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Nigeria's NNPC taps 10 banks in move to clear fuel debts: source

LAGOS (Reuters) - Nigeria's state-owned oil company NNPC is borrowing from at least 10 banks and using revenue from oil production to help clear a long-overdue $3.5 billion debt owed to foreign fuel traders, a banking source close to the deal said on Tuesday. NNPC struck a deal led by Standard Chartered Bank at the end of last year to borrow $1.5 billion from a mixture of foreign and Nigerian ...
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Added January 08, 2013
from Yahoo Nigerian News