First HoldCo PLC Completes Sale of FBNQuest Stake in Nigerian Banking Industry Restructuring

First HoldCo PLC (NGX: FIRSTHOLDCO) has finalized the sale of its entire stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, following regulatory approvals. The move is part of a strategic restructuring plan to streamline operations and focus on core banking services.

The sale signifies a shift towards optimizing the group's portfolio and enhancing its market dominance. Various investors, including Custodian Investment PLC (NGX: CUSTODIAN), Aion Investment, and Evercorp Industries, are expected to bring new strategies and capacities to FBNQuest under the new ownership.

The sale process began in 2024 and has now been successfully concluded.