Sigma Golf Riverbank acquires Keystone Bank for NGN25 billion

Orleans Cosmetics

The Asset Management Company of Nigeria said it has sold Keystone Bank to Sigma Golf – Riverbank consortium.

Keystone Bank is the last bank acquired by AMCON in 2008 after BankPHB was saved from collapse. AMCON bought all the bad loans of the bank which gave it the power of ownership over the bank.

Sigma Golf – Riverbank consortium is a Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited.

AMCON confirmed the transaction yesterday saying:

“This follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The agency added that “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.”

The value of the transaction has not being disclosed. The amount is expected to be stated in the annual report of AMCON for 2016 which has not yet being released to the public.

There are no public information about who owns the two companies that formed the consortium. There are no websites and or articles on the two companies on the Internet.

Thisday Newspaper, a national daily in Nigeria claimed that sources close the deal hinted that the bank was sold for a total of NGN25 billion. The paper also suggested that Sigma Golf is owned by former Managing Director/CEO of Sigma Pensions Limited, Mr. Umar Hamidu Modibbo. Sigma Pensions was sold to Actis LLP, a private equity firm with strong presence in Nigeria as at 2015.

The companies behind the deal were Citibank Nigeria Limited and its affiliates and FBN Capital (Joint Financial Advisers), and Banwo & Ighodalo and Crosswrock Law.

It is very likely that the new owners of the bank will be changing the name as part of the acquisition process to give the beleaguered bank a new lease of life.

Leave a Reply

Your email address will not be published.