The Asset Management Corporation of Nigeria (AMCON), says it is searching for advisors to determine the fate of the three nationalised banks.

The Managing Director of AMCON, Mr Mustapha Chike-Obi, told our correspondent exclusively last Thursday in Lagos that reports that AMCON had put up the banks for sale was not true.

“We are only looking for competent hands who will advise us on what to do as regards the banks.

“We have been misinterpreted and misunderstood with our statements, but we have not said that we will sell the banks.

“So there is nothing like proposed sale of the three banks,” Obi said.

He said that the corporation could not determine whether the banks would be sold, adding that it was only the advisors to the corporation that could do that.

Chike-Obi said that to achieve the aim, the corporation had started placing adverts to ensure that the process would lead to hiring of competent advisors.

He said that the final decision would be in the interest of the depositors and investors.

Chike-Obi said that AMCON did not have the power to determine the direction of the outcome, but only had powers to engage the services of advisors who would determine the fate of the banks.

The three banks are Keystone Bank (formerly Bank PHB), Mainstreet Bank (Afribank), and Enterprise Bank (Spring Bank).

The banks were nationalised in August last year because of inability to meet the criteria for recapitalisation.

The apex bank has injected N679 billion into the three banks to improve their capital base and meet obligations to depositors.