AMCON sells Keystone Bank to Sigma Golf – Riverbank consortium

The Asset Management Corporation of Nigeria (AMCON) has announced the sale of
Keystone Bank, one of Nigeria’s commercial banks.

AMCON said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf –
Riverbank consortium).

The bank, formerly known as Bank PHB, is the last of three nationalised banks to be
sold, the other two being Mainstreet Bank and Enterprise Bank.

In a statement signed by Jude Nwauzor, AMCON head of corporate communications,
the bad debt bank said it “is pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited
(the Sigma Golf – Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully
paid up ordinary shares of Keystone Bank Limited”.

“This follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and
Exchange Commission (SEC).

“The completion of the Transaction is subject to the fulfillment of the conditions
precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf – riverbank consortium.”

AMCON said The Sigma Golf – Riverbank consortium is made up of Sigma Golf Nigeria Limited and Riverbank Investment Resources, which both are entities set up by
local investors.

The sale of the bank has been on the cards since 2016, via a process started with interest shown by more than 12 parties cutting across local and international
investors.

AMCON said the emergence of the Sigma Golf – Riverbank consortium resulted from a
rigorous and competitive bidding process, which was coordinated for AMCON by Citibank Nigeria Limited and its affiliates and
FBN Capital (Joint Financial Advisers), and Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers).

Keystone Bank was incorporated by the NDIC on August 3, 2011.
AMCON subsequently capitalized Keystone Bank and appointed a Board of Directors and Executive Management team to lead the
Bank.

As at April 2016, Keystone Bank had staff strength of 1,753 employees, network of
154 branches, 9 cash centres and 315 automated teller machines.