SHARES OF THE FIVE DISTRESSED BANKS SUSPENDED FROM NIGERIAN STOCK MARKET

The shares of the five banks whose CEOs were sacked last week have been suspended from the nigerian stock exchange. The Director General of the Nigerian Stock Exchange (NSE), Prof. (Mrs) Ndi Okereke-Onyiuke, announced the suspension of the shares during a press conference on the outcome of meeting with the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The Director general of the Nigerian Stock Exchange said that the decision to suspend the Shares was taken to prevent panic selling by shareholders of the affected banks in order to protect investments on the Nigerian Stock Exchange. It may be recalled that the CEO’s and Managing directors of
Oceanic Bank, Intercontinental Bank, Afribank, First Inland Bank and Union Bank were replaced by the central bank of nigeria last week.

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