AMCON Appoints Advisers To Decide Fate Of Rescued Banks

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VENTURES AFRICA – Asset Management Company of Nigeria (AMCON) has announced the appointment of an adviser that will evaluate and determine the value of the nation’s rescued banks.

According to the Chief executive officer of AMCON Mustapha Chike-Obi, the adviser will also consider all the options available to AMCON before deciding whether to list the three nationalised banks or sell them to rivals.

“We expect our eventual adviser to consider this (listing) among other opponents,” he said.

The banks are Enterprise Bank, Mainstreet Bank and Keystone Bank, which according to Mustapha, could be listed directly on the Stock Exchange or sold to competitors.

This comes on the heels of the company’s announcement of profit generated by the rescued banks in April, despite a growing list of banks and private equity investors signifying interests in acquiring the nationalised lenders.

However, AMCON has said it is not rushing the process, but is keen to have the lenders valued before commencing negotiations.

It would be recalled that the 3 banks were rescued in 2009 after the Central Bank of Nigeria had injected $4 billion into nine lenders that were dangerously undercapitalised.