AMCON finally transfers Enterprise bank and Mainstreet bank to new owners

Reported by Nigerian tribune,

THE Asset Management Corporation of Nigeria (AMCON) has officially transferred the ownership of Mainstreet Bank Limited and Enterprise Bank Limited to their new owners, Skye Bank Plc and Heritage Bank Limited, respectively.

At the divestment ceremony held in Lagos on Tuesday, Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, thanked AMCON and the interim management of the two banks for taking up the responsibility of assisting the CBN to stabilize the bridge banks and restoring them to good financial health, stressing that if not for AMCON, the banks would probably still be having problems in their balance sheets.

“Now, we have come to the point where we can say that the banks were well managed,” the governor said.

However, he warned against a reoccurrence of the factors which led to the takeover of the three bridge banks, namely Mainstreet Bank, Enterprise Bank and Keystone Bank Limited.

According to him, if the bridge bank option had not been adopted in 2011, the systemic crisis in the banking industry would have been unprecedented and costly in terms of its effects on other banks.

In his remark,Managing Director, Heritage Bank Limited, Mr. Ifie Sekibo expressed appreciation to the management of AMCON for conducting a transparent bidding selection process, and CBN for necessary approvals, all leading to seamless transfer of Enterprise Bank to its new owner, Heritage Bank.

Mustafa Chike-Obi, Managing Director AMCON, said though managing the entire process has not been easy, AMCON is relieved to an extent of its workload, and will divest its ownership from Keystone Bank after the February  elections.