Femi Otedola leads toxic Nigerian bank debtors

With a humongous loan portfolio of $1.2 billion, Femi Otedola, President Goodluck Jonathan’s business friend is the biggest danger to Nigeria’s banking system. And the Central bank of Nigeria has warned banks to steer clear of him and his business.

read more

He is toxic, the CBN seemed to say in a statement. The $1.2 billion(N192 billion) is owed by Otedola’s Zenon Petroleum & Gas Ltd, with the debt passed on to Asset Management Company of Nigeria, set up to mop up toxic debts from the bank’s books.


The Central Bank has also barred the nation’s top two airlines from receiving any additional loans over their massive outstanding debts. Two state governments, Cross Rivers and Zamfara are also in the black book.

Extracted from PM News