Nigeria’s AMCON begins process of privatizing nationalized banks

(Reuters) – Nigeria’s Asset Management Corporation of Nigeria (AMCON) will privatise three nationalized lenders in 12-18 months time, chief executive Mustapha Chike-Obi told Reuters on Wednesday.

“We are starting the process that will lead to the sale of the nationalized banks,” Chike-Obi said, adding that it would take 12-18 months to complete.

Nigeria nationalized three lenders last year after they failed to find merger partners to recapitalize them following a central bank audit in 2009 that found them to be dangerously undercapitalized.

The lenders were renamed Mainstreet Bank, formerly Afribank, Keystone Bank, formerly Bank PHB, and Enterprise Bank, formerly Spring Bank.