Pursuant to the takeover of AfriBankPlc, Bank PHB Plc, and Spring Bank Plc by the Nigerian Deposit Insurance Corporation (NDIC) on Friday, August 5, 2011 and subsequent purchase of the banks by Asset Management Corporation of Nigeria (AMCON), The Nigerian Stock Exchange (The Exchange) has placed the shares of the affected banks on full suspension as a first step towards their delisting from the Daily Official List.  This means that no trading will occur in the shares of these banks as these banks no longer exist following the revocation of their licenses by the Central Bank of Nigeria.

Transactions in the shares of the three banks up to and including Friday, August 5, 2011 will be allowed to settle.

The three new banks, Enterprise Bank Limited, Keystone Bank Limited and Mainstreet Bank Limited that NDIC established to take over the assets and liabilities of Spring Bank Plc, Bank PHB Plc, and AfriBankPlc, are privately owned by AMCON and are not listed on The Exchange.

In addition, The Exchange has placed the shares of four intervened banks: Intercontinental Bank, Oceanic Bank, Union Bank and FinBank that have signed Transaction Implementation Agreements on technical suspension, until the completion of their recapitalization transactions and not later than September 30, 2011.  It would be recalled that the CBN had announced that the intervened banks are required to complete their recapitalization by the September 30 deadline.

The Exchange wishes to assure the investing public that it will continue its investor protection efforts.

For further information or clarification, please contact:

Wole Tokede

Corporate Communications

Nigerian Stock Exchange

Stock Exchange House

2/4 Customs Street

Marina, Lagos.