Central Bank of Nigeria Governor, Godwin Emefiele , has said the private jets belonging to loan defaulters would be seized.
Emefiele , who spoke on Saturday during a visit to the Dangote refinery and fertiliser project site in Lagos , said the chunk of the loans in the Asset Management Corporation of Nigeria was being owed by Nigerians.
He said Nigerian banks were willing to support entrepreneurs in the country “ but they need credible people that can come in and borrow money and pay” .
He said , “ In any case, the central bank will not allow you to borrow money and not pay again. The era has gone . Now, when you take a loan, you will pay. If you don ’t pay, we will take your money wherever you keep it.

“ If you are driving private jets, we will seize the private jets so that you can begin to ride on bicycles. Then we will know you are truly a liquidated person. ”
Emefiele , who commended the President, Dangote Group, Aliko Dangote , for the projects , said the CBN would continue to support entrepreneurs willing to “ come out and contemplate projects where people can be gainfully employed ” .
He said , “ Today , there are 34 ,000 people working in this facility ; in the next two months, it will double to almost 65 ,000 to 70 ,000 people in this complex .
“ That is how a country creates prosperity, and that is why we are coming out boldly that we will support anybody. And we will put in place policies that will protect and make sure that for coming out to develop our economy , grow agriculture , manufacturing and industry, and the central bank rakes in dollars to fund our obligations , we will appreciate them and we will continue to do so. ”

GamalNasser:
Didn't the banks do their risk and collateral analysis before handing out loans to these Jet owners ? I don't think the govt should get involved in the prosecution of toxic or bad loans from the perspective of the customer but rather should investigate why Nigerian bank risk analysis are so porous that people can huge loans with clearly no projection or collateral to back it up ... It's clearly Corruption between bank management and their cronies to steal depositors monies , a person I personally was able to get a loan of over a billion naira from a bank using a fake banana island C of O ofcourse in cahoots with management of the bank , after 3 years when that management had left he was picked up by the EFCC and spent 3 months with them and since then has been a free man even though I don't have the details of how he got free

GamalNasser:
Didn't the banks do their risk and collateral analysis before handing out loans to these Jet owners ? I don't think the govt should get involved in the prosecution of toxic or bad loans from the perspective of the customer but rather should investigate why Nigerian bank risk analysis are so porous that people can huge loans with clearly no projection or collateral to back it up ... It's clearly Corruption between bank management and their cronies to steal depositors monies , a person I personally was able to get a loan of over a billion naira from a bank using a fake banana island C of O ofcourse in cahoots with management of the bank , after 3 years when that management had left he was picked up by the EFCC and spent 3 months with them and since then has been a free man even though I don't have the details of how he got free

Hotzone:
What I can afford is KEKE BUS for now

GamalNasser:
Didn't the banks do their risk and collateral analysis before handing out loans to these Jet owners ? I don't think the govt should get involved in the prosecution of toxic or bad loans from the perspective of the customer but rather should investigate why Nigerian bank risk analysis are so porous that people can huge loans with clearly no projection or collateral to back it up ... It's clearly Corruption between bank management and their cronies to steal depositors monies , a person I personally was able to get a loan of over a billion naira from a bank using a fake banana island C of O ofcourse in cahoots with management of the bank , after 3 years when that management had left he was picked up by the EFCC and spent 3 months with them and since then has been a free man even though I don't have the details of how he got free

12Monkeys:
This Emefile is an idiot.

So a business man borrows from the bank to invest into the economy under his private liability company.

Govt Policies under the dullard screws his investments and his company goes bust.

Why blame business men who invested

The useless CBN and Buhari govt are to blame.

Besides, these banks are killing the eonomy with their loan shark rates.

Emefile should consider reducing the lending rate as that is the major thing fueling inflation in Nigeria.

How can banks be lending at 35%

itsme01:


this is not about who to blame or who not to blame, if CBN don't step in quickly to seize asset, customers would reach their banks for withdrawals of less than 5 million and the banks wont have funds to release

don't take loans you aint sure pf paying back because if the banks folds up, peoples live savings , pensions and business capital goes with it, a case study is saraki's society generale .. no matter the amount you have Nigerian banking insurance would only pay you not more than 100k

12Monkeys:


I believe the banks loaned money with a collateral in place


Let them go and sieze the collateral.

What Emefile is doing is a to give the banks free hand to acquire wealth beyond the original loan

This is another form of centralized wealth confiscation

ayusco85:

Are you a loan defaulter?