More at source

Stockbrokers at the Nigerian Stock Exchange have criticised the new publication of debtors' lists by the Central Bank of Nigeria (CBN), saying it was a wrong signal that could jeopardise business relationships.

Some of the brokers said the CBN could have assisted the "troubled" banks in recovering their bad loans without making some businesses look bad in the public's eyes.

"Publishing commercial relationships between a bank and its customer is not right," said Rasheed Yussuff, the chief executive officer of Trust Yields Securities Limited, saying such relationship should be kept confidential.

Mr. Yussuff said people should realise that "to have a good business plan achieved, a company will have to borrow money to function. If you're in business and you don't borrow, then you must be stealing money somewhere. To borrow money is not a crime since it's a commercial borrowing."

public show-that's what all this publishing of names is all about.

to borrow money and run a biz is not bad but 2 flex and live a flamboyant life with d money is irresponsible how come dey borrow millions and do with it as they like while 4 an average nigerian 2 get such he/she requires a collateral,referedum,even d great-grand father's signature just to get some money it'z quite unfair

yeah

They shd av shown some respect 2dis pple.May be threaten them first b4 publishing their names if they refused 2pay.Afterall nigeria owed d PARIS CLUB for decades b4 being granted debt relief

I do hope these stockbrokers are speaking the voice of the people or are they as dubious and as ill-informed as the debtors.  They should get it into their brain that genuine debtors don't  have their names published.  How much you borrowed from the bank is not the issue here but how you borrowed  and as well as servicing the loans.  Debtors with genuine collaterals and consistent servicing of their loans in line with banking lending terms have no issues or  business with EFCC or CBN.

A debtor buying jets, houses in overseas and leaving very flamboyant life with an unserviced loan hanging on his neck should get more sembarassment. Collaterals,  recommendations or guarantors and other borrowing requirements are meant for the poor while these guys can secure millions of naira loan through the phone.  

When the CBN assists the troubled banks as the stockbrokers rightly suggested, what follows?  The banks give more "unsecured" loans? The CBN, assists again untill they go distressed. Who suffers? Its the poor man and not the huge debtors.  I think the CBN is not even "dishing out" enough embarassment Squeeze the "damn" money out of them in the most unconventional way they used to aquire the loans.

Haba.  Let us wise up 9ja.

Was it not the shareholders of the banks who called for the lists to be published?

I think its high time we start doing things right in this country if we really want to move forward. Who ever is found wanting no matter his or her status in the society should be dealt with accordingly.

More brokers tale.

I thought it was only bad debts that were listed?

thank u Mr, but i think u are one of them, efcc need to look in to activities very well.

can we expect any better - is one of their so called high fliers - falcon securities - not on the list

I am amazed that some people are still in support of thieves, crooks and corrupt elements in various sector's of this country.

What with the level of pure suffering we are in, have been in and for both the foreseeable and unforeseeable future we are going to continue be in, please tell us (again) why should their names not be published?!! {Thieves!! both them (those who's names were published) and their beneficiaries that don't want their names to be published. (Aside - Basic enemies of the freedom of information bill.)}

Those that are against current reforms are those that benefitted, those that want to continue benefitting and/or those that hope to benefit from the status quo in the financial or any other corrupt sector of this country (NEPA, NNPC & Co. etc). Lazy people who through patronage have gotten to or hope to live a lazy life free loading of the backs of the hard working multitude (or more like suffering multitude given the chronicly high unemployment level).

When I put my money (my little hard earned money) in a bank I expect to get it back when I need it for whatever reason, health, food, clothing, shelter - whatever. What am I suppose to do if I can't get it back when I need it?!!! PRAY TELL ME?!, (say because the bank has failed) and if especially for an important or urgent reason such as hospital bill or paying my rent.

Am I to wait under the bridge?!, - homeless?!!, or live on gulps of air?!!!, or simply hope to get better or not die without necessary medical attention!!! Am I to wait till some thieving bank's managing director refunds an unsecured loan?! or his friends and in-laws repay the loans he gave them?! or the price of stock rises so his good pally cum stockbroker can return the money he took from the bank!!! i.e. the hard earn deposits of many thousands of "fools like us"!!!.

The fools that we are trusted them to keep the change we call our life savings safe for us. Little did we know that we were simply contributing to fund their lives of luxury with our blood and tears.

How cold and callous can you be? How utterly insensitive and blind to the reality of the consequence of their actions??!! - to say their names should not be published even!!. ARRRRRHHHHHH!!!!!!, YOU MUST BE SICK - FING Murderer!!! These are people who's sentences should be no shorter than Bernard Maddoff's i.e. nothing less than 150 years without parole!!!

As it is, the whole process of apprehending, charging and sentencing them is taking too too long.

So what if it does not help the economy? It has never been well for the economy from us poor common peoples perspective. HAVE YOU EVER THOUGHT OF IT FROM THAT PERSPECTIVE?!!!!!

I am totally in support of Quietrager's outtake on this issue.  These stockbrokers have got to be out of their flipping minds!!  They need to be quickly detoxified from whatever they have been inhaling or injecting.  Then again what else can one expect from a band of thieves? 

