By InvestAdvocate

Lagos (INVESTADVOCATE) – The Nigerian Stock Exchange (NSE) Tuesday formally announced the delisting of the three Nationalised Banks and Nampak Nigeria Plc; operating in its Packaging Sector.

Following the Nationalisation of former AfriBank Plc, Bank PHB Plc and Spring Bank Plc August 05 2011 by the Central Bank of Nigeria (CBN) for perceived inability of these Banks to meet the September deadline for recapitalisation.

The Nigerian deposit Insurance Corporation (NDIC) stepped in to create three Bridge Banks which include Enterprise Bank Limited, Keystone Bank Limited and Mainstreet Bank Limited to acquire all Assets and Liabilities of Spring Bank, Bank PHB and Afribank, respectively.

The Nigeria’s Exchange after some few days commenced the process of delisting of these Banks from its Daily Official List when it placed on full suspension the shares of these Banks; which the NSE Management said it was a major step towards delisting of the Financial Institutions from the Nigerian Bourse.

The NSE said that the three Bridge Banks established by the NDIC to take over the Assets and Liabilities of Spring Bank Plc, Bank PHB Plc, and AfriBank Plc respectively were owned privately by the Asset Management Company of Nigeria (AMCON), therefore, were not listed the Nigeria’s Exchange.

Following this development, a Statement issued by NSE and signed by Wole Tokede, Seniour Manager, Corporate Communications said  that in pursuant to the takeover of AfriBank Plc, 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 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 they no longer exist, following the revocation of their licenses by the Central Bank of Nigeria” Tokede said.