Afribank

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Afribank Nigeria PLC was a commercial banking, real estate and insurance broker based in Lagos, Nigeria.[1] It was established by French investors in 1959 under the name Banque Internationale pour l'Afrique Occidentale (BAIO).[citation needed] As at 2010, the bank operated over 250 branches across Nigeria, and was one of the region's "Big Four" banks. Afribank used the Temenos Globus banking application in its branches.

Operations[edit]

Afribank's core business was in commercial and retail investment banking. It also operated stock brokering firm, an insurance brokerage firm, a trustees and investments company, and estate development company, a capital market firm, and an offshore finance company in Dublin, Ireland.[2] Afribank also invested in companies in the financial and real sectors of the Nigerian economy.

Failure and closure[edit]

Afribank failed in 2011 and its banking license was revoked by the Central Bank of Nigeria, the national banking regulator.[3]The assets and some of the liabilities of the now defunct Afribank Plc. were acquired by Mainstreet Bank Limited, a bridge institution, specially created for that purporse on the same day.[4] In July 2012, the Federal High Court of Nigeria, in Lagos ordered that the affairs of the defunct Afribank Nigeria Plc be wound up, since its license had been revoked.[5]

References[edit]

  1. ^ "Nigerian Stock Exchange Profile". Nigerian Stock Exchange. Archived from the original on 2 February 2009. Retrieved 2009-03-20. 
  2. ^ "Afribank International Finance (Dublin)". Archived from the original on 22 April 2009. Retrieved 2009-03-20. 
  3. ^ "FG takes over Afribank, Bank PHB, Spring Bank - Vanguard News". Vanguard News. 2011-08-06. Retrieved 2017-12-14. 
  4. ^ Powered by DMflex WebGen --- www.dmflex.com (2011-08-06). "Afribank Nationalized On 5 August 2011". Thisdaylive.com. Archived from the original on 2013-12-12. Retrieved 2013-12-08. 
  5. ^ Iriekpen, Davidson (2012-07-09). "Court Winds Up Afribank". Allafrica.com. Retrieved 2013-12-08. 

External links[edit]