AMCON Completes Sale of Enterprise Bank to Heritage Bank

The Asset Management Corporation of Nigeria (AMCON) yesterday announced the successful completion of the sale of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited to HBCL Investment Services Limited (HISL) for a consideration of N56.1 billion.

The transaction, according to AMCON, was structured as a broad public auction process which attracted interest from multiple domestic and international bidders, with HISL emerging as the preferred bidder.

It reiterated that

Court vacates order granting AMCON possession of MMA2

A Federal High Court in Lagos on Monday vacated an order granted the Asset Management Company of Nigeria (AMCON) to take over Terminal 2 of Murtala Mohammed International Airport.

Justice Ibrahim Buba, in a ruling, upturned the order on the grounds that it was an abuse of court process since the order was obtained in the face of previous pending cases and specific orders, reports News Agency of Nigeria (NAN).

Justice Okon Abang of the same court had on September 22 granted receivership of assets of Wale Babalakin, Bi-Courtney’s chairman, to Olisa Agbakoba.

Agbakoba was appointed receiver/manager over all the companies of Babalakin, including MMA2, Bi-Courtney Ltd, Chartered Investment Limited, Resort International Ltd and Roygate Properties Ltd.

The orders were based on

Qatar National Bank acquires $200 million stake in Ecobank

Pan-African lender, Ecobank Transnational Incorporated (ETI), announced Thursday that Qatar National Bank (QNB) has acquired a 12.5 percent stake in it from Asset Management Corporation of Nigeria (AMCON).

The stake, worth $200 million of Ecobank shares were transferred to the Gulf’s largest bank on Thursday at 20.01 naira each.

AMCON acquired the stake after Ecobank merged its Nigerian operations with failed lender Oceanic Bank, which AMCON helped to recapitalise, before the Ecobank takeover.

With the sale, AMCON, the second-largest shareholder in Ecobank, has divested its stake.

The transaction would make QNB the