Nigeria’s SEC Bars Trade In Three Banks

Nigeria’s Securities and Exchange Commission(SEC) has frozen trading in some nationalized banks,Reutersreports. Trading in shares ofAfribank,Spring BankandBank PHB暂停,while a technical suspension in the trading ofFinbank,Intercontinental,Oceanic BankandUnion Bankshares has also been approved by the SEC.

The technical suspension is pending the completion of agreed recapitalization deals. The licenses of Afribank, Spring Bank and Bank PHB were revoked as they did not show the necessary capacity to recapitalize following a $4 billion bailout of nine lenders in 2009.

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