KEY POINTS

• First HoldCo restructuring drives divestment strategy.
• EverQuest assumes full control of FBNQuest Merchant Bank.
• Otedola sharpens governance and group discipline.

First HoldCo Plc, parent company of First Bank of Nigeria Limited, has finalized the sale of its entire stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.

The buyer, a consortium comprising Custodian Investments Plc, Aion Investments and Evercorp Industries, now holds full ownership after securing all regulatory approvals from the Central Bank of Nigeria.

The sale marks the final chapter of an internal overhaul First HoldCo initiated to streamline operations and refocus capital. The process, first disclosed publicly in September 2024, was confirmed in a regulatory filing dated Nov. 27, 2025, marking the official transfer of the merchant bank to its new owners.

First HoldCo restructuring 

Executives framed the divestment as a strategic separation aimed at streamlining the HoldCo structure, cutting regulatory load and freeing capital from small units. They had long treated the merchant bank which generated under 5 percent of group earnings as a non-core asset.

With the transaction completed, EverQuest assumes both operational and strategic authority over FBNQuest Merchant Bank. The unit, known for corporate advisory work, structured funding and specialist investment products, will shift to a more expansion-driven strategy under its new owners.

The sale also shifts competitive dynamics within Nigeria’s merchant-banking space, where mid-tier players have sought consolidation opportunities to strengthen scale. Analysts say the focus keyphrase, First HoldCo restructuring, signals the group’s push to revive efficiency and tighten strategic priorities.

Otedola’s leadership

According to Billionaires Africa, the restructuring coincides with Femi Otedola’s growing influence at the group. After becoming chairman in January 2024, Otedola moved to reinforce governance, introduce stricter cost controls and improve oversight across subsidiaries. His early decision to eliminate private-jet use for executives underscored a broader message of fiscal discipline.

FBNQuest Merchant Bank originated from First HoldCo’s 2014 acquisition of Kakawa Discount House and received regulatory approval the following year. Insiders also say the divestment fits Otedola’s focus keyphrase of First HoldCo restructuring, which centers on refocusing attention on the flagship commercial-banking franchise.

With the sale closed, First HoldCo can devote capital and management bandwidth to its primary banking operations, while EverQuest develops a distinct direction for the merchant-banking brand.