Lagos, Nigeria - Shares valued at 32 billion naira may have been lost by investors in the former Afribank Plc, Bank PHB Plc and Spring Bank Plc, the three banks which were nationalised last Friday after their licences were revoked by the Central Bank of Nigeria for their inability to recapitalise (US$1=150 Naira).

The private Guardian newspaper Wednesday described the amount as a tentative figure.

According to the report, a breakdown of the shareholding structure of the banks shows that former Spring Bank had 11.3 billion ordinary shares valued at 9.6 billion naira, Afribank 13.6 billion ordinary shares worth 9.49 billion naira and Bank PHB with 20.2 billion ordinary shares put at 10.7 billion naira.

The Assets Management Corporation of Nigeria (AMCON), which took over the banks as their sole shareholder, said it had injected 679 billion naira into them to protect their depositors. 

AMCON also hinted that the banks would be sold to new investors after three years of being managed by the current boards it appointed to run them.

Pana 10/08/2011