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Nairaland Forum / Nairaland / General / Business / AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say (10649 Views)
Access Bank To Shut Down 346 Banks Nationwide (List) / AMCON Releases Names Of 105 Persons Who Owe N906b / Finally, AMCON Sells Keystone Bank (2) (3) (4)
AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Urukpe: 8:43am On Nov 14, 2016 |
Some senior officials of the Asset Management Corporation of Nigeria are voicing strong opposition to the planned sale of Keystone Bank Ltd., PREMIUM TIMES can report. The disquiet comes as the state-owned asset management company is set to announce new owners for the bank, which is the last of the three nationalised financial institutions yet to be sold, PREMIUM TIMES learnt. The disturbed officials say Ahmed Kuru, the chairman of AMCON, has concluded plans to hand over Keystone to a coalition of powerful Northern interests, disregarding extant takeover provisions of AMCON in the process. Barring any last minute changes, a firm linked to former Vice President Atiku Abubakar and Umar Modibbo, MD/CEO of Sigma Pensions Limited, may emerge the new owner of Keystone Bank with its nearly 160 branches, PREMIUM TIMES understands. The two influential Nigerians are allegedly being represented by the firm which our sources said did not participate in the bidding process, in a clear contradiction of basic public asset sale requirements. Following a commercial placed for the bidding process by AMCON, 13 companies submitted their expression of interests. These did not include the firm which AMCON is now set to sell the bank to. The deal could also see Nigerian taxpayers lose billions of naira if allowed to stand. This is because AMCON is reportedly in talks to sell the bank for about N25.1 billion, representing only a fraction of the approximately N200 billion that AMCON paid to purchase the bank’s bad debts in 2011. This is despite the fact that some of the companies that participated in the bidding process offered more than the amount and had core banking expertise, PREMIUM TIMES learnt. The Keystone Bank, previously known as Bank PHB, was among the three banks nationalised by the CBN in 2011, after failing failed a stress test conducted by the apex bank. The two others, Mainstreet and Enterprise Banks, had been handed over to other stronger banks in the industry by AMCON more than a year ago. The delay in announcing new owners for Keystone, PREMIUM TIMES learnt, is not unconnected with the internal squabbles among the management of AMCON. The members, who spoke strictly on the condition of anonymity, said Mr. Kuru sidestepped laid down requirements for asset sale to ensure Keystone is ceded to his cronies. “It is very clear that all caution was thrown to the wind as a result of a grand plan to disqualify very strong and reputable intended buyers in order to allow the cronies and business associates of the Managing Director take over the bank,” a senior AMCON official said. Mr. Kuru was appointed by President Muhammadu Buhari in August 2015, and the board members said the sale of Keystone could dent the administration’s much-avowed anti-corruption war. The opinions being widely held across the country that the president has a sectional agenda will also be put to test by the outcome of the sale, a source said. The concerned officials wondered why AMCON would sell a bank of Keystone’s magnitude to a firm that has no requisite expertise in banking and financial management. “It is an open secret within the banking sector in Nigeria that the sale was arranged for this powerful northern group whose promoters do not have the required banking experience, thereby raising questions about the supposed independence of the international advisers of AMCON in the sale of Keystone,” one official said. Mr. Modibbo could not be reached for comments. The AMCON chairman, Mr. Kuru, was as at the time of publishing yet to respond to an email enquiry sent to him. Mr. Atiku’s spokesperson, Paul Ibe, said he had no prior knowledge of his principal’s involvement in the controversial transaction, but still suggested that the opposition to his principal’s role by some AMCON officials might have been politically-motivated. “I am not aware if his Excellency is interested or is involved in Keystone Bank. But even if he is, does that disqualify him? Is it because he’s a former Vice President and an APC chieftain? Hasn’t he run businesses successfully? Created jobs? Delivered dividends to shareholders? Paid taxes? “Who are those internally? Who are the people? Is it politicians who are mischief makers hiding under the cover of internal people?” Mr. Ibe said. When told that the sources are actually top officials of AMCON, Mr. Ibe said he would rather take the questions by email. An email forwarded to him was yet to be responded to as at the time of this report. http://www.premiumtimesng.com/news/headlines/215292-amcon-plans-sell-keystone-bank-powerful-northern-group-officials-say.html |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by INTROVERT(f): 8:45am On Nov 14, 2016 |
which one will I buy now when ave made too much money |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by UrennaNkoli(f): 8:46am On Nov 14, 2016 |
Keystone, Skye, unity , fidelity. |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by gurunlocker: 8:49am On Nov 14, 2016 |
We are in a country... Nigeria 2 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by chukkystar(m): 9:01am On Nov 14, 2016 |
