The Sun News

Sigma Golf, Riverbank Investment consortium buy Keystone Bank

By Amechi Ogbonna

The Asset Management Corporation of Nigeria (AMCON) has announced the sale of Keystone Bank, one of Nigeria’s commercial banks it acquired in 2011 following their solvency challenges.

AMCON spokesman, Jude Nwauzor, who confirmed this to Daily Sun yesterday, said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited.

The bank, formerly known as Bank PHB, is the last of three nationalised banks to be sold, after the other two being Mainstreet Bank and Enterprise Bank were sold to other banks.

In a statement signed by Nwauzor, AMCON’s Head of Corporate Communications, the bad bank 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 fulfillment of the conditions precedent as stated in the Share Sale and Purchase  Agreement (SPA) executed between AMCON and the Sigma Golf – Riverbank consortium.”

AMCON said The Sigma Golf – Riverbank consortium is made up of Sigma Golf Nigeria Limited and Riverbank Investment Resources, both of which are entities set up by local investors.

The sale of the bank has been on the cards since 2016, through a process started with interest shown by more than 12 parties cutting across local and international investors.

AMCON said 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).


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