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Nationalised banks: AMCON advisers set to submit report

By on February 27, 2013

The financial advisers appointed to value the three nationalised banks preparatory to the exit of the Asset Management Corporation of Nigeria from them and their eventual sale to investors will submit their report later this week.

The Head, Communications, AMCON, Mr. Kayode Lambo, told our correspondent on Monday that the corporation had yet to get the report.

“We haven’t got the report yet, we may just have to wait for the end of the month,” Lambo said.

AMCON had appointed Renaissance Capital and CitiBank last August to act as advisers on the sale of the nationalised banks and were meant to submit their reports on February 20, 2013.

Sources close to the financial advisers had earlier told our correspondent that part of their recommendations was that the banks be sold to local and foreign investors.

The affected banks are former Bank PHB Plc, now Keystone Bank Limited; Spring Bank Plc, now known as Enterprise Bank Limited; and former Afribank Plc, rechristened Mainstreet Bank Limited.

Citibank is to value Mainstreet Bank before advising AMCON on its sale, while Renaissance Capital is to value Keystone Bank and Enterprise Bank for the same purpose.

Both firms were given between 90 and 180 days to complete their assignments.

The Managing Director, AMCON, Mr. Mustafa Chike-Obi, had said in January that the financial advisers were expected to summit their reports by February.

“AMCON is going to be out of those banks as soon as practicable. But it may not be through a sale. There is a way to exit an investment without selling. Again, part of the options is to do a public offering where Nigerians can invest in some of it. The option of merging one or two of them is possible,” he said.