Chronic debtors who go from bank to bank to borrow huge sums of money without paying back will be shamed by the nation's apex bank, the Central Bank of Nigeria (CBN).
Chronic debtors who go from bank to bank to borrow huge sums of money without paying back will be shamed by the nation's apex bank, the Central Bank of Nigeria (CBN), as well as the Deposit Money Banks (DMBs), in the country as there are plans to publish the identities of these serial debtors to the financial industry by August 1, 2015
In a statement buy the CBN, three percent of the total industry credit of about N13 trillion is bad debt and it is making efforts to make sure these debts are recovered.
The CBN Director of Banking Supervision, Tokunbo Martins, made this known when she briefed journalists alongside some bank chief executives after a meeting of the Bankers’ Committee.She said: "The total credit is about N13 trillion.
About three per cent of that is non performing and August 1, 2015, is the deadline of publishing the list of debtors."Martins said given that the upper limit of non-performing loans as a percentage of total credit was five per cent, the current three per cent figure of bad loans yet indicated that the banking system was stable in spite of the latest push to recover the outstanding debts.