August 9, 2011
Nigeria's recently nationalised Mainstreet Bank, formerly Afribank, said on Tuesday it had paid the central bank back the 50 billion naira ($327 million) intervention fund given in a 2009 bailout and the lender was now fully recapitalised.
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. The banks have since been nationalised under new names.
Source: Reuters/ Chijioke Ohuocha