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Published On: Wed, Jan 28th, 2015

AMCON transfers Mainstreet, Enterprise to Skye, Heritage Banks

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skye-bankFrom Ngozi Onyeakusi, Lagos

The Asset Management Corporation of Nigeria (AMCON) on Tuesday, January 27, officially transferred the ownership of Mainstreet Bank Limited and Enterprise Bank Limited to their new owners, Skye Bank Plc and Heritage Bank Limited, respectively.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who spoke at the divestment ceremony held in Lagos, warned against a re-occurrence of the factors, which led to the takeover of the three bridged banks.

The apex bank boss said, if the bridge bank option had not been adopted in 2011, the systemic crisis in the banking system might have been costly with regards to its effects on the banking industry.

To this end, he lauded AMCON and the interim management of the Enterprise and Mainstreet banks for taking up the responsibility of assisting the CBN to stabilize the bridged banks and restoring them to good financial health.

Emefiele said: “I thank those who acquired the banks and I wish them well. That kind of thing that happened in the banking sector is not what you wish for a second time. I believe that we have all learnt from the process and I believe that Nigerian banks have learnt from that process.”

AMCON had announced both Skye Bank and Heritage Bank as the preferred bidders for Mainstreet Bank and Enterprise Bank respectively, in the last quarter of 2014.

Both banks have since completed the payments for the 100 percent shares of the two acquired banks, and are currently conducting a process for seamless integration.


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