What surprises me in situations like these and other such misuse of power and money is the arrogant denial of actual facts; my people, these loans in question owed by these thieving b@stards are "Non-Performing Loans".  In other words, they are in default!  The debtor has in one way or the other abandoned his fiduciary responsibility to repay these loans - or in the naija case is not making any repayments and has no intention of doing so.  Rather than address this issue they repeat the same process at some other bank and that for me is the killer.  The same names keep popping up all over the place at all the different banks, with the same familiar story.  These are not small amounts we are talking about here.  I think a lot of people assume that since it is Naira, the value is irrelevant.  We are talking billions of dollars here people - per person!!  It is pretty obvious based on this alone that Nigeria has a lot of billionaires albeit, sophisticated bank robbers.  In a society where we have no light, no roads, no schools, no hospitals, (insert your own items here), one has to ask what in the world they use all this money for  Do they realize that they can still make a lot of money by still being responsible  This is Nigeria we are talking about here.  We have not even scratched the surface on the potential that comes with such a 'great' country and yet we have been running Nigeria into the ground ever since independence.

Let us please stop using the excuse and blatant deception tactics of claiming that these are legitimate businesses who need loan facilities to carry out their businesses.  With the cost of labor in Nigeria and attached cost of production or manufacturing - not to even mention the subsequent return on investment, any business that has over a billion dollars in funds can pretty much rule the whole of Nigeria as far as I am concerned.  These are just thieves pure and simple.

I THINK QOITERAGER 'n UPBENDEL GOT IT RIGHT.


I DONT KNOW WHEN WE WILL LEARN HOW TO SAY THE TRUTH IN THIS COUNTRY,ITS SAD WHEN SOME PEOPLE OR GROUP OF PERSON
WILL ALWAYS HIDE UNDER THE TRUTH WHEN THEY TEND TO BENEFIT FROM DUBIOUS RELATIVES OR ASSOCIATE. LET THE GOD DEMN
STOCKBROKER GO TO H*LL FOR ALL I CARE, WHEN ORDINARY PEOPLE WHO SWEATS TO MAKE MONEY CANT GET SIMPLE SOFT LOANS
OFCOZ WHICH IS OBVIOUS THEY WILL PAY BACK WITH INTRESTS. THE THIEVES ARE THERE LIVING LARGE WITH THE LITTLE THESE
PEOPLE SAVE. GOD HELP NIGERIA


NO WONDER BANKS LIKE INT**CT**ENTAL ARE THERE 'DAY ROBBING',COZ AS FAR AS AM CONCERNED THE #50 CHARGE ON THE USE OF
ATM MACHINE IS SO UNFAIR TO ITS COSTOMERS. SO MANY SHADY ACTIVITIES GOES IN THOSE BANKS AND YET WE SHOULD KEEP QUITE?
NO WAY!!! THIS HAVE TO CHANGE SO THAT THE NEXT GENERATIONS WOULD NOT CURSE US ON OUR ROAD TO HEAVEN.

when the debtors too the loans did they follow due process when they started defaulting did they follow due process maybe we should know before this period some debtors actually threaten their bankers and even shut them out of their offices when the bankers come around asking for repayment or even a way to restructure now they are all talking of due process.
if u made a business error you should pay for it if u thought a share price would go up took a loan to fuel ur speculation and then the share price drops yous hould be prepared to pay up.
the stock brokers are actually the source of all the problema we are facing stocks especially shares are not meant for speculative investment the are supposed to be invested in wisely.
stock brokers start paying up the masses whose funds u have taken cannot be asked to share ur risks as we dont ever share in your profits

what kind of reasoning is this? you make it sound as if it's now a crime to be in debt.

Borrowing is not bad, but when you borrow money from the bank without following due process, you live luxuriously without servicing the loan, then it certainly, is a crime.

and who is saying they didn't follow due process?

George_D:

and who is saying they didn't follow due process?

Well, if they did, and they can pay, they should.
They took margin loans, the shares tanked, they can't pay.
So they should not even be in business anymore, talk less of complaining about privacy.

everyday for the thief, one day for the owner - looks like the devil is finally coming to claim his dues.

to all y'all chopping life by stealing etal - be warned

mehn! see action movie for the financial industry. i still never know all the actors finish. nna, dis is far better than nollywood.

It is really unfair

this guy is clueless! exactly who is a thief? someone that borrowed money to carry out legitimate business?

@George D, Please WHAT are u talking about

Borrowing is NOT bad,
Being in debt is NOT bad

BUT

Borrowing AND NOT SERVICING or PAYING BACK is more than BAD!!!!
KAIIIIIII!!!!!!!!
Who said they were not warned before thier names were published

Look if u are in legitimate business with the money, then be paying back every month but at least PAY,

if ur not in business, then u shld not be living 'da life' at other people's expense,

Since ur a generous lender, please i want to borrow money to buy a sky scrapper in uk,
rem not to request for ur money back cos it not a bad thing to be a debtor,

Come sef, wetin be ur real name abi ur name dey d list wey dem publish

and who says all those in that list were not paying back or servicing thier debts?

George_D:

this guy is clueless! exactly who is a thief? someone that borrowed money to carry out legitimate business?

Dude, you sound like you could be part of the problem. Go look up what a "Non-Performing Loan" is before you start bloviating.

gosh, i can't believe people could be this gullible! keep believing everything you read on the pages of newspapers. i bet you haven't heard the last of this saga yet! non-performing indeed!