New Owners of Keystone Bank Finally Take Over
Is there light at the end of this tunnel?
New investors on Friday took control of Keystone Bank Limited and announced plans to re-position the bank on the path of growth.
This follows the announcement by the Asset Management Corporation of Nigeria that the Sigma Golf-Riverbank Consortium had acquired Keystone Bank.
The consortium comprises Sigma Golf Nigeria Limited and Riverbank Investment Resources, both of which are entities set up by local investors.
One of the financiers of the consortium is said to be the former Managing Director/Chief Executive Officer of Sigma Pensions Limited, Umar Modibbo.
He and his brother, Adamu, a former governorship aspirant in Adamawa State, were the founders of Sigma Pensions, a Pension Fund Administrator, until its sale in November 2015 to Actis, a UK-based private equity investor in emerging markets.
The Board of Directors of Sigma Pensions, according to the firm’s website, is comprised of highly accomplished and well respected professionals and administrators, chaired by Alhaji Rasaki Oladejo, a former Deputy Director-General of the Nigerian Stock Exchange.
Other members are Natalie Kolbe, Tony Abakisi, Emenike Uduanu (managing director/chief executive officer) and Ibrahim Balarabe.
However, information regarding those behind Riverbank Investment Resources appear scanty.
The completion meeting, according to a statement by the bank, was held last Thursday with representatives of the Sigma Golf-Riverbank Consortium, AMCON, Board and management of Keystone Bank, as well as the advisers to the buyer.
This include: KPMG Professional Services, Boston Advisory Services, Giwa Osagie & Co., and Pan-African Capital Limited; and the seller, comprising FBN Capital Limited, Citibank Nigeria Limited, Banwo & Ighodalo and Crosswrock Law.