The Asset Management Company of Nigeria (AMCON) hired Vetiva Capital, an Africa-focused investment bank and Citigroup to manage the sale of three banks owned by Nigeria. The The Asset Management Company of Nigeria fully nationalized Bank PHB, Afribank and Spring Bank in 2011, when the company failed to find new investors before a set recapitalization deadline. Nigeria recapitalized the three banks and changed their names. Bank PHB to Keystone Bank, Afribank to Mainstreet and Spring Bank to Enterprise Bank.

AMCON CEO Mustapha Chike-Obi said that the state organization plans to sell 100% stake from all three banks. Chike-Obi said that the assigned advisors for the sale will solicit expressions of interest from potential investors and the organization will decide on the best possible way to proceed with the sale. AMCON said that the organization was on track with the set timeline for the completion of the transaction. Target deadline for completion is set for third quarter of 2014.