First HoldCo Completes Sale of FBNQuest Merchant Bank to EverQuest Acquisition LLP

By blacktalker
BUSINESS

First HoldCo Plc has officially completed the sale of its 100% stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.

The company announced this in a notice to the Nigerian Exchange Limited, NGX.

The divestment, finalized after receiving all required regulatory approvals from the Central Bank of Nigeria, CBN, marks a significant change in the ownership and management structure of FBNQuest Merchant Bank.

In a statement, Abiola Baruwa, Group Company Secretary of First HoldCo, confirmed the completion of the transaction in line with NGX rules, notifying investors and the public of the development.

Industry analysts note that the acquisition could lead to new strategic directions, potential restructuring, and expansion opportunities under EverQuest Acquisition LLP, though specific plans for the bank under its new ownership have yet to be disclosed.

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