Nationalised Banks and the fate of shareholders

Proshare

Tuesday, July 29, 2014 8.11 AM / Share Support Services
 

 

The nationalized banks – Bank PHB, Spring Bank and Afribank as a result of the Mallam Sanusi Lamido Sanusi’ bank audit carried out in 2009 currently remain an entity wholly owned by Asset Management Company of Nigeria (AMCON).
 

AMCON, established in 2010 to acquire the non-performing loans of the banks in the country after the CBN intervention in the banking system, moved in to rescued these banks after the Central Bank of Nigeria (CBN) had announced the revocation of their licenses.
 

 

Till date, some shareholders still ask questions whether they can still sell the shares they held in the nationalized banks i.e. – Bank PHB, Spring Bank and Afribank.


The fact of the matter is that those banks have since been taken over/acquired wholesale by the regulatory authorities and they have been officially delisted from the daily official list of the Nigerian Stock Exchange.
 

The share certificates in the possession of various shareholders out there have no value arising from this regulatory action. These banking entities now belong to AMCON (upon nationalization by the CBN) and its new investors who should emerge after the sale of the banks.
 

For further details, kindly contact sss@proshareng.com 

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