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Nigerian agency to sell off three nationalized banks

The Asset Management Company of Nigeria (AMCON), set up last year to buy off bad loans of some financial institutions, has concluded arrangements to sell three nationalized banks, according to the organization’s Chef Executive Officer (CEO), Mr. Mustapha Chike-Obi.

”The process of selling the nationalized banks will start this month,” Mr. Chike-Obi said shortly after the Banker’s Committee Meeting in the commercial city of Lagos on Tuesday.

“We are going to put out advert for advisers who will advise us on how to sell the nationalized banks. We would let the process be transparent and run its course. We believe it would take about 12 to 18 months,” he added.

Last year AMCON nationalized Afribank Plc (now renamed Mainstreet Bank), Bank PHB (Keystone Bank) and Spring Bank (Enterprise Bank).

Their licences were revoked by the Central bank of Nigeria, because they could not meet the deadline for rescued banks to be recapitalize


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