LAGOS, Aug 7 – Nigeria’s Securities and Exchange Commission said on Sunday it had suspended trading on the shares of Afribank, Spring Bank and Bank PHB, following the nationalization of the three lenders.The SEC also approved a technical suspension on the trading of Finbank, Intercontinental, Oceanic Bank and Union Bank shares, pending the completion of agreed recapitalization deals.
The Nigerian central bank revoked the licences of Afribank, Spring Bank and Bank PHB on Friday because it said they did not show the necessary capacity to recapitalize following a $4 billion bailout of nine lenders in 2009.
Source: Reuters Africa newsletter
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