—- Says divestment was part of a long-term corporate restructuring plan.

First HoldCo Plc, the parent company of First Bank of Nigeria, has completed the divestment of its entire stake in FBNQuest Merchant Bank Limited, marking one of the most significant restructuring moves in Nigeria’s financial sector in recent years.

The company confirmed the development in a statement issued by its Group Company Secretary, Abiola Baruwa, who noted that the sale to EverQuest Acquisition LLP followed months of negotiations and regulatory assessments that began in 2024.

According to Baruwa, the transaction received full approval from the Central Bank of Nigeria (CBN), clearing the final hurdle in what has been described as a major milestone in the group’s long-term corporate restructuring strategy.

She explained that the divestment aligns with the Nigerian Exchange Limited (NGX) Rulebook, which mandates formal notification to the market and the investing public upon the conclusion of transactions of this scale.

Industry analysts say the successful sale reflects a shifting landscape in Nigeria’s banking industry, as financial institutions continue to streamline operations, optimise portfolios, and pursue more efficient group structures.

With the transfer to EverQuest Acquisition LLP now completed, First HoldCo says it is poised to focus on strengthening its core banking and financial services businesses as the sector enters a new phase of consolidation and strategic repositioning.