Afribank Nigeria

Afribank Nigeria plc was one of the largest financial services providers in Nigeria with market value of N25.6 billion (US$165 million) as of May 2011. Afribank was highly diversified financial group. The core business revolved around commercial banking, retail banking and investment banking. It also operated a stock brokerage firm, an insurance brokerage firm, an estate development company, a capital market firm, and an offshore finance company in Ireland. The Bank had about 300 branches nationwide (fourth largest network in Nigeria) and employed over 3,000 people. Afribank was established on October 20, 1959 as International Bank for West Africa (IBWA). With effect from January 1990, the company changed its name to Afribank Nigeria Ltd. In 1992, it was converted to a public limited liability company and listed on the Nigeria Stock Exchange (NSE).

Afribank plc failed in 2011 and the Central Bank of Nigeria withdrew the banking license of Afribank.

MainStreet Bank Limited has assumed the assets and liabilities of Afribank in 2011.

MainStreet Bank was acquired by Skye Bank Plc in 2014.

Skye Bank Plc in turn failed in 2018. The Central Bank of Nigeria revoked its banking license and licensed Polaris Bank Limited as a bridge bank, which assumed the deposits and acquired the assets of the former Skye Bank with effect from September 21, 2018. In October 2022 the Asset Management Corporation of Nigeria transferred its shareholding in Polaris Bank to Strategic Capital Investment Limited (99%) and Ponglomerape Limited.

Head office address:
Afribank Plaza
51/55, Broad Street
12021 Lagos, Nigeria