Keystone Bank News

Mustafa Chike-Obi, CEO, Asset Management Corporation of Nigeria (AMCON)

Nigeria’s president replaces "bad bank" AMCON CEO Mustafa Chike-Obi with Ahmed Lawan Kuru

Nigeria’s President Muhammadu Buhari has replaced the CEO of the government-owned “bad bank” set up to resolve a financial crisis five years ago. This is Buhari’s second change of leadership of a key state company in a month.

A shopper peruses the grocery aisles at the South Africa–based Shoprite in the three-year-old Ikeja City Mall. Photo credit: nationalgeographic.com

Global X MSCI Nigeria ETF: Speculative multi-year play approaching attractive valuation

The bet is a very long-term (multi-year) play on: (1) Earnings growth; and (2) Increased multiples assigned to equities by market participants as Nigeria’s markets mature.

Keystone Bank

Nigeria's AMCON to start Keystone Bank sale after elections

The Asset Management Corp. of Nigeria plans to begin the sale of Keystone Bank Ltd., the biggest of three lenders nationalized after a 2009 financial crisis, in the second quarter after general elections next month.

Skye Bank

Nigeria's Skye Bank completes payment for acquisition of Mainstreet Bank

Nigeria’s Skye Bank Plc has announced full payment of the remaining 80% balance for its purchase of Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON). Skype Bank now owns 100% of Mainstreet Bank.

Enterprise Bank

Nigeria's Heritage is acquiring Enterprise Bank for $340M

Nigerian Heritage Banking Co. is paying 56.1 billion naira ($340 million) to acquire nationalised lender Enterprise Bank Ltd.

Sizwe Nxasana, CEO, FirstRand

FirstRand Targets $924M for Expansion in Africa

FirstRand Ltd. (FSR), Africa’s biggest bank by market value, is setting aside 10 billion rand ($924 million) for expansion across the continent as profit increases from regions outside its home market of South Africa.

Central Bank of Nigeria (CBN), Abuja

Nigeria's Too Big to Fail Bank Rules Spur Bond Sale Rush

Nigerian lenders are gearing up to sell the most debt in four years to bolster cash reserves, taking advantage of a drop in borrowing costs before the central bank increases how much capital they need to hold.

Mustafa Chike-Obi, CEO, Asset Management Corporation of Nigeria (AMCON)

Nigeria’s AMCON to Repay 800 Billion Naira of Bonds This Year

The Asset Management Corp. of Nigeria, set up by the West African nation to buy bad debts from banks, said it plans to repay 800 billion naira ($4.9 billion) of bonds due August this year.