FBN Capital
Quest Merchant Bank (formerly FBN Capital) is a Lagos-based, CBN- and SEC-licensed Nigerian merchant bank delivering corporate banking, investment banking advisory, wealth management, fixed income/FX/treasury, and agency services to corporate, institutional, and high-net-worth clients.
- Company typePrivate
- Founded2006
- HeadquartersLagos, Nigeria
- Headcount251–500
- GTM typeB2B
- OfferingServices
What FBN Capital does
FBN Capital, now operating as Quest Merchant Bank following its December 2025 divestment from former parent FBNQuest HoldCo Plc, is a private Nigerian merchant bank headquartered in Lagos and founded in 2006. The bank delivers an integrated five-product merchant banking platform covering Corporate Banking, Investment Banking Advisory, Wealth Management, Fixed Income/Currencies/Treasury (FICT), and Agency Services, regulated by the Central Bank of Nigeria and the Securities and Exchange Commission. Its customers are primarily corporate and business clients, investment banking clients, high-net-worth individuals, and institutional investors, all served through a relationship-led model staffed by dedicated relationship managers. This 251–500-employee institution positions itself as a premier merchant banking partner for strategic growth and value-creation mandates in the Nigerian market.
The firm's product suite addresses capital raising (debt and equity), complex transaction advisory, working capital and trade finance, fixed-income and FX execution, wealth preservation across market cycles, and independent facility agent services. No proprietary technology platform or core system is disclosed in available material; delivery is described as bespoke, quote-based, and relationship-driven rather than productised or self-serve. Marketing is conducted through organic social channels (X, TikTok, Instagram, YouTube), a News & Insights publication cadence (including the annual Quest Outlook Report), email newsletter subscriptions, and published annual reports.
Revenue is generated through a mix of recurring banking and wealth management fees, transaction fees on advisory and trading mandates (DCM, ECM, FICT), and professional services income from agency work. Pricing is not publicly disclosed and is negotiated per mandate. The geographic footprint is concentrated in Nigeria (West Africa single-country scope), with no disclosed international expansion. The most recent strategic event is the December 2025 ownership transition, which separated the bank from FBNQuest HoldCo Plc and rebranded it to Quest Merchant Bank under new, undisclosed private ownership.
FBN Capital firmographics
Firmographics- Name
- FBN Capital
- Legal name
- Quest Merchant Bank
- Website
- https://fbnquest.com
- Company type
- Private
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Quest Merchant Bank (formerly FBN Capital) is a Lagos-based, CBN- and SEC-licensed Nigerian merchant bank delivering corporate banking, investment banking advisory, wealth management, fixed income/FX/treasury, and agency services to corporate, institutional, and high-net-worth clients.
- Ownership category
- akta.pro rank
Where FBN Capital is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
FBN Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Corporate Banking: Banking services including flexible funding, working capital solutions, and financial tools for business operations and trade support.
- Investment Banking Advisory: Capital raising and advisory services including debt and equity financing, structured solutions for complex transactions, and risk management.
- Wealth Management: Personalized investment strategies and portfolio management services focused on wealth preservation and growth across market cycles.
- Fixed Income, Currencies & Treasury: Market trading, FX services, and treasury solutions generating revenue from spreads, trading fees, and risk management services.
- Agency Services: Independent facility agent services managing transactions and fund flows between lenders and borrowers.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
FBN Capital product offering
Product offeringCore offering
Quest Merchant Bank (formerly FBN Capital) is a Nigerian merchant bank delivering corporate banking, investment banking advisory, wealth management, fixed income/currencies/treasury, and agency services. It provides tailored funding, capital markets execution, portfolio management, and transaction coordination for businesses, institutions, and high-net-worth individuals.
Product overview
Quest Merchant Bank (formerly FBNQuest Merchant Bank) is a merchant banking platform that offers a unified suite of financial services across five core product lines: Corporate Banking, Investment Banking, Wealth Management, Fixed Income/Currencies/Treasury, and Agency Services. The platform operates as an integrated merchant banking solution delivering Corporate and Investment Banking, Wealth Management, and Global Markets capabilities, designed to serve both individuals and organisations across every stage of their financial journey.
Differentiator
Problem solved
Functional benefit
Products and services
- Corporate Banking Tailored banking solutions designed to support business operations, trade, and working capital needs. Provides flexible funding and financial tools to drive sustainable business growth for corporate and business clients.
