Nigeria's First Bank says its unlikely to issue a 500-billion naira bond as earlier planned, and is instead considering a secondary listing in South Africa. 

First Bank, which is Nigeria's largest bank, said last year that it planned to use the proceeds of the bond to help fund acquisitions locally and abroad.

The apparent shift in strategy comes days after three executive directors quit in what the bank said were voluntary resignations. 

First Bank says its in talks with the Johannesburg Stock Exchange about a possible secondary listing, and will be in South Africa this week to discuss the plans.

Source: Reuters