AMCON sells off Keystone Bank

Keystone Bank Limited, the last amongst the batch of banks acquired by Central Bank of Nigeria, under the leadership of Sanusi Lamido Sanusi, in 2009 has finally been sold off, after nearly eight years of legal tussles with the original owners under the brand name, Bank PHB.


The Asset Management Company of Nigeria, AMCON, in a statement last night, said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium). The bank, formerly known as Bank PHB, is the last of three nationalised banks to be sold, the other two being Mainstreet Bank and Enterprise Bank.

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 fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf – Riverbank consortium.”