Banks to publish bad debtors’ names from August 1 – CBN

Central Bank of Nigeria, CBN.

Central Bank of Nigeria, CBN.

13 June 2015, Lagos – THE Central Bank of Nigeria, CBN, has issued a directive instructing all Deposit Money Banks operating in the country to commence the publication of the names of chronic debtors from August 1, 2015.

Speaking at a press briefing, the CBN Director, Banking Supervision Department, Mrs. Tokunbo Martins, who was accompanied by the Managing Director, United Bank for Africa Plc, Phillips Odouza; Managing Director, Unity Bank Plc, Henry Semenitari; and Managing Director, Ecobank Plc, Jubril Aku.

The announcement was made shortly after the 322nd Bankers’ Committee meeting, which was held at the CBN’s headquarters in Abuja.

Mrs. Martins said in a bid to ensure the stability of the financial system, there was a need for the central bank, in collaboration with the DMBs, to keep the non-performing loan portfolio at a minimal level.

She said: “If you recall, at the last Bankers’ Committee meeting, we spoke about publishing the names of serial debtors of banks. We discussed that again and the fact that the date is drawing close.

“Last time when we had the Bankers’ Committee (meeting), we said that there should be three months of grace to give the debtors the opportunity to bring their facilities back to the performing status.

“So, by August 1, any debtor that hasn’t done so, the names will be published by the banks.

“So, the banks are encouraged to speak to their customers that fall into that category that they should put in more efforts to pay up their loans.”
*Daily Independent

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