Nigeria: Debts - Banks Close in on Oil Marketers

13 August 2009

An uneasy calm is currently brewing in the banking industry as banks aggressively close in to recover debts owed by firms in the downstream oil sector.

The sector is believed to be facing an "imminent collapse" owing to a crippling financial crisis estimated at over N804 billion - the majority of it borrowed from banks which are now under tremendous pressure to recoup the loans.

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