Asset Management Company of Nigeria, AMCON, has selected HBCL Investment Services Limited, HISL, as the successful bidder to buy nationalized lender Enterprise Bank. This was disclosed in a statement signed by Kayode Lambo, head, Corporate Communications. “The Asset Management Corporation of Nigeria is pleased to announce HBCL Investment Services Limited as preferred bidder and Fidelity Bank Plc as reserve bidder for the acquisition of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited. This follows the receipt of the approval of the Board of Directors of AMCON. HISL is sponsored by Heritage Banking Company Limited,” reads the statement.

According to Lambo, in the event that Heritage Bank is unable to meet the share purchase agreement, Fidelity Bank would become the preferred bidder. “The completion of the transaction is subject to the fulfillment of the conditions precedent as stated in the Share Purchase Agreement, SPA that is to be executed between AMCON and HISL. In the event that HISL is unable to complete the transaction in line with the payment terms and other provisions of the SPA, the SPA entered into with HISL would be terminated and Fidelity Bank would become the preferred bidder,” Lambo explained.