NSE Delists Skye Bank, Fortis Bank From Exchange List

The Nigerian Stock Exchange (NSE) has delisted two companies from the daily official list of the Exchange.
The two companies are Skye Bank Plc and Fortis Microfinance Bank Plc.
This was contained in a statement signed by Lilian Dako, for the Head of Listings Regulation Department of the NSE, which noted that the delisting was done pursuant to Clause 15 of the General Undertaking, Appendix III of the Rule Book of The Nigerian Stock Exchange, 2015 (Issuers’ Rules).
The decision took effect on Wednesday, August 21, the NSE added.
It also revealed that the delisting of the two banks was approved by the National Council of The Exchange on Thursday, May 30.
The decision, it said, is in line with The Exchange’s regulatory delisting process as a result of the revocation of the banks’ operating licenses by their primary regulator, the Central Bank of Nigeria.
It will be recalled that the Nigeria Deposit Insurance Corporation (NDIC) had announced the official liquidation of Fortis Microfinance Bank and its branches nationwide.
Similarly, last September, the Central Bank of Nigeria (CBN) announced the takeover of Skye Bank. The apex bank also withdrew the operating licence of the bank.

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