Afribank

Afri Bank PLC was a commercial banking, real estate and insurance broker based in Lagos, Nigeria.{{cite web|url=http://www.nigerianstockexchange.com/quoted_company.jsp?symbol=AFRIBANK|title=Nigerian Stock Exchange Profile|publisher=Nigerian Stock Exchange|accessdate=2009-03-20| archiveurl= https://web.archive.org/web/20090202185933/http://www.nigerianstockexchange.com/quoted_company.jsp?symbol=AFRIBANK| archivedate= 2 February 2009 | url-status= usurped}} It was established by French investors in 1959 under the name Banque Internationale pour l'Afrique Occidentale (BAIO).{{Cite web |last=OMEJE |first=Chikezie |date=2018-09-22 |title=Skye Bank takeover: A journey from Afribank to Polaris Bank |url=https://www.icirnigeria.org/skye-bank-takeover-a-journey-from-afribank-to-polaris-bank/ |access-date=2023-05-27 |website=The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19 |language=en-GB}} 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

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.{{cite web|url=http://www.anpi.ie/afribank.html |title=Afribank International Finance (Dublin) |accessdate=2009-03-20 |archiveurl=https://web.archive.org/web/20090422042817/http://www.anpi.ie/afribank.html |archivedate=22 April 2009 |url-status=dead}} Afribank also invested in companies in the financial and real sectors of the Nigerian economy.

Failure and closure

Afribank failed in 2011 and its banking license was revoked by the Central Bank of Nigeria, the national banking regulator.{{Cite news|url=https://www.vanguardngr.com/2011/08/government-takes-over-three-rescued-banks/|title=FG takes over Afribank, Bank PHB, Spring Bank - Vanguard News|date=2011-08-06|work=Vanguard News|access-date=2017-12-14|language=en-US}} 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 purpose on the same day.{{cite web|author=Powered by DMflex WebGen --- www.dmflex.com |url=http://www.thisdaylive.com/articles/afribank-spring-bank-bank-phb-nationalised/96034/ |title=Afribank Nationalized On 5 August 2011 |publisher=Thisdaylive.com |date=2011-08-06 |accessdate=2013-12-08 |url-status=dead|archiveurl=https://web.archive.org/web/20131212020127/http://www.thisdaylive.com/articles/afribank-spring-bank-bank-phb-nationalised/96034/ |archivedate=2013-12-12 }} 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.{{cite web|last=Iriekpen |first=Davidson |url=http://allafrica.com/stories/201207090825.html |title=Court Winds Up Afribank |publisher=Allafrica.com |date=2012-07-09 |accessdate=2013-12-08}}

References

External links

[https://web.archive.org/web/20160127131436/http://www.google.com/finance?q=NIG%3AAFRIBANK Google Finance listing for Afribank]

Category:1959 establishments in Nigeria

Category:Banks established in 1959

Category:Companies listed on the Nigerian Stock Exchange

Category:Defunct companies based in Lagos

Category:Defunct banks of Nigeria

Category:2011 disestablishments in Nigeria

Category:Banks disestablished in 2011