The development follows the bank’s divestment from First HoldCo Plc and its acquisition by EverQuest Acquisition LLP, an investor consortium led by Custodian Investment Plc.

According to Afolabi Olorode, the acting managing director, the transition represents a pivotal moment in the bank’s evolution.

“This marks a defining milestone in the Bank’s journey, one that reflects our consistent performance, institutional strength, and long-term potential,” Olorode said.

He noted that the new ownership reinforces confidence in the bank’s trajectory and provides a strong foundation for its next phase of growth.

“As we move forward under new ownership, our focus remains unchanged: delivering exceptional value to stakeholders, deepening market leadership, and building a sustainable institution for the future.”

Olorode assured customers and partners that the bank remains fully operational, with all client services, existing relationships, and leadership structures continuing without disruption.

“We are grateful to all who have been part of this journey and remain committed to creating enduring value for our clients and stakeholders,” he added.

FBNQuest Merchant Bank expressed appreciation to its stakeholders for their continued trust and reaffirmed its commitment to stability, performance, and long-term growth as it enters a new chapter under EverQuest’s leadership.

This was contained in a corporate disclosure filed with the Nigerian Exchange Group (NGX) on Friday, November 28, 2025.

The corporate communication was in accordance with the NGX Rulebook and the Securities and Exchange Commission (SEC) Acts.

According to a statement by the Group’s Secretary, Abiola Baruwa, the transaction has been finalised after obtaining all necessary regulatory approvals from the Central Bank of Nigeria (CBN).

The company’s share price closed at N31.05, shedding 0.2% for the day. The share price has appreciated by 10.7% this year, ranking it the 99th best-performing NGX stock on a Year-to-Date basis.

First HoldCo is the ninth most traded stock on the Nigerian Exchange group in the last three months, with a total volume of 1.2 billion shares traded in 23,128 deals, valued at N37.3 billion.

The firm has an equity capitalisation of N1.11 trillion, making it one of the most valued Banks in Nigeria and a member of the popular FUGAZ Group (First Bank, UBA, GT Bank, Access Bank, and Zenith Bank), the top leading Banks in Nigeria.