Trading resumes on Nigerian stocks

September 2, 2009

, LAGOS, Sep 2 – The Nigeria Stock Exchange has lifted its suspension on trading in stocks of five banks whose management were sacked by the country\’s central bank because of bad debts, a spokesman said Wednesday.

"Trading has resumed on the shares of the five banks. The two-week suspension was lifted yesterday," Wole Tokede told AFP.

Stock exchange chief Ndi Okereke-Onyuike placed suspending trading in shares in the banks on August 17 after the shake-up by the Central of Bank of Nigeria (CBN).

CBN governor Sanusi Lamido Sanusi put the total loan portfolio of Afribank plc, Intercontinental Bank plc, Union Bank plc, Oceanic Bank plc and Finbank at 2.8 trillion naira (17.8 billion dollars/12.6 billion euros).

He appointed new management for the ailing banks while a 400-billion-naira bailout was also approved for them.

The country\’s anti-graft agency EFCC on Monday charged some former directors of the distressed banks with fraud and having granted huge loans without collaterals.


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