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NDIC takes over Management of Afribank, BankPHB and SpringBank

By on August 5, 2011

The Nigeria Deposit Insurance Corp., which insures deposits in the country’s banking industry, is taking over the management of three bailed-out banks deemed unlikely to meet a Sept. 30 recapitalization deadline, Managing Director Umaru Ibrahim told reporters today in Lagos.

The lenders, Afribank Plc, Bank PHB Plc (PLATINUM) and Spring Bank Plc (SPRINGBK), haven’t “shown the necessary capacity and obligation to recapitalize,” he said. “The assets and liabilities of the affected banks, whose licenses have been revoked by the central bank, have been duly transfered by the corporation to newly incorporated bridge banks,” he said.