Financial Times FT.com

Nigeria goes in pursuit of big debtors

By Tom Burgis

Published: August 19 2009 09:03 | Last updated: August 19 2009 18:57

Nigeria’s central bank has demanded repayment of $4.7bn of loans from debtors who include some of the country’s most powerful figures. It has also enlisted the financial crimes unit in its drive to clean up the financial sector.

After sacking the managers of five banks last week and pumping in N400bn ($2.5bn, €1.8bn, £1.5bn) of rescue money, the central bank has passed a “comprehensive list” of debtors to the economic and financial crimes commission (EFCC) to begin efforts to recover the loans.

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