- Investment Banking Advisory Structures and executes complex financing and advisory solutions across capital markets and transactions. Helps clients raise debt and equity capital and manage risk with precision.
- Wealth Management Personalised investment strategies focused on preserving and growing wealth across market cycles, combining deep expertise with tailored portfolio solutions for long-term financial goals for high-net-worth individuals.
- Fixed Income, Currencies & Treasury Market-driven solutions across fixed income, FX, and treasury to optimise liquidity and manage risk, enabling institutional clients to navigate markets through expert trading and insights.
- Agency Services Independent facility agent services ensuring seamless coordination between lenders and borrowers, managing transactions and fund flows with transparency, structure, and control.
Companies that use FBN Capital
Customer profileSegments4 records
Ideal customer profiles4 records
FBN Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
FBN Capital partnerships and signals
Strategic signalScale indicators2 records
Recent moves6 records
Expansion highlights4 records
FBN Capital competitors and assessment
Company assessmentDirect peers
- Coronation Merchant Bank: Nigerian merchant bank offering corporate banking, investment banking, asset management and agency services. Closely comparable in product suite, regulatory license profile, and target client segments within the same Nigerian institutional market.
- Rand Merchant Bank: FirstRand's merchant banking arm in South Africa offering corporate banking, investment banking, and trading. Comparable business model and product breadth as a wholesale-focused merchant bank in an African emerging market.
- FSDH Merchant Bank: Nigerian merchant bank providing corporate, investment, and treasury banking services. Operates in the same regulatory framework and targets a similar corporate and institutional client base.
- Cardinalstone Capital: Nigerian investment banking and asset management firm. Competes directly for advisory mandates and HNW/institutional wealth management relationships within the same Nigerian capital markets.
Emerging players
- Chapel Hill Denham: Nigerian investment banking boutique with strong advisory and capital markets franchise. Comparable in advisory-led service model and Nigerian-focused mandate.
- Vetiva Capital Management: Nigerian investment banking and asset management firm. Overlaps in capital markets advisory, securities trading, and wealth management for the same client pool.
- Afrinvest West Africa: Nigerian investment banking, securities trading, and asset management firm. Competes on research-led equity brokerage and advisory mandates.
Broad incumbents
- Guaranty Trust Bank (GTCO): Major Nigerian universal bank with corporate, investment banking, and treasury capabilities. Overlaps at the upper end of Quest's corporate client segment and competes for capital markets and FX flow.
Regional players
- Absa Corporate and Investment Bank: Pan-African CIB franchise offering corporate banking, advisory, and trading across multiple African geographies. Comparable in product mix but operates with broader geographic footprint than Quest.
- Standard Bank Corporate and Investment Banking: Africa's largest CIB franchise with full merchant banking capabilities across multiple African markets. Comparable in transaction banking, advisory, and FICT product set, though with materially wider geographic reach.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
FBN Capital social profiles
Digital presenceFBN Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
FBN Capital leadership team
Management profileNumber of profiles
Profiles1 record
FBN Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FBN Capital M&A and investment
M&A and investmentM&A
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FBN Capital
What does FBN Capital do?
Quest Merchant Bank (formerly FBN Capital) is a Nigerian merchant bank delivering corporate banking, investment banking advisory, wealth management, fixed income/currencies/treasury, and agency services. It provides tailored funding, capital markets execution, portfolio management, and transaction coordination for businesses, institutions, and high-net-worth individuals.
Is FBN Capital a public or private company?
FBN Capital is a private company. It is classified as corporate owned and is currently operating.
When was FBN Capital founded?
FBN Capital was founded in 2006. It employs 251 to 500 people.
Where is FBN Capital based?
FBN Capital is headquartered in Lagos, Nigeria, in the Africa region.
How does FBN Capital make money?
Five revenue lines are on record. Corporate Banking is the primary driver. The others are investment Banking Advisory, wealth Management, fixed Income, Currencies & Treasury and agency Services.
Who are FBN Capital's main competitors?
Direct peers on record are Coronation Merchant Bank, Rand Merchant Bank, FSDH Merchant Bank and Cardinalstone Capital. Emerging players are Chapel Hill Denham, Vetiva Capital Management and Afrinvest West Africa. Guaranty Trust Bank (GTCO) is listed as a broad incumbent. Regional players are Absa Corporate and Investment Bank and Standard Bank Corporate and Investment Banking.
Does FBN Capital have an API?
No public API is recorded for FBN Capital.