24 Investors Eye Nigeria’s Enterprise Bank

Enterprise Bank

VENTURES AFRICA- No fewer than 24 local and foreign investors are vying to buy Nigeria’s Enterprise Bank Limited, as the Asset Management Corporation of Nigeria (AMCON) Kick-started sale of its 100 per cent stake in the bank.

The Bank’s CEO, Mr. Ahmed Kuru revealed that 24 investors have shown interest in the bank, with half of them international investors.

Last month, AMCON said 18 bidders had submitted offers for the sale of the bank which was developed from the defunct Spring Bank.

AMCON, which owns 100 per cent stake in Enterprise Bank last year commence the process leading to its divestment from the bank.

Kuru said he and his team has been able to run Enterprise bank as a stable bank in the country. The bank has spent time to build its book, leading to 20 per cent growth year-on-year since it started, he noted.

About 60 to 80 per cent of the bank’s revenue base is from lending, with the remaining 20 per cent accruing from fees and commissions.

The bank said it intends to grow its loan book to about N130 billion ($788.9 million) this year, representing a 30 percent increase from its target of N100 billion ($606.8 million) the year before.

“Our strength is in lending. We make more money from lending,” Kuru said.