Afribank Nigeria PLC was a commercial banking, real estate and insurance broker based in

Lagos Lagos (Nigerian English: ; ) is the largest city in Nigeria and the List of cities in Africa by population, second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper. Lagos was the national ca ...

Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...

. It was established by French investors in 1959 under the name ''Banque Internationale pour l'Afrique Occidentale'' (BAIO). 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

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 Dublin (; , or ) is the capital and largest city of Republic of Ireland, Ireland. On a bay at the mouth of the River Liffey, it is in the Provinces of Ireland, province of Leinster, bordered on the south by the Dublin Mountains, a part of th ...

Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...

. 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Afribank failed in 2011 and its banking license was revoked by the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 Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are ...

, the national banking regulator. The assets and some of the liabilities of the now defunct Afribank Plc. were acquired by

Mainstreet Bank Limited Mainstreet Bank Limited (MBL), also referred to as Mainstreet Bank, was a commercial bank in Nigeria. It was acquired by Skye Bank, Skye Bank Plc in 2014. Overview Mainstreet Microfinance Bank is a large financial services provider in Nigeria. M ...

, a bridge institution, specially created for that purpose on the same day. In July 2012, the Federal High Court of Nigeria, in

ordered that the affairs of the defunct Afribank Nigeria Plc be wound up, since its license had been revoked.

References

External links

Google Finance listing for Afribank
1959 establishments in Nigeria Banks established in 1959 Companies listed on the Nigerian Stock Exchange Defunct companies based in Lagos Defunct banks of Nigeria 2011 disestablishments in Nigeria Banks disestablished in 2011 {{Africa-bank-stub