A Review of the Nigerian Energy Industry

Controversy over Heritage’s payment for Enterprise Bank

16 October 2014, Abuja – There was uncertainty on Wednesday night over whether or not Heritage Bank, the preferred bidder for Enterprise Bank, had fully paid the bid price for the transaction.

The Asset Management Corporation of Nigeria said Heritage Bank had yet to credit its account few hours to the expiration of the October 15 deadline for the payment to be effected.

But a top official of Heritage Bank, who pleaded anonymity, said the bank had paid the 80 per cent balance of the bid price into AMCON’s account with First Bank.

Heritage Bank had about three weeks ago paid 20 per cent of the N56.1bn bid price

Should Heritage Bank fail to meet up with the payment of the balance of the bid price, Fidelity Bank Plc, which emerged as the reserve bidder, will become the preferred bidder.

“Our account has yet to be credited” the spokesman of AMCON, Mr. Kayode Lambo, told our correspondent at 7:35pm on Wednesday.

However, the official of Heritage Bank insisted that d lender had paid the balance, adding, “We have paid into AMCON’s account in First Bank.”

AMCON, which was created after the banking crisis of 2009, is selling the three bridge banks, namely Enterprise Bank, Mainstreet Bank and Keystone Bank, which assumed the assets and liabilities of three nationalised banks.

Skye Bank had emerged as the preferred bidder for Mainstreet, while Keystone Bank will be sold next year.




– The Punch

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