FBN Holdings agrees to sell FBNQuest to EverQuest

First Bank of Nigeria (FBN) Holdings has agreed to sell FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.

EverQuest Acquisition comprises Custodian Investments Plc, Aion Investments and Evercorp Industries.

In a statement on Friday signed by Adewale Arogundade, the acting company secretary, FBN Holdings said the completion of the sale is subject to approvals from the relevant regulatory authorities.

“In accordance with the Nigeria Exchange Limited (NGX) Rulebook, we hereby notify the Nigerian Exchange Limited (NGX) and the investing public that FBN Holdings Plc (“the Company”) has entered into a Share Sale and Purchase Agreement to divest its 100% equity stake in its wholly owned subsidiary, FBNQuest MerchantBank Limited,” the company said.

“This sale is in alignment with the Company’s strategy to optimise its portfolio within the Group.

“Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments Plc, Aion Investments and Evercorp Industries) was selected as the preferred bidder.

“The completion of the sale is subject to approvals from the relevant regulatory authorities.”

The divestment comes amid a faceoff between FBN Holdings and one of its substantial investors, Barbican Capital Limited.

FBN Holdings and Barbican Capital are in court over an allegation by the investor that its shares in the company were altered.