services.

The new owners are expected to focus on talent retention, client relationships, and exploring synergies with Custodian’s asset management and insurance networks.

Prior to this divestment, FBNQuest Merchant Bank contributed less than 5 per cent to FBN Holdings’ overall revenue and assets.

The divestment aligns with First HoldCo’s repositioning strategy under Chairman Femi Otedola. With increasing regulatory pressure on banks, capital adequacy expectations, and FX-driven balance-sheet risks, the group is placing greater emphasis on core banking, digital financial services, and subsidiaries with more predictable earnings trajectories

The sale also increases balance-sheet flexibility, enabling future investments or recapitalisation measures ahead of Nigeria’s evolving prudential standards.

The entry of the multinational consortium—combining Nigerian institutional capital (Custodian), private investment (Aion) and UK-registered Evercorp—signals increasing investor interest in merchant-banking assets in the country.