Court reverses order on three nationalised banks

Justice Charles Archibong of the Federal High Court in Lagos yesterday reversed his earlier order temporarily halting the operations of the three commercial banks that were recently nationalised by the Central Bank of Nigeria (CBN). The three banks are: Mainstreet (Afribank), Keystone (Bank PHB) and Enterprise (Spring Bank). In the new order, Justice Archibong said the order granted on Monday was made specifically to freeze dealings in the equity of the affected banks in relation to the relief in the main application of the applicants for enforcement of fundamental rights in the suit.The judge added that the order was not intended to freeze the day-to-day business or banking operations of the affected banks.
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