Nigeria: NSE Delists Skye Bank, Fortis

The management of the Nigerian Stock Exchange, NSE, has delisted two companies from the daily official list of the Exchange.

This was contained in a statement signed by Lilian Dako for the Head of Listings Regulation Department of the NSE on Wednesday.

The two companies are Skye Bank Plc and Fortis Microfinance Bank Plc.

The delisting, the NSE noted in its statement, was done pursuant to Clause 15 of the General Undertaking, Appendix III of the Rule Book of The Nigerian Stock Exchange, 2015 (Issuers' Rules).

The decision took effect on Wednesday, August 21, the NSE added.

In February, the Nigeria Deposit Insurance Corporation (NDIC) announced the official liquidation of Fortis Microfinance Bank and its branches nationwide.

The microfinance bank, which was licensed by the Central Bank of Nigeria (CBN) in 2007 and listed on the Nigerian Stock Exchange (NSE) as the first private sector-led microfinance bank in 2012, had its shares suspended from being traded on the floor of the NSE for failing to adhere to standard corporate governance. It also had issues with extant post-listing requirements that make it mandatory for quoted companies to submit their financial statements within stipulated timelines.

Similarly, last September, the Central Bank of Nigeria (CBN) announced the takeover of Skye Bank. The apex bank also withdrew the operating licence of the bank.

Godwin Emefiele, CBN governor, said in consultation with the Nigerian Deposit Insurance Corporation (NDIC), the CBN decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye bank.

In its statement Wednesday, the Nigerian bourse noted that delisting of the two banks was approved by the National Council of The Exchange on Thursday, May 30.

The decision, it said, is in line with The Exchange's regulatory delisting process as a result of the revocation of the banks' operating licenses by their primary regulator, the Central Bank of Nigeria.

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