Home Sectors BANKING & FINANCE See The List of Debtors Owing Nigerian Banks Billions of Naira

See The List of Debtors Owing Nigerian Banks Billions of Naira

Following the expiration of the CBN directive mandating banks in the country to publish the name their debtors, commercial banks have revealed how delinquent debtors are owing sums running into millions of naira.

The banks also published the names of the directors of the affected companies, with the defunct Starcomms Limited topping the list with a total outstanding debt of N3.090 billion.

One of the banks, Fidelity Bank Plc, put the amount of debt owed by its debtors at N6.126 billion, while 6 customers of Union Bank, which is owed  huge sums by 176 debtors, collectively owe the bank N27.91 billion. The debtors include Dec Oil & Gas, owing N15.7 billion following a 1999 contract finance loan that expired in 2000. The directors of the company are Patrick Ugboma and Pius U. Malaka.

Some other firms on the list included Kesio Associates that is indebted to the bank to the tune of N328 million; Diesel Solutions Limited with outstanding debt of N324 million; Patem Global Limited with N268 million and Lucratel Limited with N262 million. In addition, Global Partners Haulage also featured on the list with outstanding debt of N247 million.

The Central Bank of Nigeria (CBN) and Deposit Money Banks (DMBs) in the country had resolved to publish the identities of all serial debtors to the financial industry from August 1, 2015. It had been estimated that three per cent of total industry credit of about N13 trillion was bad debt.

CBN Director of Banking Supervision, Mrs. Tokunbo Martins, had said: “The total credit is about N13 trillion. About three per cent of that is non performing and August 1, 2015, is the deadline publishing the list of debtors.”

She had said given that the upper limit of non-performing loans as a percentage of total credit was five per cent, the current three per cent figure of bad loans yet indicated that the banking system was stable in spite of the latest push to recover the outstanding debts.

1 COMMENT

  1. WHEN THE BANKS WOULD ALWAYS GLADLY REFUSE SMALL BUSINESSES WHO ARE TRUELY OUT TO WORK AND RETURN THEIR MONEY THEY PREFER TO THROW THEIR MONEY
    INTO BOTTOMLESS PITS. WHAT DID THESE COMPANIES DO WITH THE MONEY. JOBS HAVE NOT BEEN CREATED, THE INDUSTRIES ARE NOT THERE. WHERE DID THEY INVEST THE MONEY?

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