FBNQuest

What FBNQuest does

Quest Merchant Bank Limited (formerly FBNQuest Merchant Bank) is a Nigerian merchant bank founded in 2006 and headquartered in Ikoyi, Lagos. The bank is dually licensed by the Central Bank of Nigeria and the Securities and Exchange Commission and operates across five product verticals: Corporate Banking (trade finance, working capital facilities, and business banking), Investment Banking Advisory (debt and equity capital raising, M&A advisory, transaction structuring), Wealth Management (personalized investment strategies for high-net-worth individuals and organizations), Fixed Income, Currencies & Treasury (market-driven trading and risk management), and Agency Services (independent facility agent services for lender-borrower coordination). Its go-to-market is enterprise relationship-led, with dedicated relationship managers delivering bespoke advisory and capital solutions to corporate and institutional clients in Nigeria.

The business generates revenue across multiple streams: recurring subscription-style fees in corporate and wealth banking, professional services fees in investment banking and agency mandates, and transaction-based fees in fixed income, currencies, and treasury. Pricing is quote-based and tailored to transaction complexity rather than publicly disclosed. The technology layer is described as a conventional merchant banking platform supporting credit, advisory, and trading operations, with no disclosed proprietary AI, data, or software products.

On November 29, 2025, FBN Holdings completed the 100% divestment of the bank to EverQuest Acquisition LLP, a special-purpose consortium formed in 2024 comprising Custodian Investment Plc, EverCorp Industries, and Aion Investments, with the deal valued by analysts at N70-110 billion against N497.9 billion in total assets, N40 billion in net assets, N11.4 billion in net profit (up 58% year-over-year), and N191 billion in cash. The bank subsequently rebranded to Quest Merchant Bank on December 11, 2025, and now operates as a privately held institution under the new consortium.

Name

FBNQuest

Legal name

Quest Merchant Bank Limited

Website

https://fbnquest.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Quest Merchant Bank (formerly FBNQuest Merchant Bank) is a Nigeria-licensed merchant bank offering corporate banking, investment banking advisory, wealth management, fixed income/treasury, and agency services to corporate, institutional, and high-net-worth clients. The bank was divested by FBN Holdings to a PE consortium in late 2025.

Ownership category

akta.pro rank

Product category

Merchant Banking

NAICS

Commercial Banking (522110), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199), Loan Brokers (6163)

akta.pro primary industry

Specialty Finance / Structured Credit (FSANADAE)

Keywords

• Merchant banking services
• Investment banking advisory
• Wealth management solutions
• Corporate banking services
• Fixed income trading

Headquarters

HQ city

Ikoyi

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Corporate Banking: Banking services including trade finance, working capital facilities, and tailored business banking solutions for corporate clients.
2. Investment Banking Advisory: Strategic advisory and capital markets services including debt and equity financing, M&A advisory, and complex transaction structuring.
3. Wealth Management: Personalized investment strategies and portfolio management for high-net-worth individuals and organizations.
4. Fixed Income, Currencies & Treasury: Market-driven trading and risk management solutions across fixed income, foreign exchange, and treasury operations.
5. Agency Services: Independent facility agent services managing transactions and fund flows between lenders and borrowers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Quest Merchant Bank (formerly FBNQuest Merchant Bank) is a licensed Nigerian merchant bank offering a unified suite of five financial solutions: Corporate Banking (trade finance, working capital, flexible business funding), Investment Banking (capital markets advisory, debt and equity financing, M&A, risk management), Wealth Management (personalized investment strategies for HNW clients), Fixed Income/Currencies & Treasury (FX, fixed income trading and risk management), and Agency Services (independent facility agent for lender-borrower transactions). Licensed by the Central Bank of Nigeria and the Securities and Exchange Commission.

Product overview

Quest Merchant Bank (formerly FBNQuest Merchant Bank) is a merchant banking institution offering 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 company operates as a single-platform financial services provider licensed by the Central Bank of Nigeria and Securities and Exchange Commission, delivering integrated merchant banking solutions across Corporate and Investment Banking, Wealth Management, and Global Markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Corporate Banking Tailored banking solutions designed to support business operations, trade, and working capital needs, providing flexible funding and financial tools to drive sustainable business growth. Targeted at medium to large corporate entities in Nigeria.
• Investment Banking Structures and executes complex financing and advisory solutions across capital markets and transactions, helping clients raise capital and manage risk with precision from debt to equity. Targeted at entities seeking complex financing and capital markets advisory.
• 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. Targeted at high-net-worth individuals and organizations.
• Fixed Income, Currencies & Treasury Market-driven solutions across fixed income, FX, and treasury to optimise liquidity and manage risk, enabling clients to navigate markets with confidence through expert trading and insights.
• Agency Services Independent facility agent services that ensure seamless coordination between lenders and borrowers, managing transactions and fund flows with transparency, structure, and control.

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Central Bank of NigeriacoreOthersPrimary regulatory authority licensing and overseeing the bank's operations in Nigeria.
• Securities and Exchange CommissioncoreOthersSecondary regulatory authority licensing and overseeing the bank's securities and capital markets activities.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Chapel Hill Denham: Nigerian investment banking firm providing capital markets advisory, securities trading, and asset management — a comparable specialist peer in Nigeria's investment banking segment.
• ARM Investment Managers: One of Nigeria's largest asset and wealth managers offering investment management and advisory services — directly comparable to Quest's wealth management business line.
• Stanbic IBTC Holdings: A leading Nigerian financial services group offering investment banking, wealth management, and corporate banking — directly comparable to Quest's diversified merchant bank model in the same Nigerian market.
• United Capital Plc: Nigerian investment banking and asset management firm offering advisory, wealth management, and securities services — directly comparable to Quest's investment banking and wealth management franchises.
• Coronation Merchant Bank: A Nigeria-focused merchant bank providing corporate banking, investment banking advisory, and treasury services — Quest's closest direct competitor within the Nigerian merchant banking niche.

Broad incumbents

• FBN Holdings Plc: Quest's former parent and one of Nigeria's largest financial services groups; a broad incumbent whose commercial banking, investment, and insurance activities overlap with Quest's offerings.
• United Bank for Africa: Pan-African banking group with corporate, investment, and treasury banking across multiple African markets — a broad incumbent operating comparable services across West Africa.
• Zenith Bank Plc: One of Nigeria's largest commercial banks with investment banking and treasury operations — a broad incumbent whose scale and corporate relationships compete with Quest's corporate banking franchise.
• Guaranty Trust Holding Company: A leading Nigerian banking group with commercial, investment, and wealth management capabilities — a broad incumbent competing for Quest's corporate and HNW clients.

Regional players

• Rand Merchant Bank: A South African merchant bank offering investment banking, corporate banking, and treasury services across Africa — a regional peer operating the same merchant-bank model in an adjacent geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/quest_mb
• YouTubeyoutube.com/@Quest_MB
• Instagraminstagram.com/quest_mb
• TikToktiktok.com/@quest_mb
• LinkedInlinkedin.com/company/quest-merchant-bank

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FBNQuest