Nigeria’s Securities and Exchange Commission (SEC) has frozen trading in some nationalized banks, Reuters reports. Trading in shares of Afribank, Spring Bank and Bank PHB was suspended, while a technical suspension in the trading of Finbank, Intercontinental, Oceanic Bank and Union Bank shares has also been approved by the SEC. The technical suspension is pending the completion of agreed recapitalization deals. The licenses of Afribank, Spring Bank and Bank PHB were revoked as they did not show the necessary capacity to recapitalize following a $4 billion bailout of nine lenders in 2009.

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