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AMCON may List Nationalized Banks on the Stock Exchange

By on July 4, 2012

The Asset Management Corporation of Nigeria (AMCON) is musing over whether to list the banks it nationalized on the Nigerian Stock Exchange.

AMCON is exploring several ways of disposing of the banks from its custody and it seems the only way it may realize fair value for their sale is to firstly have the companies listed on the Nigerian Stock Exchange.

According to Reuters, Mustapha Chike-Obi, AMCON boss said, “AMCON is appointing an adviser that will evaluate and determine the value of the banks, evaluate all the options available to AMCON,” he said.

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

The CBN injected over $ 4 billion into the failed banks in 2009.

Despite this intervention, the banks are still struggling to get back on their feet.

Union bank, one of such banks, posted a loss of N 95 billion yesterday.

Another such bank, Mainstreet Bank recently terminated the services of 800 employees.