CBN Order Banks To Publish The Names Of Debtors By The End Of The Month

5 years ago by: Daniel Bosai
-- Online (m) at 25-04-2015 10:59AM

(18882 | Hero)

The Central Bank of Nigeria (CBN) on Friday directed deposit money banks (DMBs) to publish the list of  borrowers whose debts have remained non-performing in at least three national daily newspapers from the end of July this year.

The action follows an earlier warning to chronic bank debtors in the country to pay up their debts

The Apex bank stated that the move is to halt the rising trend of non-performing loans (NPLs) in the industry.

The banking sector regulator gave the directive in a letter dated April 22, 2015 and addressed to all banks and discount houses.

The letter titled: “Recovery of Delinquent Credit Facilities,” was signed by the Director, Banking Supervision, CBN, Mrs. Tokunbo Martins.

Via ThisDay:

 
Quote
   According to the CBN, banks and discount houses are required with effect from May 1st 2015, to give the delinquent debtors three months of grace to turn their accounts from non-performing to performing status, after which their names would be published. The delinquent debtors, for both individual and corporate accounts, are those whose accounts have been classified lost and the names include the persons, entities, directors, subsidiaries and other related parties.

    According to the Apex bank, those affected would be banned from participating in the Nigerian foreign exchange market and also from participating in the Nigerian government securities market. Martins had earlier this month said the decision to publish the list of bank debtors was to prevent another banking crisis.

    The central bank director had explained: “The CBN has managed to keep the banking industry safe and sound in collaboration with all members of the Bankers’ Committee. “But some data shows that it is increasingly becoming difficult for some debtors to pay up their loans. So it was decided that going forward, one thing that we may do is to stop them from getting access to foreign exchange. This is to ensure the continuous safety and soundness of the banking industry

    “It is not all debtors, it is the bad and chronic debtors, those ones that have deliberately refused to pay; those are the ones we are talking about. Total loans in the industry are in the region of N13 trillion,” she added.



-- PoliticxGuru (m) at 25-04-2015 12:04PM
(14187 | Hero)

Lack of employment, make una go find work do and leave the debtors, even Naija dey own world bank
Reply
-- DMG17 (m) at 25-04-2015 12:33PM
(1490 | Gistmaniac)

HELLO NIGERPALS, I FOUND THIS QUOTE SOMEWHERE, DO YOU AGREE? A NIGERIA WROTE....


“HOW ABOUT ALL BANKS TO PUBLISH THE NAMES OF HEADS OF STATE, FIRST LADIES, MINISTERS, GOVERNORS, COMMISSIONERS AND TOP GOVERNMENT FUNCTIONARIES HOLDING ACCOUNTS WITH ALL BANKS IN NIGERIA AND ABROAD, THEN WE SHALL BE EVEN IN OUR FINDINGS? ONLY WHEN WE RE-ESTABLISH THE CORE VALUES OF QUALITY LEADERSHIP THEN WE SHALL BE ABLE TO DEFINE WHAT LEADERSHIP REALLY MEANS”

CHIKA J. NJOKU   
MBA, BBA, BSC.

Reply
-- benbella1 (m) at 25-04-2015 12:51PM
(228 | Upcoming)

Quote from: PoliticxGuru on 25-04-2015 12:04PM
Lack of employment, make una go find work do and leave the debtors, even Naija dey own world bank
are u 1 of them?
Reply
-- Danas1 (m) at 25-04-2015 02:32PM
(208 | Upcoming)

Them won disgrace our big men be that cos they can't do without borrowing from the bank..
Reply
-- beneno (m) at 25-04-2015 02:36PM
(25952 | Addicted Hero)

 Roll Eyes Roll Eyes Roll Eyes Roll Eyes
Reply
-- echeeche (m) at 25-04-2015 04:26PM
(9432 | Hero)

 Grin
Reply
-- Opeyemi66 (m) at 25-04-2015 04:51PM
(371 | Upcoming)

hhmmmmmmmtoo bad ............
Reply
-- elchymo (m) at 25-04-2015 07:23PM
(22523 | Addicted Hero)

Roll Eyes Roll Eyes Roll Eyes
Reply
-- zoe61 (f) at 25-04-2015 08:05PM
(15163 | Hero)

 Roll Eyes Roll Eyes Roll Eyes Roll Eyes
Reply
-- Nicksam (m) at 26-04-2015 08:16AM
(11424 | Hero)

OK NA
Reply
-- yuwana (m) at 26-04-2015 08:51AM
(212 | Upcoming)

Borrowing is not bad. Infact banks flourish only when business men and women borrow. But the problem is that Nigerian borrowers are reluctant to service the loan because of high interest. Most of these debtors may have paid the principal amount 3 or 4 times.
Reply
-- PoliticxGuru (m) at 26-04-2015 10:07AM
(14187 | Hero)

am one of them Buh my own Na small one
Reply
-- AMONIC (m) at 26-04-2015 06:57PM
(17 | Newbie)

that's good
Reply
-- presciousoluchi (f) at 9-08-2015 12:17AM
(1086 | Gistmaniac)

good for them

Reply