Quest Merchant Bank gains GCR ratings

Quest Merchant Bank Limited has strengthened its market position following GCR Ratings’ affirmation of the Bank’s national scale issuer ratings of BBB(NG) and A3(NG), alongside an outlook revision to Stable from Rating Watch Negative.   The bank said the rating marks a significant milestone for the bank following a transformative period for the institution, reflecting renewed […]

Quest Merchant Bank Limited has strengthened its market position following GCR Ratings’ affirmation of the Bank’s national scale issuer ratings of BBB(NG) and A3(NG), alongside an outlook revision to Stable from Rating Watch Negative.  

The bank said the rating marks a significant milestone for the bank following a transformative period for the institution, reflecting renewed confidence in the Bank’s financial strength, market positioning, liquidity profile and future growth trajectory.

According to GCR, the revised Stable Outlook is anchored on the bank’s sound risk profile, improved capitalization and strong liquidity, alongside the successful transition of the Bank’s ownership structure following its acquisition by EverQuest LLP after the divestment by FBN Holdings.

The rating agency also highlighted the bank’s strong presence within Nigeria’s merchant banking sector, where it accounted for c.30% of the sub-sector’s total assets as of 31 December 2025, reinforcing its position as one of the country’s leading merchant banking institutions.

Further strengthening the bank’s outlook was the successful completion of its N42.9 billion capital raise in March 2026 in line with the Central Bank of Nigeria’s revised minimum capital requirements.

 “Quest Merchant Bank’s asset quality and liquidity profile also remained key strengths underpinning the ratings affirmation. The Bank maintained a NPL ratio of 3.2%, significantly below the broader banking industry average, while continuing to sustain strong liquidity metrics and resilient earnings performance,” the statement read.

GCR additionally recognised the strategic value of the bank’s relationship with Custodian Investment Plc, noting the potential for expanded business opportunities, operational synergies and stronger profitability over time.

The bank’s Ag. Managing Director/CEO, Afolabi Olorode described the outlook revision as a strong signal of confidence in the future of the bank and a reflection of the progress recorded in strengthening the organization over the last year.

“Beyond the ratings action itself, this recognition reflects the resilience of our business, the quality of our balance sheet, and the confidence our clients, partners and stakeholders continue to place in the Bank.

“We have emerged from a defining transition period stronger, well-capitalized and better positioned to capture the opportunities ahead. We remain committed to delivering innovative solutions, creating long-term value and supporting economic growth across the sectors we serve,” he said.