Tuesday, 21 August 2012

AMCON Puts 3 Nigerian Banks For Sale

There are strong indications that the Asset Management Corporation of Nigeria (AMCON) may have begun the process of selling off the three nationalised banks, Mainstreet Bank Limited, Enterprise Bank Limited and Keystone Bank Limited.
Information has it that the current effort might not be unconnected with the recent report of an ad hoc committee of the House of Representatives on the causes of the near collapse of the capital market.
A reliable source at the AMCON’s office in Lagos said that the corporation had been working round the clock to pick financial advisers to handle the sale process, stressing that the shortlisted list would be made public soon.

The advisers were expected to evaluate and determine the value of the banks, evaluate all the options available to AMCON and would ensure that the process is transparent.
Efforts to get the identities of the shortlisted financial advisers and when they would begin work failed, as the Managing Director of the corporation, Mr Mustafa Chike-Obi, said the list would be made public in matter of days.
Both local and internationals advisers were said to have indicated interest.
However, this is not the first time AMCON has said it was commencing the sale process, as in February, Chike-Obi had said at a meeting in Lagos that some investors had shown interest in the banks

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