Saturday, April 25, 2015

CBN orders banks to publish names of debtors from end of July

Following an earlier warning to chronic bank debtors in the country to pay up their debts, the Central Bank of Nigeria (CBN) on Friday directed deposit money banks (DMBs) to publish the list of delinquent borrowers whose debts have remained non-performing in at least three national daily newspapers from the end of July this year.
The banking sector regulator explained that the move is to halt the rising trend of non-performing loans (NPLs) in the industry and also ensure that the industry NPL ratio does not exceed the prudential limit of five per cent. 
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 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
  “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.

Some big names that we are going to see on this list ehn will shock the hell out of you... Never envy them big men ooh or big entertainers chin chin some of them don't have, borrow borrow loans is all they do, hehe

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