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Shares Suspended In Nigeria Banks

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http://news.bbc.co.uk/1/hi/business/8205731.stm

Shares in five Nigerian banks, which were bailed out by the government last week, have been suspended.

Afribank, Intercontinental Bank, Finbank, Oceanic Bank and Union Bank shared in a 400bn naira ($2.6bn; £1.6bn) injection.

The value of shares in the banks tumbled after the bailout and the sacking of the banks' bosses - prompting trading to be stopped.

Bank bailouts were unheard of in Nigeria until last week's development.

'Near-term uncertainty'

Central bank governor Lamido Sanusi had said the banks would be run as normal until new investors were found. However, investors are believed to have asked for trading in the shares to be halted.

The five institutions, which account for 40% of bank credit in Nigeria, had run up bad loans worth a total of 1.14 trillion naira ($7.6 billion).

The country's banking regulator said the banks were undercapitalised and posed a risk to the entire banking system. Audits on a further 14 banks are planned.

It seems African banks have learnt how to run things properly from there western counterparts.

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http://news.bbc.co.uk/1/hi/business/8205731.stm

It seems African banks have learnt how to run things properly from there western counterparts.

Did any of these set up banks in this country to take deposit. I remember around the time of Icesave save going African Banks arrived in the UK to take UK savings, presumably having seen how generous the FSA were with the £50K deposit protection scheme?

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