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Nigeria Judge Says Ruling Doesn’t Freeze Banks, ThisDay Says

Nov. 18 (Bloomberg) -- A Nigerian judge clarified a ruling he gave on Nov. 14, saying it doesn’t halt the operations of three banks that were nationalized by the central bank in August, ThisDay reported.

Justice Charles Archibong of the Federal High Court in Lagos said his order was to freeze dealings in the shares of the affected banks, and not their daily operations, the Lagos-based newspaper said.

The Central Bank of Nigeria on Aug. 6 nationalized Afribank Plc, Bank PHB Plc, and Spring Bank Plc on concern they won’t meet its Sept. 30 recapitalization deadline, and renamed them Mainstreet Bank, Keystone Bank, and Enterprise Bank.

Justice Archibong’s earlier order had caused panic in the banking industry and among depositors, ThisDay said.

To contact the reporter on this story: Vincent Nwanma in Lagos at

To contact the editor responsible for this story: Antony Sguazzin at

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