Two entities, Sigma Golf Nigeria and Riverbank Investment Resources, have come together as a consortium to buy nationalised Keystone bank for $81 million.
This statement was made by the Asset Management Corporation of Nigeria, commonly referred to as AMCON.
Sigma Golf-Riverbank winning bid emerged from group of eighteen interested investors, from both Nigeria and overseas, and followed a rigorous and competitive auction process. Citibank and FBN Capital provided financial advisory services on the transaction while Banwo & Ighodalo and Crosswrock Law provided AMCON with legal services.
Keystone bank was set up by Nigeria’s Deposit Insurance Corporation (NDIC) following the revocation of Bank BHB’s banking license by the Central Bank of Nigeria in 2011.
It is said that Nigeria’s Central Bank and the country’s Securities and Exchange Commission have given their blessing to the sale.
AMCON, which was established in 2010 following an act of Parliament to house, restructure and dispose of the country’s non-performing banking assets, subsequently capitalized Keystone Bank and appointed a new board and management team.
