₦airaland Forum

Nice move, lets unmask d faces of those guymen killing the banking institution, appearing to be rich to the public but inwardly are ravening wolves

That's real ggg

Na today ? Story story o...

i buy the plans of the apex bank in reducing need for foreign currencies as more demand on the naira would keep increasing its value. a repeat of recent happenings would be avoided.

Hmm, waiting oh. Who r dose pple

So publishing names of loan defaulters will now take the place of recoveries and seeking legal redress through legal means?
Are there no laws and penalties for bank loan defaulters?
Were the loans not secured even with the unimaginable level of exposures?

This does not look like Emefulie's led CBN is serious about "big man's debts"

Adesiji77:
In an effort to forestall another build up of non-performing loans (NPLs) in the banking industry, the Central Bank of Nigeria (CBN) and deposit money banks (DMBs) in the country yesterday disclosed plans to publish the names of new bank debtors.


In addition, the central bank said it might be compelled to stop such loan defaulters from accessing FOREIGN EXCHANGE through the interbank FOREIGN EXCHANGE market.


The Director, Banking Supervision, CBN, Mrs. Tokunbo Martins, who disclosed this while briefing journalists at the end of the 321st Bankers' Committee meeting in Lagos, said the names of those she described as “chronic debtors” would be published alongside the companies they represent, their directors, subsidiaries and other associates.


Martins who declined to give a specific date or period when the names would be published as well as the total amount owed by the debtors, said banks are currently compiling the names.


She said that the decision was aimed at preventing another banking crisis.
The central bank director explained: “The CBN has managed to keep the banking industry safe and sound in collaboration with all members of the Bankers’ Committee.


“But some data shows that it is increasingly becoming difficult for some debtors to pay up their loans. So it was decided that going forward, one thing that we may do is to stop them from getting access to foreign exchange.


“Another thing that we also considered going forward is to publish the names of the borrowers that refuse to pay up. This is to ensure the continuous safety and soundness of the banking industry.


“It is not all debtors, it is the bad and chronic debtors, those ones that have deliberately refused to pay, those are the ones we are talking about.”
Martins, who put the current banking industry’s NPLs at 3.3 per cent, maintained that the central bank wants to ensure that the figure does not exceed the five per cent limit.


“Total loans in the industry are in the region of N13 trillion. Right now, we have not reached the upper limit of five per cent on NPLs, but we don't want to get there. That was why we decided that we need to come out with this measure.
“It is not only the names of the bad debtors, the directors, the subsidiaries and every member of the board that would have their names published,” she added.


Responding to a question on what would happen if a debtor or his firm decides to source FOR FOREX from other market sources, the central bank director said: “There is no way we can stop the bank debtors from purchasing forex at the parallel market, but that will come to them at a cost because it is more expensive there. What we are more concerned with is the official market.


“You recall how much was spent by the Asset Management Corporation of Nigeria (AMCON) to clear up toxic loans and so we just want to make sure we are proactive and that we don't go back to a situation like that.


“There was a time we had NPLs at 2.5 per cent and 3 per cent, 3.3 per cent and so it is important that we take action now and not wait till it is too late.”


Also speaking at the media briefing, the Managing Director/Chief Executive Officer, Union Bank of Nigeria Plc, Mr. Emeka Emuwa revealed plans by banks to reduce the limit on the usage of naira debit cards abroad.


Emuwa said the committee took the decision because of some cases of card abuse abroad, which he stressed was also a threat to EXCHANGE RATE stability.


The limit currently is $150,000 per annum, but this would come down to a more practical level, he said, adding: “Whether you are using your card domestically or internationally, will not be affected.”


The Union Bank boss explained: “We did find that in a number of cases people were using the cards in a manner that they were not expected to use them and there have been cases of arbitrage. So in order to sustain stability, what was agreed by the committee was that the limit for the use of the naira debit cards would be reduced.


“As a customer, if you have a dollar account, you will still have unfettered access to it, but for naira debit accounts, the limit would be reduced to a more judicious level.


“This specifically refers to the use of these cards abroad because when they are used abroad, the merchants have to be settled.
"Even if it is at ATMs, the service provider, Visa or MasterCard, has to be settled in foreign currency and we find that it is a drain on the foreign resources available to FINANCE our industries.
“So there is going to be a reduction in the annual allowable draw down using naira debit cards abroad.”


http://www.thisdaylive.com/articles/cbn-to-publish-new-list-of-bank-debtors/206409/

Is it all about the fear of Buhari being the beginning of wisdom for Nigerians or is it that our Ministries and Parastatals have suddenly woken up from slumber to begin doing the needful??
Abeg SAI BUHARI!!!!!!!!!!!!!!!!!

