A Citibank to help Nigerian bank sale
Citibank and Vetiva will help sell three Nigerian banks REUTERS

Citigroup Inc. (NYSE:C) has been asked to manage the sale of three of Nigeria’s nationalized banks by the Asset Management Company of Nigeria (Amcon), which holds nonperforming assets of troubled banks.

Citibank will be assisted by Africa-focused investment bank Vetiva Capital in the sale of Afribank, Spring Bank and Bank PHB, which the Nigerian government failed to sell in 2011 before the recapitalization deadline expired on each bank, Reuters reported Thursday.

The banks, which have now been renamed Mainstreet, Enterprise Bank and Keystone Bank, respectively, will be sold off as three assets with Amcon looking to complete the sale by the third quarter of next year.

Amcon Chief Executive Mustapha Chike-Obi has said that Citigroup and Vetiva would solicit expressions of interest from prospective investors and decide on the best way to proceed.