AMCON Finally Sells Keystone Bank to Consortium

By Modupe Gbadeyanka

Asset Management Company of Nigeria (AMCON) has finally announced the new owners of Keystone Bank Limited.

In a statement issued on Monday night, AMCON said the new owners of Keystone Bank are Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf–Riverbank consortium).

“We are pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf–Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited,” AMCON said.

According to the statement signed by AMCON’s Head of Corporate Communications, Mr Jude Nwauzor, the sale followed the “receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).”

The agency further said the “completion of the transaction is subject to the fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf–Riverbank consortium.”

Keystone Bank Limited is the last of the three banks acquired by the CBN in 2009 during the tenure of Mr Sanusi Lamido Sanusi, the present Emir of Kano.

The bank metamorphosed from Bank PHB.

The other two banks acquired then by the apex bank were Enterprise Bank and Mainstreet Bank.