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BANKING AND FINANCE

NSE Delists Skye Bank, Fortis Microfinance Bank

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Nigerian Stock Exchange (NSE) has delisted two defunct banks, Skye Bank Plc and Fortis Microfinance Bank Plc, from its daily official list.

In a statement signed by the head,  Listings Regulation Department of NSE, Lilian Dako, yesterday said that “Dealing members are hereby notified that pursuant to Clause 15 of the General Undertaking, Appendix III of the Rule Book of the Nigerian Stock Exchange, 2015, Skye Bank and Fortis Microfinance Bank were delisted from the daily official list of the Exchange on August 21 2019.”

It stated that the delisting of the banks was approved by the National Council of the Exchange on May 30, 2019 in line with the Exchange’s regulatory delisting process as a result of the revocation of their operating licenses by their primary regulator, Central Bank of Nigeria (CBN).

The CBN had on July 4, 2016 taken over the management of the Skye Bank by reconstituting the board of directors and management of the bank to pave way for a new team to take charge of the bank and resolve various issues that were perceived to be hindering its optimal performance.

The apex bank then gave the new board and management a clear mandate with particular focus areas to turn the institution around positively.

Meanwhile, the CBN on September 21, 2018‎, revoked the operating license of Skye Bank and licensed Polaris Bank as a bridge bank to take over assets and liabilities of defunct Skye Bank.

The NSE had in November 2018 suspended trading on the shares of Fortis Microfinance Bank and five other companies after they failed to adhere to best corporate governance and extant post-listing requirements that make it mandatory for quoted companies to submit their financial statements within stipulated timelines.

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