nigeria

If you can muster any pity for bankers, direct it to those in Nigeria this Christmas.

Results are back from a special audit commissioned by the Nigerian central bank. The audit requested the balance sheets of banks that had received bail-out funds since August. Experts believe the financial position of eight of the banks is “grave”. Rumour has it that all the banks’ books were in the red, with combined losses of more than 1,000bn naira ($6.7bn).