Rich getting richer 1 Like |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Nairadays: 9:29am On Nov 14, 2016 |
Northern Oligarchy. The deal could also see Nigerian taxpayers lose billions of naira if allowed to stand. This is because AMCON is reportedly in talks to sell the bank for about N25.1 billion, representing only a fraction of the approximately N200 billion that AMCON paid to purchase the bank’s bad debts in 2011. Now that's madness. DSS over to you. 17 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by engrjosefz(m): 9:30am On Nov 14, 2016 |
but y |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by HoldenCaulfield(m): 9:31am On Nov 14, 2016 |
ipod yoots sef.....mtchw |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by WenysAD(f): 9:33am On Nov 14, 2016 |
Baba God bless us too make we buy aso rock join Eko Atlantic. Amin 4 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Thisis2raw(m): 9:33am On Nov 14, 2016 |
the chairman of AMCON, has concluded plans to hand over Keystone to a coalition of powerful Northern Can anybody relate to that 4 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by eleojo23: 9:34am On Nov 14, 2016 |
... |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by NaijaMutant(f): 9:34am On Nov 14, 2016 |
Key note Amcon is not selling keystone bank to a: Powerful Eastern group Nor a powerful western group But to a powerful NORTHERN GROUP Congrats Afonjas for a job well done 23 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by NaijaMutant(f): 9:34am On Nov 14, 2016 |
I will be happy to see Southern Nigeria subservient to the North, if that will only drive some sense into the backstabbing southwest 4 Likes 1 Share |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by LorDBolton(m): 9:35am On Nov 14, 2016 |
Most Southerners have turned themselves to cry babies sha... what a pity 3 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by shankara7: 9:36am On Nov 14, 2016 |
A failed nation 2 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by eezeribe(m): 9:37am On Nov 14, 2016 |
OK |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Gten(m): 9:39am On Nov 14, 2016 |
The government is as confused as this fellas. 5 Likes 2 Shares
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Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Dreal11247: 9:39am On Nov 14, 2016 |
Buhari's islamisation cum northernization agenda in progress but will surely fail. 2 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by martineverest(m): 9:39am On Nov 14, 2016 |
op, y tribalising the headline....are the 'northern group' not nigerians? 2 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by weezii(m): 9:42am On Nov 14, 2016 |
Wetin come remain na |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Dreal11247: 9:43am On Nov 14, 2016 |
All these have been concluded before their appointments. This is the major reason why most of the oil blocs are owned by the northerners 3 Likes 1 Share |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Progressive01(m): 9:46am On Nov 14, 2016 |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Nobody: 9:47am On Nov 14, 2016 |
Jesus Christ. All my life savings are in my local Keystone branch. Gotta move my cash before this week runs out. Please can anybody suggest which is the best among these banks in my area. GTB, Access bank, Ecobank or UBA bank? 1 Like |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by sanpipita(m): 9:49am On Nov 14, 2016 |
Let Northerners continue to dominate since Southerners always want to be stupid and behave like slaves. 6 Likes 1 Share |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by rusher14: 9:51am On Nov 14, 2016 |
What exactly is wrong with any Nigerian owning a bank in Nigeria? 1 Like |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by EazyMoh(m): 9:52am On Nov 14, 2016 |
Why so much hatred for the north? If Sigma Pensions ltd as alleged is the "northern interest" that wants to purchase the bank, then who would say Sigma Pensions has no financial know-how to take care of the bank? Premium Times can do better than this. Who are the other bidders that bid higher than the quoted amount? Shouldn't they be the ones complaining? Bank PHB was originally a northern bank by origin, and it's only natural for the initial owners to want to take over the bank. Again why didn't the Amcon chairman sell the other two banks to the same "northern interest" before? This blackmail won't work, and I think anybody that makes these types of accusations shall be punished if they turn out to be false. 4 Likes |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Adesiji77: 9:55am On Nov 14, 2016 |
Following... cc: davodyguy |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by MrImole: 9:56am On Nov 14, 2016 |
haaaaa |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by Justiceleague1: 10:01am On Nov 14, 2016 |
Progressive01: i dey laff oo op,the north ti take over nigeria finish..sanusi had an agenda when he sacked cecilia and co..yar a'dua's death punctured the plan but bubu has given life to the northern agenda again. Buhari knows he has nothing to offer other nigerians. The afonja are only making their usual noice and fooling themselves. 4 Likes 3 Shares |
Re: AMCON Plans To Sell Keystone Bank To ‘powerful Northern Group’, Officials Say by ColourMeAmazing: 10:02am On Nov 14, 2016 |
Abeg make I go withdraw all my money. Na so so sell them they sell this bank. First bank here I come. |
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