DeniAfrica

Vanguard news reports:

In a letter to the Senate President dated May 24, 2006, President Obasanjo said his administration was following up its recent action in paying off the country’s debts to the Paris Club by settling the outstanding debts to the London Club of creditors. Debts owed to the Paris Club are obligations to some foreign creditor nations, while the London Club of creditors is a grouping of institutional and private sector commercial debts. The London Club debts are made up of Promissory Notes, Par Bonds and associated Oil Warrants. President Obasanjo said these categories of debts were traded in the international market.