Keystone Bank Limited, one of the banks acquired by Central Bank of Nigeria under the leadership of Sanusi Lamido Sanusi in 2009, has been sold off. The Asset Management Company of Nigeria, AMCON, in a statement yesterday, said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).


The statement signed by Jude Nwauzor, AMCON’s Head of Corporate Communications, said “it is pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited.”

“This follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). The completion of the Transaction is subject to the fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf – Riverbank consortium.”

Sigma Golf Nigeria Limited and Riverbank Investment Resources, the corporation stated, were entities set up by local investors, adding that the process for the sale of the bank started with interest shown by 18 parties cutting across local and international investors.

The emergence of the Sigma Golf-Riverbank consortium resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Citibank Nigeria Limited and its affiliates and FBN Capital (Joint Financial Advisers), and Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers),” AMCON added.

The corporation had in a publication explained that in furtherance of its strategic objectives, it had decided to divest its shareholding in Keystone Bank. Based on the audited financial statement of the bank as of June 30, 2015, Keystone Bank’s total assets stood at 317.6 billion naira, customer loans at 98.2 billion naira, customer deposits at 245 billion naira and total equity at 18.9 billion naira. The bank, which was valued at almost 4 billion naira, was sold to the Sigma Golf-Riverbank consortium for 25 billion naira ($81.5 million), while the reserve bidder offered 13 billion naira ($42.4 million) for Keystone Bank.

Keystone Bank was incorporated by the Nigerian Deposit Insurance Corporation on August 3, 2011, following the revocation of the license of Bank PHB by the CBN.


http://etimes.com.ng/2017/03/23/keystone-bank-sold-to-a-nigerian-investors-for-25-billion-naira/

25billion?! So dats all a bank is worth!

smh


$79.4m


it means the bank really had no value

a nigeriaN INVESTORS


bloggers need to proofread for typos

Only?

I shoulda bought the bank..

finally... its easy to use bank as a means to enrich ursef in Nigeria, cos u only get a slap on the wrist for that....smh

only?
i would have offered more...

25b kwa!!
omo money still dey naija ooo...

25 Billion Naira Only and who are this investors. We need there names and not proxy name

Good

This will bring more confusion cos since this AMCOM stated taking over bank, I don't know most of the Bank again. The names keep changing everyday. I know very soon they will change from Keystone to Something else. I pray that the depositors money and shares not lost. The amount sold is too small. Just 25 billions naira

Just 25 billion? Lemme go and buy one bank

Very cheap

While rich people are getting richer,some,i won't mention names, keep blaming Buhari for their misfortune in life.

DLondonboiy:
Only?
I shoulda bought the bank..

You can still do.

25billion Maura no be joke bros

Ok

I want GTB or First Bank

It's possible

That's quite cheap!

Freethought:
25billion?! So dats all a bank is worth!

nope, that's all Keystone bank is worth

The Bank's worth is #4B (Assets-Liabilities) while the investor bought it #25B. I think it is favourable to the bank as a result of its forecast (there might be a run on the bank in the future)

Hmmmm odiegwu

sammyj:
25 Billion Naira Only and who are this investors. We need there names and not proxy name

you could do the needful

let's know the individual s behind the so called SIGMA abi "stigma"

lets be sure its not "looted" fund from kangaroo republic

Sanusi only came to destroy people's hard earned money ..I mean all he should have done was to ask the shareholders of those banks to inject fresh fund by right-issue ,now we are here talking about 25billion after how many years of confusion?

wikinaija.com.ng or check my signature link

ok

The bank technically wasn't sold. It just changed hands, because na the same people.

These lovely men's loafers are for sale

i suspected it before