The central bank revoked the licenses of Springbank, Afribank and Bank PHB on Friday and their assets and liabilities were transferred to newly formed 'Bridge Banks' by the government's banking deposit insurance arm. AMCON will recapitalize the nationalized Bridge Banks, before finding new investors, which may take at least two or three years, the central bank said. "The primary objective is to stabilize the banking system ... AMCON will now supervise the management of these banks," AMCON head Mustapha Chike-Obi told reporters at a conference in the commercial hub Lagos. The state “bad bank” will inject 285 billion naira ($1.87 billion) into Mainstreet Bank, formerly Afribank, 283 billion naira into Keystone Bank, formerly Bank PHB, and 111 billion into Enterprise Bank, formerly Spring Bank. All the injections will take place by Monday through the issue of bonds. The central bank's deputy governor, Kingsley Moghalu, said recapitalization agreements signed with investors by four of the other rescued banks would solve around 80 percent of the banking crisis and the bailout package would be recouped from all rescued banks. "We believe we have drawn a line under the banking crisis. By September 30, all banks in Nigeria will be fully capitalized," Moghalu said. AMCON was set up last year to absorb bad bank loans, exchanging them for government-backed bonds, with the aim of rebuilding commercial bank balance sheets. In 2009, the central bank bailed out nine banks that auditors deemed to be so badly capitalized they posed a risk to the whole of sub-Sahran Africa's second-largest economy. The banks were poorly managed and had over exposure to the capital and oil markets during the global financial crisis.