Femi Otedola's First HoldCo Sells Stake in FBNQuest Merchant Bank to EverQuest

Billionaire investor Femi Otedola's First HoldCo (NGX: FIRSTHOLDCO) finalized the divestment of its stake in FBNQuest Merchant Bank to EverQuest LLP, a consortium including Custodian Investment (NGX: CUSTODIAN), Aion Investment, and Evercorp Industries. The sale, part of a multi-year internal restructuring, aims to refocus First HoldCo's capital towards its core banking business, First Bank Nigeria.

Analysts anticipate EverQuest to pursue an aggressive expansion strategy in Nigeria's merchant banking and investment services sector. The move is seen as a strategic separation to reduce regulatory obligations and strengthen First HoldCo's commercial banking footprint.