Heritage Banking Company, a Nigerian commercial bank, has forked out the 20 percent initial deposit required by the Asset Management Corporation of Nigeria (AMCON) to secure acquisition rights for the assets of Enterprise Bank.

Just last week, AMCON – holders of the banks assets following the nationalization process a few years ago – announced that Heritage Bank emerged the preferred bidders for the local bank following a raft of bids from international and local investors. South African investors were touted as the most interested.

The 20 percent fee was not announced but is believed to be the region of N11 billion ($67 million), given the total fee is estimated to be N59 billion ($361 million).

According to local news daily ThisDay, “the Heritage Bank team was led to the SPA signing ceremony by the chairman of the bank, Mr. Akinsola Akinfemiwa. Other members of the Heritage Bank team that attended the ceremony, according to the source were the bank’s chief Executive officer, Mr. Ifie Sekibo, its Executive Director, Ivory Bank, Mr. Mary Akpobome and some other executive directors.

AMCON is keen to sell all three nationalized banks; Enterprise, Mainstreet and Keystone, having restored them to profitability.