October 24, 2014 8:16 PM ET

Capital Markets

Company Overview of AMCON, Inc.

Company Overview

AMCON, Inc. focuses on reviving financial systems by resolving non-performing loan assets of banks in the Nigerian economy. It acquires eligible bank assets from eligible financial institutions, and puts these assets to economic use in a profitable manner. AMCON, Inc. was founded in 2010 and is based in Abuja, Nigeria.

3rd Floor, Murjanatu House,

1, Zambezi Crescent

Off Aguiyi Ironsi Street

Maitama

Abuja,  

Nigeria

Founded in 2010

Phone:

234 9 8761892

Key Executives for AMCON, Inc.

Chief Executive Officer
Executive Director of Finance & Operations and Director
Executive Director
Executive Director of Credit and Director
Compensation as of Fiscal Year 2014.

AMCON, Inc. Key Developments

AMCO Is Seeking to Sell Banks

AMCON, Inc. is looking to divest from more banks in October 2014. After a fierce contest spanning over several months for the acquisition of Enterprise Bank Limited, Heritage Bank Limited emerged the preferred bidder for the commercial bank, Thisday learnt on September 11, 2014. However, a reliable source at AMCON revealed on the condition of anonymity that Fidelity Bank Plc emerged as the reserve bidder for Enterprise Bank.

AMCON Dismisses Intangis Claims Over Mainstreet Bank

Intangis Holdings, L.L.C. is trying to create hurdles in the sale of MainStreet Bank Limited by owner AMCON, Inc. Intangis Holdings, L.L.C. said it sealed agreements to acquire a majority stake in Afribank Nigeria Plc before it was liquidated and its assets were transferred to MainStreet Bank Limited, but it expected MainStreet Bank Limited to be bound by those agreements. "I know about them... They have a deal with Afribank not Mainstreet Bank. It has nothing to do with Mainstreet Bank," Mustapha Chike-Obi, AMCON, Inc. Chief Executive Officer said. AMCON, Inc. intends to offload its 100% shareholding in MainStreet Bank Limited by September 15, 2014. The financial advisors are Barclays Africa Group Limited and Afrinvest (West Africa) Limited.

AMCON Receives 25 EoIs For Its Shareholding In Mainstreet Bank

AMCON, Inc. revealed on May 21, 2014 that it has received a total of 25 Expressions of Interest (EOIs) for Mainstreet Bank Limited. AMCON is in the process of divesting its shareholding in Mainstreet Bank. According to a letter signed by the Head of Corporate Communications, Strategy and Research of AMCON, Kayode Lambo, "those that submitted EOIs included both local and foreign banks as well as investment groups." AMCON however did not disclose the names of the institutions. “AMCON hereby announces the successful completion of the EOIs phase of the divestment of its shareholding in Mainstreet Bank. In confirmation of the earlier comment made by the corporation that the timeframe given was adequate for serious interested parties to submit all requested documents, a total of 25 EOIs were received. This spanned a diverse group of interest which included local and foreign banks and local and foreign investment groups,” AMCON stated. “That phase is expected to take four to six weeks after which they will be required to submit their bids”, AMCON further stated. The financial advisors are Barclays Africa Group Limited and Afrinvest Securities Limited. In addition, Banwo and Ighodalo is the legal adviser to the transaction.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 4, 2014
MainStreet Bank Limited
Merger/Acquisition
September 12, 2014
Enterprise Bank Limited
Merger/Acquisition
September 5, 2014
Union Bank of Nigeria Plc
 

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