Nigeria: March 8, 2002

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Hundreds of retired soldiers demonstrated in the capital to protest the failure to pay their pensions. Some $130 million of pension money for 60,000 retirees is held up in a failed commercial bank.  The bank's failure was the result of mismanagement and corruption and the government will not come up with additional funds to pay the pensions. Such disasters are common, but this one has an impact on the morale and stability of the armed forces. 

 

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