Asset Management Corporation of Nigeria (AMCON) – managers of the nationalised Nigerian banks – have appointed American based Citigroup and pan-African investment firm Vetiva Capital to oversee the sale of one of the banks.

AMCON, known as the country’s ‘bad bank’, assumed management of the nationalised Afribank, Spring Bank and Bank PHB in 2011, following their failure to attract investors before a recapitalization deadline.

After the banks were recapitalized by Nigeria’s Central Bank , they had their names changed to: Mainstreet, Enterprise Bank and Keystone Banks respectively.

During an interview on Thursday, the debt management agency revealed plans to sell 100 percent of Enterprise Bank through Vetiva and Citigroup, noting that the bank’s size – the smallest amongst the three – and its cleanness would make it the most attractive to investors, adding that it will also serve as a learning process for the sale of the other banks.

“The clean structure of the bank will attract investors and motivate strong rallying start for the entire divestment transactions.” explained Mustapha Chike-Obi, AMCON’s Chief Executive. “Its size presents a learning curve for AMCON to guard against possible mistakes in the sale of the other two.”

The corporation also noted that over 20 bidders have registered interest in the nationalised bank, confirming its attractiveness and justifying the agency’s decision to begin sales with it, adding that the large pool of interested investor would ensure it got the best bargain from the disposal process.

Nigeria’s Asset Management Corporation was created to be a key stabilizing and revitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the country’s economy.