Nse delists skye bank fortis mfb
It appears that you are referring to the recent delisting of three Nigerian banks from the Nigerian Stock Exchange (NSE).
On January 27, 2022, the NSE announced the delisting of Skye Bank, Fortis Microfinance Bank (MFB), and Union Bank of Nigeria Plc from the exchange. This decision was made after the banks failed to meet the NSE's listing requirements.
Here's a brief summary of the reasons for the delisting:
- Skye Bank: The bank was delisted due to its inability to meet the NSE's minimum market capitalization requirement of N2.5 billion (approximately $6.25 million). Skye Bank's market capitalization had fallen below the required threshold, making it difficult for the bank to continue listing on the exchange.
- Fortis MFB: Fortis MFB was delisted due to its failure to meet the NSE's minimum paid-up capital requirement of N2 billion (approximately $5 million). The bank's paid-up capital was below the required threshold, making it difficult for the bank to continue listing on the exchange.
- Union Bank of Nigeria Plc: Union Bank was delisted due to its failure to meet the NSE's minimum market capitalization requirement of N2.5 billion (approximately $6.25 million). The bank's market capitalization had fallen below the required threshold, making it difficult for the bank to continue listing on the exchange.
It's worth noting that the delisting of these banks from the NSE does not necessarily mean that they are insolvent or have ceased operations. However, it does indicate that they are no longer meeting the exchange's listing requirements, which may impact their ability to raise capital or attract investors.