NSE Delists Skye Bank, Fortis Microfinance Bank

By Modupe Gbadeyanka

Two companies formerly trading their shares on the floor of the Nigerian Stock Exchange (NSE) have finally been delisted from the platform.

The two affected firms are Skye Bank Plc and Fortis Microfinance Bank Plc, both operating in the financial services sector.

Both organisations were removed from the stock exchange due to the revocation of their operating licenses by their primary regulator, the Central Bank of Nigeria (CBN).

According to a circular signed by Ms Lilian Dako, on behalf of the Head, Listings Regulation Department at the NSE, the delisting of Skye Bank and Fortis Microfinance Bank from the daily official list of the exchange became effective on Wednesday, August 21, 2019 (today).

“Dealing members are hereby notified that pursuant to Clause 15 of the General Undertaking, Appendix III of the Rule Book of the Nigerian Stock Exchange, 2015 (Issuers’ Rules), the under listed companies were delisted from the daily official list of the Nigerian Stock Exchange (The Exchange) today, Wednesday, August 21, 2019.

“Skye Bank Plc and Fortis Microfinance Bank Plc.

“The delisting of the afore-listed companies was approved by the National Council of The Exchange on Thursday, May 30, 2019 in line with the exchange’s regulatory delisting process as a result of the revocation of their operating licenses by their primary regulator, the Central Bank of Nigeria,” the circular stated.

It would be recall that the CBN had in September 2018 revoked the operating licence of Skye Bank and established a bridge bank known as Polaris Bank.