FBNH Announces Sale Of Merchant Bank

FBN Holdings Plc is no longer the owner of FBNQuest Merchant Bank.

The Group sold the bank to “the highest bidder” despite its impressive gross turnover of over 43 percent to N35.5 billion in the 2023 financial year, analysts say.

But the Nnamdi Okonkwo-led FBNH said the sale was in line with its strategic objective to minimize the portfolios under its control.

The development, analysts say, followed the legal battle for control between the financial services provider and some shareholders, a situation that prevented FBNH from holding its Annual General Meeting, AGM, initially scheduled for September 3, 2024.

Announcing the change of ownership at the weekend, FBNH Acting Company Secretary, Adeware Arogundade stated that the company with the highest bid got the bank.

According to the statement filed with the Nigeria Exchange Limited, NGX, the Holder said EverQuest Acquisition LLP a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries emerged the winner after a competitive bidding process.

The sale, the statement said, is part of the company’s strategy to minimize portfolios under its control.

The Group said, “By the Nigerian Exchange Limited (NGX) Rulebook, we at this moment notify the Nigerian Exchange Limited and the investing public that FBN Holdings Plc (“the Company”) has entered into a Share Sale and Purchase Agreement to divest its 100 per cent equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited. This sale aligns with the Company’s strategy to optimize 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.”