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‎New investor takes over Keystone Bank - Business - Nairaland

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‎New investor takes over Keystone Bank by kayfra: 10:21pm On Dec 27, 2018

The Sigma Golf-Riverbank consortium, the new investor that acquired Keystone Bank Limited from the Asset Management Corporation of Nigeria, AMCON, has taken control of the financial institution.

The new investors pledged to reposition the bank on a growth path with immediate effect, a statement made available to PREMIUM TIMES on Sunday said.

AMCON had recently announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited as the new owners of the bank.

The announcement came amid controversies surrounding the sale of the bank, with AMCON alleged to be acting in

breach of extant takeover provisions.

PREMIUM TIMES had exclusively reported that some senior officials of AMCON voiced strong opposition to the planned sale of the bank.

The disturbed officials specifically alleged that Ahmed Kuru, the chairman of AMCON, had concluded plans to hand over Keystone to a coalition of powerful Northern interests, while disregarding extant takeover provisions of AMCON in the process.

PREMIUM TIMES investigations in November 2016 had revealed that Sigma Pensions Limited, a firm linked to former Vice President Atiku Abubakar and Umar Modibbo, might emerge the new owner of Keystone Bank with its nearly 160 branches.

The two influential Nigerians were 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.

But Paul Ibe, Mr. Atiku’s spokesperson, however, denied his principal’s involvement in the said deal.

Meanwhile, a statement from Keystone Bank said the completion of the takeover process was held last Thursday with representatives of Sigma Golf-Riverbank consortium; AMCON management; the board and management

of Keystone Bank; the advisers to the buyer (KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Co., and Pan-African Capital Limited); as well as those of the seller (FBN Capital Limited, Citibank Nigeria Limited, Banwo & Ighodalo, and CrosswrockLaw).

The completion meeting signified the effective handover of the bank to the buyer and the commencement of a transition process that will culminate in the reconstitution of the board and management of the bank to reflect the new ownership.

Keystone Bank was taken over by AMCON in 2011 and was until the sale managed by the AMCON appointed board and management that stabilised the bank to make it attractive as a potential target for eventual acquisition by the investors.

While announcing the new investors last week, AMCON had said that the Sigma Golf-Riverbank consortium emerged the preferred bidders after a very transparent and competitive bidding process.

“The emergence of the Sigma Golf-Riverbank consortium will bring a new lease of life with the expected injection of fresh capital that would position the bank to play competitively in the banking space and actualise its full potential,” it said.

“In moving the bank forward as a major player in the industry, the new investors will be backed up by a pool of reputable professionals both currently within the bank and across the industry.

“Keystone Bank therefore assures all its stakeholders that the transition process will reposition the bank to serve its customers better, creating enhanced value for all stakeholders,” it added.

Oladeinde Olawoyin
Oladeinde Olawoyin reports Business


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Re: ‎New investor takes over Keystone Bank by Shuku0kukobambi: 10:23pm On Dec 27, 2018
Atiku don die cheesy

Whoever advised Atiku to raise this keystone bank matter is an APC insider planted to destroy Atiku from within cheesy

What an own goal!! cheesy

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Re: ‎New investor takes over Keystone Bank by netpro(m): 10:31pm On Dec 27, 2018
As OBJ wrote in his book, 'Atiku has poor judgement'.

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Re: ‎New investor takes over Keystone Bank by Corrinthians(m): 10:36pm On Dec 27, 2018
Atiku don die cheesy

Whoever advised Atiku to raise this keystone bank matter is an APC insider planted to destroy Atiku from within cheesy

What an own goal!! cheesy
Very likely one of our jhewish blothers. You know they are jinxed to bring whatever they touch and deeply associate with to utter ruination.

The day athiefkwu embraced them and made them the arrow head of his campaign strategists, that day I resolved athiefkwu has totally lost it morally and politically.

The more he keeps mirroring their conduct, the deeper he sinks into the abyss of misfortune. Sadly, it seems he's reached a point of no return.

As e dey pain dem, na so e dey sweet us.

Lastly, I'd like to Occultilize this thread.

4 + 4 = 2023!!!

Please anyone who doesn't like my comment should feel free to slap himself to coma. wink


Re: ‎New investor takes over Keystone Bank by Deathstroke00(m): 10:38pm On Dec 27, 2018
And this man said Buhari owns it without thinking twice

Atiku will always be a failure.

Buhari is our choice
Re: ‎New investor takes over Keystone Bank by jlinkd78(m): 10:41pm On Dec 27, 2018
Re: ‎New investor takes over Keystone Bank by 34webers(m): 10:42pm On Dec 27, 2018
The Senior Special Assistant to the President on Media and Publicity, Garba Shehu while reacting to various comments by several organs of the opposition party said:
“If the opposition Peoples Democratic Party wants to make family the issue in the coming elections, the APC would gladly accept the challenge. Let this be the subject for 2019 election,’’ he said.

He added that the PDP leadership could not afford to make family an issue in this campaign; asking rhetorically, “Need I say more?”

Since atiku wants to make family the issue in the coming election, APC has gladly accepted the challenge, and I strongly doubt if PDP leadership can afford this type of campaign.
Anyway, my own be say 4 + 4 = 8, brain dead pigs from the red mud land of bia bastards can call it islamic brotherhood or bhudu sisterhood, that is their bucket of potopoto.

Re: ‎New investor takes over Keystone Bank by Mylove55(f): 10:44pm On Dec 27, 2018
hahahahahahaha, thief atiku bursted his own lie, what a funny world.
Re: ‎New investor takes over Keystone Bank by Jonadull: 11:19pm On Dec 27, 2018
Atiku and every single Ipob pig are bastards.
Re: ‎New investor takes over Keystone Bank by kayfra: 10:32am On Dec 28, 2018
Athiefku go claim your bank

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