₦airaland Forum

I hope Buhari money is included

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SEVERAL banks, discount houses and the Asset Management Corporation of Nigeria (AMCON) are complying with the directive of the Central Bank of Nigeria (CBN) to have the names of their loan defaulters published in newspapers with effect from this August. The amount involved is about N13trillion.

The “name and shame” strategy came against the backdrop of apparent failed attempts to recover the outstanding loans over a long period of time, far beyond their tenors.

The failure of the recovery options is also evident in the fact that only few of the 113 bad debtors that the Central Bank of Nigeria (CBN) barred from further borrowing from banks two years ago have been able to repay their loans taken over by the Asset Management Corporation of Nigeria (AMCON).

Some observers have noted that this is not the first time the CBN will be publishing a list of bad debtors. It did same in the early days of Sanusi Lamido Sanusi’s regime as CBN Governor in 2009. It didn’t achieve its objective. Rather it ended in controversy as the list turned out to be lacking in credibility and thoroughness. But this time the apex bank is not doing it. The banks are doing it directly.

Statistics of the bank debtors show that those affected are the big borrowers who are less than one per cent of the borrowing population but which actually hold over 70 per cent of the total N13 trillion bad loans.

The resort to “name and shame” has attracted some criticisms as much as it has been hailed amongst industry stakeholders. Some argue that “name and shame” is unorthodox and unprofessional. Other opponents also warn that due consideration should be given to the legal implications. Yet others note that some defaults came as a result of genuine, irreversible business failures.

While we appreciate the shortcomings of the “name and shame” strategy, we are seriously concerned that failure to do something might plunge the financial sector into a great disaster. The cost of the possible collapse of the financial sector is far heavier on the populace than the reputations of a few recalcitrant, chronic debtors.

The truth is that some defaulters have simply decided not to pay their debts. This group, when identified, must face criminal prosecution after being exposed.

The right of lenders to recover their money must be upheld in the overall interest of the economy. Entrepreneurship is about risk taking. If you fail you bite the bullet.

We expect both the lender-banks and the CBN to approach this drive to recover loans with the greatest respect for the banker-customer contract, and also take into account the overall interest of the economy in penalising defaulters.

source>>>> http://www.vanguardngr.com/2015/08/publication-of-bank-debtors/



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https://cdn1.vanguardngr.com/wp-content/uploads/2015/04/300x200xatm-cash-300x200.jpg.pagespeed.ic.Q-EhnfI3qn.jpg

The Central Bank of Nigeria, CBN has ordered banks in the country to refund charges made on customers for daily cash withdrawal or deposits exceeding set limit in the 30 states that full cashless policy transactions has not taken place. The CBN disclosed that the new policy on cash-based transactions has not officially taken place in all the states of the country.


ATM: cash withdrawal
Briefing newsmen after the 322 Bankers’ Committee Meeting in Lagos weekend, Mr. Kolawole Balogun, who represented the Director Banking Supervision Department of the CBN, Tokunbo Martins said “At the meeting we agreed that banks should refund the charges made on customers for withdrawal and deposits in those states that cashless policy has not taken place.”

According to him “ The cashless policy has officially taken place in five states and federal capital, Abuja. The states are Lagos, Abia, Anambra, Kano, Ogun and Rivers States, as well as the Federal Capital Territory, Abuja. The CBN has not officially announced the take off implementation of full cashless policy in other states other than the already stated states and federal capital territory, Abuja, due to some infrastructure bottlenecks.

We are allowing ample time for the banks to deploy adequate infrastructure needed to support the cashless policy as well as enable additional sensitization of various bank customers on the merits of the policy. There are telecommunication, power and other problems that are yet to be addressed.” The CBN has introduced a new policy on cash-based transactions which stipulates a ‘cash handling charge’ on daily cash withdrawals or cash deposits that exceed N150,000 for Individuals and N1,000,000 for Corporate bodies.

The new policy on cash-based transactions (withdrawals & deposits) in banks, aims at reducing (not eliminating) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.).

Tokunbo further noted that the CBN will sanction delinquent debtors whose names were published by banks if they refused to negotiate with their banks on how to pay their debts. “The publication of debtors names is ongoing and banks will be doing this on quarterly basis” he added.

Speaking on domiciliary account, Mr. Segun Agbaje, Chief Executive Officer, Guaranty Trust Bank Plc said “said “The restriction on domiciliary account is just the cash deposit. Every other things remain the same. Payment of school fees, medical treatment etc can be done through the domiciliary account.

Any person or company that need foreign currency can go through the CBN’s window and get whatever it wants provided it is a genuine who cannot meet the official window requirements that can go to parallel market. The essence is to strengthen naira and make Nigeria less import dependent.”

source >>>> http://www.vanguardngr.com/2015/08/cbn-orders-banks-to-refund-withdrawal-charges-in-30-states/



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https://cdn1.vanguardngr.com/wp-content/uploads/2015/04/300x200xatm-cash-300x200.jpg.pagespeed.ic.Q-EhnfI3qn.jpg

The Central Bank of Nigeria, CBN has ordered banks in the country to refund charges made on customers for daily cash withdrawal or deposits exceeding set limit in the 30 states that full cashless policy transactions has not taken place. The CBN disclosed that the new policy on cash-based transactions has not officially taken place in all the states of the country.


ATM: cash withdrawal
Briefing newsmen after the 322 Bankers’ Committee Meeting in Lagos weekend, Mr. Kolawole Balogun, who represented the Director Banking Supervision Department of the CBN, Tokunbo Martins said “At the meeting we agreed that banks should refund the charges made on customers for withdrawal and deposits in those states that cashless policy has not taken place.”

According to him “ The cashless policy has officially taken place in five states and federal capital, Abuja. The states are Lagos, Abia, Anambra, Kano, Ogun and Rivers States, as well as the Federal Capital Territory, Abuja. The CBN has not officially announced the take off implementation of full cashless policy in other states other than the already stated states and federal capital territory, Abuja, due to some infrastructure bottlenecks.

We are allowing ample time for the banks to deploy adequate infrastructure needed to support the cashless policy as well as enable additional sensitization of various bank customers on the merits of the policy. There are telecommunication, power and other problems that are yet to be addressed.” The CBN has introduced a new policy on cash-based transactions which stipulates a ‘cash handling charge’ on daily cash withdrawals or cash deposits that exceed N150,000 for Individuals and N1,000,000 for Corporate bodies.

The new policy on cash-based transactions (withdrawals & deposits) in banks, aims at reducing (not eliminating) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.).

Tokunbo further noted that the CBN will sanction delinquent debtors whose names were published by banks if they refused to negotiate with their banks on how to pay their debts. “The publication of debtors names is ongoing and banks will be doing this on quarterly basis” he added.

Speaking on domiciliary account, Mr. Segun Agbaje, Chief Executive Officer, Guaranty Trust Bank Plc said “said “The restriction on domiciliary account is just the cash deposit. Every other things remain the same. Payment of school fees, medical treatment etc can be done through the domiciliary account.

Any person or company that need foreign currency can go through the CBN’s window and get whatever it wants provided it is a genuine who cannot meet the official window requirements that can go to parallel market. The essence is to strengthen naira and make Nigeria less import dependent.”

source >>>> http://www.vanguardngr.com/2015/08/cbn-orders-banks-to-refund-withdrawal-charges-in-30-states/


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