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Technical Suspension Lifted, Bank PHB and Spring Bank

The Technical Suspension which was placed on Bank PHB Plc and Spring Bank Plc has been lifted today October 13, 2009.

It’s a joint decision by the Securities Exchange Commission and the Nigerian Stock Exchange as the basis for the suspension has been addressed. It is lifted this morning, exactly after one week: Mr. Sola Oni, Assistant General/ Head Corporate Affairs.

The technical suspension was placed on October 5, 2009 following the sack of their managements by the Central Bank of Nigeria (CBN) after the final audit of the banks revealed that their operations were in grave danger.

The suspension was to guard against negative responses from some of the investors in Bank PHB and Spring Bank due to the CBN’s action.

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