The Asset Management Corporation of Nigeria, AMCON, in line with Central Bank of Nigeria, CBN, directive has vowed to publish the names of banks’ loans defaulters if the loans remained unpaid.
In a statement released on Monday by AMCON’s management, it warned that if the loans remained unpaid, it will take steps to recover the debts including by legal means, while warning debtors not to assume it will forgive their indebtedness.
It will be recalled that the CBN, in April directed banks to give bad debtors three months to pay their debts, otherwise they would be named in the media and barred from taking part in Nigerian currency and government debt markets. It also asked bad debtors to present restructuring plans.
AMCON was set up in 2010 to absorb non-performing loans in exchange for government bonds, after the Central Bank injected $4 billion to rescue nine banks from collapse six years ago.
The Central Bank has since set an upper limit of five per cent for non-performing loan ratio for the industry. Before the 2009 bailout, non-performing loans ratio stood in double digits.
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