Nigeria Confronts a Major Banking Crisis
In the meantime, senior executives were removed from five of Nigeria’s largest banks. Amid the turmoil, the government was forced to provide $2.6 billion in emergency recapitalization to these same banks, whose balance sheets have been eroded by toxic loans. There are allegations that chicanery was involved in the non-payment of bank loans, prompting the government to issue a series of ultimatums to supposedly deadbeat tycoons to pay up or face prosecution.
Undoubtedly, the Nigerian banking imbroglio is still to be sorted out. In the meantime, a major oil exporting economy is in the grips of a banking crisis that is as severe as it is murky.
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