[REVEALED] FBN Holdings sells merchant bank for N35.6bn

FBN Holdings, the parent company of First Bank of Nigeria, sold its 100% equity stake in FBNQuest Merchant Bank for N35.6 billion to a consortium comprising an investment holding company and two little-known firms.

The disposal of the subsidiary was concluded on 31 December 2024, with a gain of N18.41 billion made, according to its unaudited financial statements released on Thursday.

The banking group announced in September that it had agreed to sell the subsidiary to EverQuest Acquisition LLP, comprising Custodian Investments, Aion Investments and Evercorp Industries, adding that the consortium 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 at the time.

READ MORE: Meet the people behind the consortium buying FBN Holdings’ merchant bank