Amaka Obiefuna.

The Asset Management Corporation of Nigeria (AMCON) has confirmed the sale of one of Nigeria’s commercial banks, Keystone Bank.

AMCON said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).

Keystone is last of the three nationalised banks to be sold, after Mainstreet Bank and Enterprise Bank.

A statement released by AMCON’s head of corporate communications, Jude Nwauzor, said they were “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.”

Keystone Bank’s sale has been on the cards since last year, with more than 12 parties showing interest.