The Nigerian Stock Exchange (NSE) on Friday notified investors that Skye Bank Plc shares would be suspended from trading on 24 September.

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This comes after the Central Bank of Nigeria (CBN) revoked the banking licence of Skye Bank.

The exchange said that the decision was pursuant to the “Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules).”

It stated that further developments would be communicated as appropriate in due course.

Governor of the CBN Godwin Emefiele said at a news conference in Lagos that the decision was due to failure of its shareholders to recapitalise the bank.

Emefiele, however, said that the purpose of the CBN’s intervention in Skye Bank on July 4, 2016 had been achieved.

“Part of our intention was also to stem the imminent job losses to staff if a liquidation option had been adopted,” he said.

“These objectives have been fully achieved and the bank has been able to meet customer obligations, having curtailed the liquidity haemorrhage and restored depositor confidence.

Indeed, the bank’s performance has improved considerably compared to the pre-July 2016 era.”