First Bank Completes FBNQuest Sale, Focuses on Core Banking

By Love Oyedokun

Lagos, Nigeria – First Bank of Nigeria Holdings Plc (First HoldCo) has announced the successful divestment of its 100% stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, marking a strategic shift in its business portfolio.

Cablenews24 reports that the transaction, finalized after securing all necessary regulatory approvals from the Central Bank of Nigeria (CBN), was disclosed in a regulatory filing to the Nigerian Exchange Limited (NGX) on Tuesday. The move aligns with First HoldCo’s broader corporate restructuring strategy to optimize its asset base and enhance shareholder value.

Transaction Details

Seller: First Bank Holdings Plc (First HoldCo)

Buyer: EverQuest Acquisition LLP

Asset Divested: 100% ownership of FBNQuest Merchant Bank Limited

Regulatory Approval: Central Bank of Nigeria (CBN)

Disclosure Platform: Nigerian Exchange Limited (NGX)

Strategic Rationale

This Online News Medium gathered that First HoldCo has described the sale as part of its ongoing efforts to streamline operations and reallocate resources toward core banking activities. FBNQuest Merchant Bank, established as a subsidiary of First HoldCo, has been a key player in Nigeria’s investment banking and asset management sectors.

Industry analysts suggest the divestment allows First HoldCo to focus on strengthening its commercial banking arm, First Bank of Nigeria Limited, while EverQuest Acquisition LLP gains a foothold in Nigeria’s merchant banking space.

The announcement has has however drawn mixed reactions from market observers. While proponents highlight the potential for improved operational efficiency at First HoldCo, critics question whether the sale price reflects the true value of FBNQuest’s assets.

Meanwhile, First HoldCo has assured stakeholders that the transaction was conducted transparently and in compliance with NGX regulations.

EverQuest Acquisition LLP is expected to unveil its plans for FBNQuest Merchant Bank in the coming weeks, with industry watchers anticipating potential rebranding or expansion initiatives.

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