The Asset Management Corporation of Nigeria (AMCON) has handed over Keystone Bank to Sigma Golf-Riverbank Consortium, the new investors who acquired the bank about a week ago.
The backers of the Sigma Golf-Riverbank Consortium, who acquired with a view to repositioning the bank, remain largely unknown.
Checks by TheCable have shown that both Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited, who acquired the bank have no digital footprints.
As limited liability companies, they are not listed on the Nigerian Stock Exchange, and have no records on the Securities Exchange Commissions website.
It had been earlier speculated that the consortium is being run by some northern elites, who do not want to been seen as the key stakeholders in the multi-billion naira deal.
A statement from the bank said the handover took place “last Friday after the completion board meeting to consummate the acquisition and pave way for the takeover was held the previous day (Thursday) with representatives of Sigma Golf-Riverbank Consortium (the Buyer), AMCON (the Seller), Board and Management of Keystone Bank as well as the advisers to the buyer (KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Co., Pan-African Capital Limited) and the Seller (FBN Capital Limited, Citibank Nigeria Limited, Banwo & Ighodalo, CrosswrockLaw)”.
The completion meeting signified the effective hand-over of the bank to the buyer and the commencement of a transition process that will culminate in the reconstitution of the Board and Management of the bank to reflect the new ownership.