Meet the people behind the consortium buying FBN Holdings’ merchant bank
FBN Holdings, the parent company of First Bank of Nigeria, has agreed to sell its 100% equity stake in FBNQuest Merchant Bank to a consortium comprising an investment holding company and two little-known firms.
It said in a statement that EverQuest Acquisition LLP, comprising Custodian Investments, Aion Investments and Evercorp Industries, was selected as the preferred bidder following “a competitive bid process”.
“This sale is in alignment with the company’s strategy to optimise its portfolio within the group,” FBN Holdings said, adding that the completion of the sale is subject to approvals from the relevant regulatory authorities.
Here is what you need to know about the people behind the three-firm consortium buying the merchant bank.
Custodian Investment
Custodian Investment is a Nigerian investment group with operations in the other financial services sector of the economy. The group has significant holding in companies and brands including Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees, Crusader Sterling Pensions Limited and UPDC Plc.
With group-wide assets under management in excess of $1.1 billion, the company said on its website that it “remains committed to continuous improvement of its businesses, structures, systems and processes in order to keep ahead of the challenges of new growth, improving business prospects, transparency, and governance”.
Wole Oshin is the founder and group managing director of Custodian Investment. He is an industry leader with over 35 years’ experience and has at various times been a member of the Presidential Committee on Pension Reforms, Chairman of the Nigerian Insurers Association, Council Member of the West African Insurance Companies Association (Ghana), and External Lecturer – West African Insurance Institute, Banjul, The Gambia. He sits on several boards including the International Insurance Society, New York as well as Council member of the Nigerian Insurers Association and the Commonwealth Enterprise and Investment Council.
Aion Investments
Little is known about Aion Investments.
Findings by Markets Reporters show that the company was incorporated in Nigeria on November 25, 2021, with a legal address of Unit 12 Foreshore Townhouses, Banana Island Road, Ikoyi, Lagos.
Persons with significant control of the company include Akinkugbe Ibukun Olukayode (35%) and Akinkugbe Oluronke Adeola Gbemisola (20%).
Kayode Akinkugbe is the managing director and chief executive officer of FBNQuest Merchant Bank. He has over 30 years’ experience working in top-tier global investment banks in the UK and Nigeria.
He joined FBNQuest Capital (formerly FBN Capital) in 2011 as deputy managing director, transitioned to the role of MD/CEO in 2012, and was appointed as MD/CEO of FBNQuest Merchant Bank in 2016. His prior work experience includes time spent with Ecobank Transnational, HSBC Global Banking and Markets, Credit Suisse, and Deutsche Bank where he was head of sub-Saharan Africa (ex-SA) coverage.
He holds a BSc. in Economics from the University of Ibadan, an MSc in International Accounting & Finance from the London School of Economics and a Masters in Business Administration from Cranfield University. He is the current Vice President of Association of Issuing Houses of Nigeria.
Evercorp Industries
Evercorp Industries is a private limited company incorporated in the United Kingdom on October 24, 2022 with an address of 54 Portland Place, London, United Kingdom, W1B 1DY.
There was no information on its website as of Saturday as it read: “Our site is coming soon.”
Ehimare Idiahi is person with significant control and a director at the company, while Broughton Secretaries Limited is its secretary, according to encore.co.uk. Its turnover, balance sheet and workforce are less than £632,000, £632,000 and 10 employees respectively.
Idiahi, who lives in the UK, is a co-founder and partner of Verod Capital Management, a Lagos-based private equity firm.
Prior to founding Verod Capital, he was the co-founder and managing partner of Fountainhead Media Group, an investment and advisory firm focused on the technology, media and telecoms sector in Nigeria. He previously worked at Financial Derivatives Company Limited owned by Bismarck Rewane.
He is a director of EMZOR Pharmaceuticals Industries Limited, Greensprings Educational Services Limited, Central Securities Clearing Systems Limited and on the board of Regents of Harris Manchester College, Oxford University. He received a B.Sc in Economics from the University of Houston, Texas and an MBA from Saïd Business School, University of Oxford, Oxford, England.
