CBN Orders Banks To Publish Names Of Debtors On August 1

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The Central Bank of Nigeria has in its 322nd meeting of the Bankers’ Committee ordered all Banks in the country to publish the names of chronic debtors by August 1, 2015.

The announcement was made on Thursday In Abuja by Bankers’ Committee meeting, Director, Banking Supervision, Central Bank of Nigeria (CBN) Mrs Tokunbo Martins, after a meeting of the organization.

She stated that the apex banking sector regulator cannot afford further delay in the publication of the debtors’ names after the expiration of the three months grace period to all debtors to service their debts with banks.

It would be recalled, the Apex Bank earlier announced its plan on publishing the names of bank debtors along with those of their bank of directors in newspapers in order to reduce the rate of Non Performing loans.

Mrs Martins further said ”Total bank credit stands at between N13 trillion to N14 trillion; of this amount, about three per cent of that (N390 billion) is not performing. This means that the industry is very sound”.

”The date is drawing close to publish names of serial debtors, by 1st August, banks will publish names of debtors and we urge debtors to pay up”.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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