Afribank

Last updated

Afribank Nigeria 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.

Contents

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. [3] 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Afribank failed in 2011 and its banking license was revoked by the Central Bank of Nigeria, the national banking regulator. [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of Nigeria, in Lagos ordered that the affairs of the defunct Afribank Nigeria Plc be wound up, since its license had been revoked.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]

Related Research Articles

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services provided by the finance industry, which together encompass a broad range of service sector firms that provide financial management, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.

<span class="mw-page-title-main">Nigerian Exchange Group</span> Stock exchange located in Lagos, Nigeria

The Nigerian Stock Exchange (NSE) now Nigerian Exchange Group is a Nigerian stock exchange founded in 1961 in Lagos. As of November 2019, it has a total of 161 listed companies, with 8 domestic companies on the premium board, 144 companies on the mainboard, and 4 on the Alternative Securities Market (ASeM) board. In the Fixed Income market, the NSE has 84 FGN bonds, 21 state bonds, 27 corporate bonds, 1 supranational bond, and 53 memorandum listings.

EFG Hermes Holding S.A.E. is an Egyptian financial services company present in the Middle East, North Africa, Sub-Saharan Africa, and South Asia regions and specializes in securities brokerage, asset management, investment banking, private equity and research in addition to finance lease, factoring, microfinance, Financial technology, mortgage, and insurance. EFG Hermes serves a range of clients including sovereign wealth funds, endowments, corporations, financial institutions, high-net-worth clients and individual customers. EFG Hermes is listed on the Egyptian Exchange (EGX) and London (LSE) stock exchanges. EFG Hermes has offices in Egypt, the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), Pakistan, Oman, Kuwait, Jordan, Kenya, Nigeria, UK, United States and Bangladesh with over 4,500 people from 25 nationalities. They serve clients from the Middle East, North Africa, Europe and the United States. Currently, EFG Holding is listed as number 13 in Forbes' Top 50 Listed Companies in Egypt 2023.

<span class="mw-page-title-main">First City Monument Bank</span> Nigerian bank

First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management. As of December 2020, the Group's total assets were valued at US $5 billion.

<span class="mw-page-title-main">Zenith Bank</span> Nigerian commercial financial services company

Zenith Bank Plc is a large financial service provider in Nigeria and Anglophone West Africa, headquartered in Victoria Island, Lagos. It is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator.

<span class="mw-page-title-main">Guaranty Trust Holding Company PLC</span> Multinational financial services group

Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos, Nigeria. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company.

Oceanic Bank International, commonly referred to as Oceanic Bank, was a bank in Nigeria that provided individual, commercial and corporate banking services.

Spring Bank Plc., also referred to as Spring Bank, was a commercial bank in Nigeria. It was one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator at the time.

Bank PHB, formerly known as Platinum Habib Bank, was a commercial bank in Nigeria. The bank was the fifth largest financial services provider in Nigeria. The bank's assets were valued in excess of US$6 billion.

Bank PHB Group, also known as Platinum Habib Bank Group, was a financial services organization in West Africa and East Africa. The Group's headquarters was located on Victoria Island in Lagos, Nigeria, with subsidiaries in Nigeria, the Gambia, Liberia, Sierra Leone and Uganda. Bank PHB Group was one of the largest financial services organizations in Africa, with an estimated asset base in excess of US$3.6 billion, as of December 2009.

<span class="mw-page-title-main">Union Bank of Nigeria</span> Commercial bank in Nigeria

Union Bank of Nigeria Plc is a commercial bank in Nigeria headquartered in Marina, Lagos Island, Lagos. It has been operating in Nigeria since 1917.

<span class="mw-page-title-main">Polaris Bank Limited</span> Nigerian commercial Bank

Polaris Bank Limited is a commercial bank based in Nigeria. It is licensed by the Central Bank of Nigeria, the country's banking regulator. In October 2022, the bank was acquired by Strategic Capital Investment Limited (SCIL).

<span class="mw-page-title-main">FirstRand</span> South African financial service provider

FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.

Intercontinental Bank plc, commonly referred to as Intercontinental Bank or simply Intercontinental, is a commercial bank in Nigeria. It is now owned by Access Bank plc. Intercontinental Bank is one of the twenty-four commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.

Enterprise Bank Limited (EBL), also known as Enterprise Bank, was a commercial bank in Nigeria. It was licensed as a commercial bank by the Central Bank of Nigeria, the country's banking regulator.

Mainstreet Bank Limited (MBL), also referred to as Mainstreet Bank, was a commercial bank in Nigeria. It was acquired by Skye Bank Plc in 2014.

<span class="mw-page-title-main">Heirs Holdings</span> African Holding Company

Heirs Holdings is a family-owned investment holding company headquartered in Lagos, Nigeria with investment interests in various sectors in Africa.

Heritage Bank Plc., usually called Heritage Bank, is a financial services institution. It is one of the commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator, with a national operating license, that offers retail banking, corporate banking, online/internet banking, investment banking and asset management services; its head office is at 292B Ajose Adeogun Street, Victoria Island, Lagos, Lagos State, Nigeria.

Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Investor Services, Pension Management, TrusteesInsurance Brokerage and life Insurance businesses. The company's corporate headquarters, I.B.T.C. Place, is situated at Walter Carrington Crescent, Victoria Island, Lagos. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa's largest banking group ranked by assets and earnings, operations in 20 African countries and 13 countries outside Africa.

<span class="mw-page-title-main">Afrinvest</span>

References

  1. "Nigerian Stock Exchange Profile". Nigerian Stock Exchange. Archived from the original on 2 February 2009. Retrieved 2009-03-20.
  2. OMEJE, Chikezie (2018-09-22). "Skye Bank takeover: A journey from Afribank to Polaris Bank". The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19. Retrieved 2023-05-27.
  3. "Afribank International Finance (Dublin)". Archived from the original on 22 April 2009. Retrieved 2009-03-20.
  4. "FG takes over Afribank, Bank PHB, Spring Bank - Vanguard News". Vanguard News. 2011-08-06. Retrieved 2017-12-14.
  5. Powered by DMflex WebGen --- www.dmflex.com (2011-08-06). "Afribank Nationalized On 5 August 2011". Thisdaylive.com. Archived from the original on 2013-12-12. Retrieved 2013-12-08.
  6. Iriekpen, Davidson (2012-07-09). "Court Winds Up Afribank". Allafrica.com. Retrieved 2013-12-08.