Lagos - Worried by the flagrant contravention of the law, deposit money banks have been warned not to contravene the requirement for lending to all tiers of government, reports Daily Independent.
The Debt Management Office (DMO) in a notice to all banks said some of them are still not complying with the law, which mandates them to obtain prior approval from the Minister of Finance before granting loans to the Federal, State and Local Governments or any of their agencies.
It warned that further contravention on the requirement for lending to all tiers of government will be met with full sanctions.
Read more at Daily Independent.
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