₦airaland Forum

It's bumper harvest for real estate firms...

Some of the Money Deposit Banks in the country have compiled for sale the lists of houses, hotels, filling stations, schools, among other property used as collateral by debtors in a bid to recover their capital.

The banks, in a name and shame manner, had earlier in the week published the lists of chronic debtors who were unable to meet up with the July 31 deadline given by the Central Bank of Nigeria to repay their loans.

So far, 17 banks had published the names of their delinquent debtors and of the N175.61bn being owed the banks, First Bank has N43.72bn non-performing loans; Unity Bank, 45.52bn; Access Bank, N3.4bn; Diamond Bank, N47.17bn; First City Monument Bank, N17.1bn; Ecobank, N5.4bn; UBA, N9.3bn; and Wema Bank, N1.26bn.

While the Assets Management Company of Nigeria, Standard Chartered Bank, Keystone Bank and others are waiting to publish their lists of debtors next week, the total number of debtors so far released by the banks, after removing some names due to litigation and last-minute renegotiation, is 606.

However, investigations by Saturday PUNCH revealed that apart from publishing the debtors’ names, some of the banks had concluded plans to sell real estate assets used as collateral by debtors and had already engaged the services of estate firms/agents to dispose them.

A document, exclusively obtained by Saturday PUNCH, lists 43 property put up for sale by Sterling Bank with a total value of over N3bn.

The property include a five-bedroom detached house located in Magodo, Lagos, and offered for N105m; a hotel in Osogbo, Osun State, N241m; a two-wing duplex in Lekki Phase 1, N150m; a storey building in Garki, Abuja, N172m; a storey building in Ibadan, Oyo State, N30m; and a commercial/residential property in Ilorin, Kwara State, N70m.

Also, there is a storey building in Akwa Ibom State, N29m; a filling station at Owode/Idi-Iroko Road, Ogun State, N2.8m; detached blocks of flats, duplex and school halls at Asaba, Delta State, N135m; a block of flats and other adjoining property in Asaba, Delta State, N135m; a detached house in Maitama District, Abuja, N305m; and a bungalow in Benin City, Edo State, N14m.

Some estate surveyors and valuers, who confided in one of our correspondents, affirmed that they had received instructions from some of the banks to help them dispose the property which are spread across the country.

http://www.punchng.com/news/loans-banks-put-up-chronic-debtors-property-for-sale/ lalasticlala

Good one. No time

People are just heartless..sell those properties fast even their shoe collection and the last kobo in their various wallets..

Nice one

K

Adesiji77:
It's bumper harvest for real estate firms...



http://www.punchng.com/news/loans-banks-put-up-chronic-debtors-property-for-sale/ lalasticlala

It is a lesson to everyone. Do not borrow money. Do not pledge your property for a consumption loan. The bankers who lent you the money make it impossible for you to pay back and will eventually acquire it at give-away price. This has traditionally been the trick of the Jews.

profiting at the expense of others, right






meanwhile if you wanna laugh tire today
CHECK MY SIGNATURE TO READ MY FUNNY SECRET DIARY

too expensive beat am down for me

Any filling station at Banana Island, I would love to cash on that

Some people go buy house with epe on it and wonder why their children are dying one by one after they move in

Nice

Hmm. What a pity, that's why I don't like collecting loans.

Banks and HBP!....
Let them take it easy b4 they record human casualties. The happiest wealthy persons are those are not owing and are not owed.

Omo,see opportunity to buy house at ponkulowo e..

The banks ought to have done this before publishing the names.

Why wait till this time before acting especially for the loans that were well-collaterized?

A man is owing you, his business goes bad and he is unable to pay but he has collateral. You now go ahead to publish his name in the papers and still sell the collateral to recover your money.

Owing a bank is not a crime especially when you have the willingness to pay and the amount is covered by your collateral.

Yomieluv:
Omo,see opportunity to buy house at ponkulowo e..

I am telling you...

Fake life and leaving on poor men money

GOOD MOVE just as expected

Eyah...

okay

free2ryhme:
It is a lesson to everyone. Do not borrow money. Do not pledge your property for a consumption loan. The bankers who lent you the money make it impossible for you to pay back and will eventually acquire it at give-away price. This has traditionally been the trick of the Jews.

My dear, will they listen?

EgunMogaji:
Some people go buy house with epe on it and wonder why their children are dying one by one

Kikikikikiki huahuahuahua

Bros the one 'egun' nko?

...the needful quickly.

anytexy:
...the needful quickly.

u mean FP?

I hope they don't develop high BP

free2ryhme:
It is a lesson to everyone. Do not borrow money. Do not pledge your property for a consumption loan. The bankers who lent you the money make it impossible for you to pay back and will eventually acquire it at give-away price. This has traditionally been the trick of the Jews.

It's not always possible for these folks to not borrow money from these banks. The problems lie with their borrowing amounts that are clearly difficult to pay back.

When it comes to loan recovery, bankers aren't very unemotional and firm.

free2ryhme:
It is a lesson to everyone. Do not borrow money. Do not pledge your property for a consumption loan. The bankers who lent you the money make it impossible for you to pay back and will eventually acquire it at give-away price. This has traditionally been the trick of the Jews.

This advice is not practical for businesses. An individual may try very much to avoid borrowing but at some point, a business may need to expand or have cashflow challenges.

What is important is having the discipline and the integrity to stick to the proposal and the repayment obligations.

More often than not, loan delinquency boils down to diversion of loan proceeds.

Though, there are some situations where genuine businessmen may experience failures or be impacted negatively as a result of government policies but the vast majority of deliquent loans are tainted with integrity issues whether internal or external.

I don't think there is a Credit unit of any bank in Nigeria that will grant a loan to a customer and still make it impossible to pay back.

Agreed, the operating environment is harsh for businesses in Nigeria but there is this general psyche not to pay back loans, whether formal or informal.

For instance, how many friends and family have paid back personal loans that you granted them right on schedule, if at all?

Cc: 234GT, kennygee

EgunMogaji:
Some people go buy house with epe on it and wonder why their children are dying one by one

hahhhhhhaaa, wetin b epe? U ehnn, if I catch u

Adesiji77:
It's bumper harvest for real estate firms...



http://www.punchng.com/news/loans-banks-put-up-chronic-debtors-property-for-sale/ lalasticlala

ok no wahala i dey watch man u game.. I will comment after the match...

nice move