Twenty-six Nigerian banks go bust

The Nigerian authorities have closed twenty-six banks as part of a government campaign to end malpractices in the banking sector.

The banks have debts totalling four-hundred million dollars.

They'd failed to meet a government deadline to fulfil their obligations.

The bank liquidator has warned depositors there won't be enough funds for full compensation.

These latest closures are part of a four-year campaign by the Nigerian military leader, General Sani Abacha, to get rid of banking corruption and fraud.

Many foreign and Nigerian bankers have welcomed the campaign saying that the government's draconian measures have restored sanity to the banking sector.

From the newsroom of the BBC World Service