By Innocent Anaba

The Assets Management Corporation of Nigeria, AMCON, yesterday, said that submission of Expressions of Interest, EOIs, phase in the divestment of Federal Government holdings in Mainstreet Bank has been successfully completed.

AMCON’s Head, Corporate Communication, Strategy and Research, Mr. Kayode Lambo, said: “In confirmation of the earlier comment made by the corporation that the time frame given was adequate for serious, interested parties to submit all requested documents, 25 EOIs were received.

“This spanned a diverse group of interests which included local and foreign banks and local and foreign investment groups.

“It is worthy of note that the number of requests received for this advertisement exceeded expectations and the corporation is impressed with the profiles of the entities.

“Please note that the bidding process has not yet begun. All successful EOI applicants will now be required to submit further information to enable the advisers perform a due diligence on them.

“At the completion of that exercise, the successful applicants will proceed to the next stage, which will be the due diligence phase. That phase is expected to take four to six weeks after which they will be required to submit their bids.

“This process included a thorough search for reputable advisers, who have been engaged. AMCON remains committed to fairness and transparency in the entire process as it looks forward to the next steps in the divestment of its shareholding in Mainstreet Bank.”