By Yemisi Izuora
In an effort to recover huge sums of money owed banks the Central Bank of Nigeria (CBN), and the Deposit Money Banks (DMBs) would now name debtors and publish their names.
The publication of the names will be done on August 1, 2015
The CBN said three percent of the total industry credit of about N13 trillion is bad debt and that efforts are afoot to recover the debts.
The CBN Director of Banking Supervision, Tokunbo Martins, made the disclosure along side bank chief executives after a meeting of the Bankers Committee. She said: “The total credit is about N13 trillion”.
The director said about three per cent of the debt is non performing and that August 1, 2015, is the deadline when their names will be published.
“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” the director added.