Lagos — On Monday, the Minister of Finance Dr Ngozi OKonjo-Iweala announced a N22.6 billion debt relief for 84 stock brokers in the Nigerian capital market. The firms had taken huge loans from banks and could not pay back when the capital market crashed as a result of financial and banking crisis that hit the country from 2008 to 2011.
The Asset Management Corporation of Nigeria later bought the stock brokers' bad loans at N42.6 billion. The aftermath of the global financial meltdown and the Nigerian banking crisis saw sluggishness in the activities of the Nigerian capital market.
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