FBN Holdings Plc has announced the sale of its 100 per cent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.

A statement filed with the Nigeria Exchange Limited by the Acting Company Secretary for FBN Holdings, Adeware Arogundade on Friday stated that the move comes after a competitive bidding process, with EverQuest Acquisition LLP a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries emerging as the preferred bidder.

FBNQuest is the unified brand identity for the merchant banking and asset management businesses of FBN Holdings.

EverQuest Acquisition LLP is a consortium of three companies, including Custodian Investments PLC, Aion Investments Limited, and Evercorp Industries, founded in June 2024.

“By the Nigerian Exchange Limited Rulebook, we at this moment notify the Nigerian Exchange Limited and the investing public that FBN Holdings Plc 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 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 holding firm added.

The company disclosed the development through a share sale and purchase agreement, highlighting that the transaction was subject to approval by the relevant regulatory authorities.

FBN Holdings emphasised that the divestment aligned with its broader strategy to streamline its portfolio for enhanced growth and focus across the group.

FBNQuest Merchant Bank’s gross earnings for 2023 rose by 43.1 per cent year-on-year to N35.5bn.

Human Rights Writers Association of Nigeria (HURIWA) has tackled the federal government over the plan to increase the Value Added Tax (VAT) from 7.5 per cent to 10 per cent and demanded that the increase be reversed immediately.

The body accused the FG of imposing additional financial strain on Nigerians, stating that its policies were driving the population into deeper poverty.

Describing the FG’s fiscal policies as suffocating, HURIWA warned that the actions, allegedly being influenced by the International Monetary Fund (IMF), the World Bank and individuals like Bill Gates, could ignite widespread unrest.

In a statement signed by Emmanuel Onwubiko, national coordinator, HURIWA called for an immediate reversal of the VAT hike and other “suffocating” fiscal measures that were compounding the economic suffering of the populace.

The group warned that Nigerians might not endure further deterioration of their economic conditions which could lead to civil disobedience.

“The VAT increment is just one in a series of damaging financial measures. Since the removal of fuel subsidies, petrol prices have surged by over 200 per cent, with ripple effects on transportation, food, and other essential commodities. The average Nigerian, especially in low-income groups, is struggling to afford basic necessities,” the statement reads in part.

The rights group further lamented the effect of inflation on the housing sector, as rising costs had forced landlords to increase rent, pushing many citizens to the edge of homelessness.

“The Nigerian government is making choices that benefit these institutions but leave the Nigerian people worse off. The well-being of citizens is being sacrificed for economic targets dictated by foreign entities,” HURIWA stated.

Mutual Benefits Assurance Plc has decried the low insurance penetration in the country, calling for policy changes to increase insurance uptake by Nigerians.

Mr. Femi Asenuga, Managing Director/Chief Executive Officer of Mutual Benefits, who made the call at a workshop for insurance journalists, advocated for media support in ensuring policy changes, shaping public understanding of insurance and deepening insurance penetration in Nigeria.

While emphasizing the important role of the media in educating the insuring public on how insurance contributes to economic resilience, he said the ability of insurance journalists to communicate the complexities of insurance in a relatable and impactful way is vital in building public trust and confidence in the industry as well as encouraging more people to embrace insurance.

Asenuga said: “We are far from where we are supposed to be as a country. Nigeria with a population of over 200 million and as the giant of Africa should not only be in theory. As the press, you have a major role to play in changing the narrative of insurance penetration in the country.

The change is not only expected at the consumer level but also at policy making because that is where everything starts from.”

In her presentation “The Role of Insurance in National Development,” Head, Technical Department, Mutual Benefits Assurance Plc., Mrs. Titilayo Akinsiku, highlighted some of the roles insurance plays in national development.

They include, according to her, Risk Mitigation and Financial Stability; Business Continuity and Resilience; Social Welfare and Inclusivity; Risk Management and Sustainable Development as well as Investment and Capital Formation.