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AMCON defends timeframe for sale of Mainstreet Bank

By The Rainbow
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The Asset Management Corporation of Nigeria (AMCON) has defended the nine–day timeline given to interested buyers of Mainstreet Bank to submit their expression of interest.

AMCON, through a statement by its Chief Information Officer, Mr. Kayode Lambo, said the nine-day deadline was adequate for any serious buyer to respond with the required basic information on the entity interested to be admitted into the sale process as well as reasons or basis for the interest.

According to the statement, “The number of days required to submit an expression of interest is more than adequate for any serious buyer to respond with the required basic information.”

The corporation also assured all stakeholders that it was committed to ensuring fairness and transparency in the divestment process as it had selected reputable world class firms of Barclays/Afrinvest and Banwo & Ighodalo as financial and legal advisers to the divestment exercise.

“At this stage, bidders are neither required to conduct any due diligence on Mainstreet Bank Limited nor are they required to provide any indication of valuation or pricing,” the corporation said.

It added that the information required from bidders are simple and basic details about company history, experience, ownership and other general information that would enable the advisers send further information to eligible investors.

The requirements for bidders include ownership of the company, reason for the interest in the acquisition of Mainstreet Bank, relevant industry experience, evidence of financial capacity, and adviser's letter of appointment if the expression of interest is being submitted on behalf of an interested buyer.