Afribank
Afri Bank PLC was a commercial banking, real estate and insurance broker based in Lagos, Nigeria.[1] It was established by French investors in 1959 under the name Banque Internationale pour l'Afrique Occidentale (BAIO).[2] 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
[edit | edit source]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.[3] Afribank also invested in companies in the financial and real sectors of the Nigerian economy.
Failure and closure
[edit | edit source]Afribank failed in 2011 and its banking license was revoked by the Central Bank of Nigeria, the national banking regulator.[4] The assets and some of the liabilities of the now defunct Afribank Plc.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.[5] 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of Nigeria, in Lagos ordered that the affairs of the defunct Afribank Nigeria Plc be wound up, since its license had been revoked.[6]
References
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External links
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