Kx:
So publishing names of loan defaulters will now take the place of recoveries and seeking legal redress through legal means?
Are there no loans and penalties for bank loan defaulters?
Were the loans not secured even with the unimaginable level of exposures?

This does not look like Emefulie's led CBN is serious about "big man's debts"

God bless you for this.

Only in Nigeria will you have such happening. Publish the names of chronic debtors is that some joke?

What happened to the assets used to secure the loan in the first place? Are companies even risk rated in Nigeria to find out their credit worthiness in the first place before dishing them loans?

If a company can't service it's loans and it's struggling financially, the banks should step in legally and such company should be put into administration with every single asset sold to recover the debt. Simples!

@Raymond Dokpesi is number one on the list

CBN is part of our economic downturn. Their policies are not people development oriented. CBN is pro-rich and anti-poor. What about new notes, for example. You hardly get them in the Banks, but on the streets and at parties; and the peddlers have not been heard to have been attacked by robbers even though they operate so openly and should ordinarily be easy targets (well, perhaps the money is too small for them to worth the risk). Reason is, there is a syndicate behind it. It is a racket with headquarters inside CBN. Because of Buhari CBN has 'woken up' to appear serious.

Why should the CBN stoop so low to engage in this nonsense?

If publishing their names will fast-track the recovery process then, they should go ahead but if it will only cover the empty pages of our newspapers, they should rather think of invoking the collaterals that covered such loans.

Buhari don pay him loan ni?

clubone0501:
What good will it do

Banks charge default charges and interest on said loans..so wetin be them problem. ..


they should not publish my name ooo..


kindly keep your orders coming

What type of flooring is this sir?

Adesiji77:
In an effort to forestall another build up of non-performing loans (NPLs) in the banking industry, the Central Bank of Nigeria (CBN) and deposit money banks (DMBs) in the country yesterday disclosed plans to publish the names of new bank debtors.


In addition, the central bank said it might be compelled to stop such loan defaulters from accessing FOREIGN EXCHANGE through the interbank FOREIGN EXCHANGE market.


The Director, Banking Supervision, CBN, Mrs. Tokunbo Martins, who disclosed this while briefing journalists at the end of the 321st Bankers' Committee meeting in Lagos, said the names of those she described as “chronic debtors” would be published alongside the companies they represent, their directors, subsidiaries and other associates.



Martins who declined to give a specific date or period when the names would be published as well as the total amount owed by the debtors, said banks are currently compiling the names.


She said that the decision was aimed at preventing another banking crisis.
The central bank director explained: “The CBN has managed to keep the banking industry safe and sound in collaboration with all members of the Bankers’ Committee.


“But some data shows that it is increasingly becoming difficult for some debtors to pay up their loans. So it was decided that going forward, one thing that we may do is to stop them from getting access to foreign exchange.


“Another thing that we also considered going forward is to publish the names of the borrowers that refuse to pay up. This is to ensure the continuous safety and soundness of the banking industry.


“It is not all debtors, it is the bad and chronic debtors, those ones that have deliberately refused to pay, those are the ones we are talking about.”
Martins, who put the current banking industry’s NPLs at 3.3 per cent, maintained that the central bank wants to ensure that the figure does not exceed the five per cent limit.


“Total loans in the industry are in the region of N13 trillion. Right now, we have not reached the upper limit of five per cent on NPLs, but we don't want to get there. That was why we decided that we need to come out with this measure.
“It is not only the names of the bad debtors, the directors, the subsidiaries and every member of the board that would have their names published,” she added.


Responding to a question on what would happen if a debtor or his firm decides to source FOR FOREX from other market sources, the central bank director said: “There is no way we can stop the bank debtors from purchasing forex at the parallel market, but that will come to them at a cost because it is more expensive there. What we are more concerned with is the official market.


“You recall how much was spent by the Asset Management Corporation of Nigeria (AMCON) to clear up toxic loans and so we just want to make sure we are proactive and that we don't go back to a situation like that.


“There was a time we had NPLs at 2.5 per cent and 3 per cent, 3.3 per cent and so it is important that we take action now and not wait till it is too late.”


