$7 Billion in Oil Debt Has Nigerian Banks Holding Back Lending

A few Nigerian oil and gas companies owe local banks about $7 billion, and the fallout is reaching well beyond those borrowers, according to billionaire Aliko Dangote. Most domestic bank financing for the industry is now on hold, Dangote told the Nigerian Association of Petroleum Explorationists conference in Lagos Wednesday. “A few companies, I believe, owe the banks about $7bn,” he said. “As a result, most funding from our domestic banks is on hold.” Dangote offered no names or breakdown of the debt, nor did he say how…