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AMCON to run 3 Nationalised Banks for 2-3 years

By on August 6, 2011

Nigeria’s state asset management firm AMCON will be the major shareholder in three nationalised banks that failed to recapitalise following a 2009 bailout for at least two to three years, the central bank said on Saturday.

AMCON, the state ‘bad bank’, said it would inject billions of naira into the newly formed ‘Bridge Banks’ by Monday by issuing of bonds.

AMCON will inject 285 billion naira ($1.87 billion) into Mainstreet Bank, formerly Afribank , 283 billion naira into Keystone Bank, formerly Bank PHB and 111 billion into Enterprise Bank, formerly Spring Bank

All nine rescued Nigerian banks will now be able to repay the central bank’s $4 billion 2009 bailout package, the central bank’s deputy governor said.

Reuters