CBN Revokes banking Licenses of Afribank, Spring and BankPHB

[emezico]

Ahead of the September 30 deadline given rescued banks to recapitalise, the Central Bank of Nigeria (CBN), on Friday announced the revocation of licenses of Afribank, Spring and BankPHB for failing to show enough commitment to the process since the new teams were named in August 2009.

Announcing the move, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Ibrahim Umar, said the assets and liabilities of the three operators have been immediately taken over by bridge banks as part of efforts to ensure that the banks continue to operate under new identities.