Also speaking at the media briefing, the Managing Director/Chief Executive Officer, Union Bank of Nigeria Plc, Mr. Emeka Emuwa revealed plans by banks to reduce the limit on the usage of naira debit cards abroad.


Emuwa said the committee took the decision because of some cases of card abuse abroad, which he stressed was also a threat to EXCHANGE RATE stability.


The limit currently is $150,000 per annum, but this would come down to a more practical level, he said, adding: “Whether you are using your card domestically or internationally, will not be affected.”


The Union Bank boss explained: “We did find that in a number of cases people were using the cards in a manner that they were not expected to use them and there have been cases of arbitrage. So in order to sustain stability, what was agreed by the committee was that the limit for the use of the naira debit cards would be reduced.


“As a customer, if you have a dollar account, you will still have unfettered access to it, but for naira debit accounts, the limit would be reduced to a more judicious level.


“This specifically refers to the use of these cards abroad because when they are used abroad, the merchants have to be settled.
"Even if it is at ATMs, the service provider, Visa or MasterCard, has to be settled in foreign currency and we find that it is a drain on the foreign resources available to FINANCE our industries.
“So there is going to be a reduction in the annual allowable draw down using naira debit cards abroad.”


http://www.thisdaylive.com/articles/cbn-to-publish-new-list-of-bank-debtors/206409/

CBN must not publish my name oooo.... i just take god beg them... i promise i will pay back before the end of the monh. thanks.

There will continue to be problems with Bank Loans in Nigeria until bankers stop giving Loans based on relationships,perception and social status of prospective borrower.
They should also stop using previous turnover with other banks as major determinant of the borrowers financial standing.I have noticed that most chronic Bank debtors just go to bank A and borrow money and take it to bank B and Bank C and roll it around as turnover and then bank D and E use these turnover in B and C to wrongly assess the debtor's financial capacity.
Banks must sterilise a borrowers turnover with other banks properly to ascertain how the turnover was generated.

.

i willn't be suprise to see our africa richest man name among them

refreshrate:
What type of flooring is this sir?

wooden laminate flooring

What chronic bank debtors?

So the banks advanced loans without collateral and
repeated the same act several times for it to become chronic?

I already know the culprits--oil companies. The covert advancement of loans for fuel importation and government's refusal to pay for fuel subsidies in time have made an interesting marriage in their bottom lines. Greed is not good after all.

Well, it is their loss. They should take the loss and leave the debtors alone. In other words, the management of the banks are st.upid and should be fired pronto.

/

clubone0501:
wooden laminate flooring

How much per square meter pls installed in Lagos?

refreshrate:
How much per square meter pls installed in Lagos?

kindly call or whatsapp

So na now CBN's eyes dey clear?
They ought to have published it a long time ago but they didn't.
After so many banks collapsed and were taken over, and after many hundreds of thousand Nigerian financial sector workers lost their jobs, CBN now want to act.

MtchewwwwwWwwwwwwwW

Like test scores after the national exams, we will see who is really failing after walking the school halls all year long like they were top dogs ruling the school.. Hahaha just a lot of Posers playing games running the institutions to the ground..

CBN should pay their retirees the money they owe them before pointing fingers. So many incompetent staff over there.

Ralphlauren:
God bless you for this.

Only in Nigeria will you have such happening. Publish the names of chronic debtors is that some joke?

What happened to the assets used to secure the loan in the first place? Are companies even risk rated in Nigeria to find out their credit worthiness in the first place before dishing them loans?

If a company can't service it's loans and it's struggling financially, the banks should step in legally and such company should be put into administration with every single asset sold to recover the debt. Simples!

I wish it were that "simple" my brother, especially with our current justice administration system.

It is a question of who goes to court first; once the debtor gets an injunction restraining the lender from dealing with his assets, end of story! Months, or even years may pass before judgement is obtained. Even now, judicial officers are on strike.

There is a peculiar case in my branch that has been on for over 5 years now where the borrower took the bank to court for harassment, filed a claim for damages and also got a court order restraining the bank from selling his properties that have already been mortgaged to the bank.

IMHO, it is either debtors of banks are barred from obtaining injunctions from our courts to delay the loan recovery process OR a special court be established to ensure speedy hearing of these cases.

BTW, this step that CBN is proposing was taken while Sanusi was still at the helm and it did work to some extent. A few companies and individuals had no choice but to enter negotiations with their banks for restructuring/settlement of the debts.

CC: hardbody

How can I borrow from CBN. I will pay back i swear