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Nigerian commercial bank Heritage Banking Company has put down the 20 per cent initial deposit needed by the Asset Management Corporation of Nigeria (AMCON) to secure acquisition rights for the assets of Enterprise Bank

AMCON revealed that Heritage Bank were the preferred bidders for the local bank, with a number of bids coming from international and local investors.

The 20 per cent fee is expected to be around US$67mn, with the total fee reaching US$361mn.

Key members from the financial advisers to the deal -Citigroup Global Markets Limited and Vetiva Capital Management Limited as well as G. Elias & Co, the legal adviser, were present at the signing ceremony, stated reports.

“The Heritage Bank team was led to the SPA signing ceremony by the chairman of the bank, Akinsola Akinfemiwa," added reports.

According to reports, other members of the Heritage Bank team who also attended the ceremony included the bank’s chief executive officer, Ifie Sekibo, its executive director, Ivory Bank, Mary Akpobome and some other executive directors.

“The papers were signed today, which signals the acquisition process. I can also confirm to you that a team to implement the transaction has been constituted,” revealed a source.

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