While still enmeshed in a seemingly fierce boardroom squabble that forced the cancellation of its Annual General Meeting scheduled for September 3, 2024, the board of FBN Holdings Plc on Friday unveiled the preferred bidder for its entire 100% stake in FBNQuest Merchant Bank Limited.

The group in a notice to the Nigerian Exchange Limited  said EverQuest Acquisition LLP, comprising Custodian Investment Plc, Aion Investment and Evercorp Industries emerged as the preferred bidder.

According to Adewale Arogundade, the group Acting Company Secretary said the consortium emerged through a competitive bid process, noting that the “sale is in alignment with the company’s strategy to optimise its portolio within the group.”

Completion of the sale, he added, “is subject to approvals from the relevant regulatory authorities.”

Investdata News, however, could not confirm as of press time whether FBN Holdings previously obtained the approval of shareholders before proceeding with the transaction.