BANKS TO SEEK REPRIEVE FROM FAAC OVER NNPC'S $1.5BN DEBT

Commercial Banks exposed to the $1.5 billion debts owed oil traders by the Nigerian National Petroleum Corporation (NNPC) are considering making a case for the liquidation of the debts through the Federation Accounts Allocation Committee (FAAC), .

 It was gathered that the modalities for this approach are being worked out for presentation to the incoming government as the affected banks are concerned that the non -payment will erode their liquidity positions and affect their operations drastically.

 

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