17th August 2009
Nigeria Exchange Freezes Five banks’ share Prices
Nigeria Stock exchange froze the share prices of five banks after their executive officers were fired by the Central Bank of Nigeria last week.
The affected banks are Afribank Nigeria Plc, Intercontinental Bank Plc, Oceanic Bank International Plc, Union Bank Nigeria Plc and Finbank Plc. Although trade in the stocks can continue, their prices won’t change.
The Central bank of Nigeria Governor, Lamido Sanusi, fired the chief executives on August 14, saying the lenders were in a “grave situation” and the banks management had acted in a manner detrimental to the interest of depositors and creditors. The Central Bank will also inject N400 billion ($2.55 billion) into the lenders.
However, the suspension will be lifted “Once the atmosphere becomes clear” This was disclosed by Sola Oni, Head of corporate affairs of the Lagos based Exchange.
