First HoldCo Plc has completed the divestment of its entire stake in FBNQuest Merchant Bank Limited, transferring 100% ownership to EverQuest Acquisition LLP.
The transaction received full approval from the Central Bank of Nigeria (CBN), marking a decisive step in First HoldCo’s ongoing portfolio restructuring. The disclosure was issued in line with NGX regulatory requirements and signed by Group Company Secretary, Abiola Baruwa.
Strategic Shift Under Otedola’s Leadership
The divestment aligns with First HoldCo’s repositioning strategy under Chairman Femi Otedola, CON. With increasing regulatory pressure on banks, capital adequacy expectations, and FX-driven balance-sheet risks, the group is placing greater emphasis on core banking, digital financial services, and subsidiaries with more predictable earnings trajectories.
The sale also increases balance-sheet flexibility, enabling future investments or recapitalisation measures ahead of Nigeria’s evolving prudential standards.
The Buyer: Inside EverQuest Acquisition LLP
EverQuest Acquisition LLP is a consortium formed specifically to acquire FBNQuest Merchant Bank. Public filings and media reports indicate that the group comprises:
Custodian Investment Plc – one of Nigeria’s most established financial-services groups with interests across insurance, pensions, trusteeship and asset management.
Aion Investments Limited – an investment vehicle incorporated in 2021 with links to senior executives within Nigeria’s financial services space.
Evercorp Industries Limited – a UK-registered private investment company incorporated in October 2022.
Evercorp Industries: Who They Are
Evercorp Industries is incorporated in the United Kingdom with a registered address in London’s West End (Portland Place). Public disclosures show that:
It is a small, private investment entity with turnover and balance-sheet size below £632,000.
With a staff strength of fewer than 10 employees, it maintains no publicly accessible website or investor-relations platform, indicating a low-profile operational footprint.
It listed the acquisition of FBNQuest as part of a broader strategy to participate in Nigeria’s financial-services sector through partnership vehicles.
Ehimare Idiahi: Person with Significant Control
UK Companies House filings and Nigerian financial-press coverage identify Mr. Ehimare Idiahi as a Person with Significant Control (PSC) and a director of Evercorp Industries.
Idiahi is part of a growing cohort of Nigerian investment professionals building cross-border holding structures to participate in financial-services acquisitions. His background includes:
Private investment activity spanning advisory, structured finance and cross-border capital raising.
Prior involvement in investment vehicles targeting opportunities within Africa’s financial and consumer markets.
A strategy that prioritises acquiring specialised financial assets and scaling them through consortium-led ownership structures.
His presence in the EverQuest consortium positions Evercorp Industries as the international investment anchor in the three-member partnership.
Regulatory Clearance and Next Steps
With CBN approval secured, EverQuest now assumes full operational control of FBNQuest Merchant Bank. The short-term priorities are expected to include:
Talent retention within the merchant bank
Continuity of client relationships
Integration of governance, risk and compliance frameworks
Exploring synergies with Custodian’s asset-management and insurance network
For First HoldCo, the transaction provides near-term capital mobility and a clearer group structure as Nigeria’s top banks adjust to impending regulatory reforms.
Implications for Nigeria’s Financial Sector
Renewed investor appetite: The entry of a multinational consortium—combining Nigerian institutional capital (Custodian), private investment (Aion) and UK-registered Evercorp—signals increasing investor interest in merchant-banking assets.
Possible sector consolidation: More non-bank financial investors may seek merchant-banking or micro-banking licences as regulation tightens.
Opportunity for FBNQuest: Under a focused consortium, the bank may expand into structured finance, wealth management, capital markets and insurance-linked financial solutions.
Portfolio optimisation for First HoldCo: The divestment enhances capital redeployment options and enables the group to strengthen core banking operations.
