A Nigerian lender, rose the most in three weeks after Vanguard newspaper reported it has agreed to buy privately held Equitorial Trust Bank, a lender bailed out by the central bank in 2009.

The stock gained 7 kobo, or 4.9 percent, its biggest increase since July 22, to 1.49 naira by 12:25 p.m. in Lagos, reducing its loss this year to 36 percent.

Vanguard cited a statement from Sterling Bank regarding the acquisition. The Central Bank of Nigeria has given the eight lenders it bailed out in 2009 with 620 billion naira ($4 billion) until Sept. 30 to recapitalize or face liquidation or nationalization. Nigeria on Aug. 5 nationalized three banks that the central bank said were unlikely to meet the deadline. , a Nigerian lender, rose the most in three weeks after Vanguard newspaper reported it has agreed to buy privately held Equitorial Trust Bank, a lender bailed out by the central bank in 2009.

The stock gained 7 kobo, or 4.9 percent, its biggest increase since July 22, to 1.49 naira by 12:25 p.m. in Lagos, reducing its loss this year to 36 percent.

Vanguard cited a statement from Sterling Bank regarding the acquisition. The Central Bank of Nigeria has given the eight lenders it bailed out in 2009 with 620 billion naira ($4 billion) until Sept. 30 to recapitalize or face liquidation or nationalization. Nigeria on Aug. 5 nationalized three banks that the central bank said were unlikely to meet the deadline. , a Nigerian lender, rose the most in three weeks after Vanguard newspaper reported it has agreed to buy privately held Equitorial Trust Bank, a lender bailed out by the central bank in 2009.

The stock gained 7 kobo, or 4.9 percent, its biggest increase since July 22, to 1.49 naira by 12:25 p.m. in Lagos, reducing its loss this year to 36 percent.

Vanguard cited a statement from Sterling Bank regarding the acquisition. The Central Bank of Nigeria has given the eight lenders it bailed out in 2009 with 620 billion naira ($4 billion) until Sept. 30 to recapitalize or face liquidation or nationalization. Nigeria on Aug. 5 nationalized three banks that the central bank said were unlikely to meet the deadline.