First Bank of Nigeria has clarified that the announcement it made on September 7, 2024, regarding the sale of its 100% equity stake in FBNQuest Merchant Bank Limited.
The wholly-owned subsidiary, to EverQuest Acquisition LLP, was only applicable to FBNQuest Merchant Bank and has no bearing on any other subsidiaries within the group.
On Tuesday, September 10, 2024, the bank released a follow-up statement through its company secretary, Mr. Adewale Arogundade, to address any confusion surrounding the transaction.
Mr. Adewale Arogundade, the company secretary of FBN Holdings, emphasized that the divestment is limited solely to FBNQuest Merchant Bank and does not extend to any other entities within the group.
He reassured stakeholders that the divestment would not impact on the strategic positioning of the group’s remaining subsidiaries, which continue to play an integral role in the company’s overall operations.
“We wish to clarify that all other entities and businesses listed below are not included in the divestment, and they remain subsidiaries of FBN Holdings, fully integrated into the group’s strategic focus,” Mr. Arogundade stated.
He further listed the subsidiaries unaffected by the divestment, including FBNQuest Capital Ltd., FBNQuest Asset Management Ltd., FBNQuest Trustees Ltd., FBNQuest Funds Ltd., and FBNQuest Securities Ltd.
The decision to divest FBNQuest Merchant Bank is part of a broader strategy by FBN Holdings to streamline its portfolio and focus on core businesses with stronger operational potential.
According to the statement, this strategic realignment aims to optimize the group’s overall operations and improve business efficiencies.
After a competitive bidding process, EverQuest Acquisition LLP, which includes Custodian Investment Plc, Aion Investments, and Evercorp Industries, emerged as the preferred bidder for FBNQuest Merchant Bank.
The sale is expected to be finalized pending approvals from relevant regulatory authorities.
