Banks to Publish names of debtors August 1st

                          

The Central Bank of Nigeria on Thursday directed all Deposit Money Banks operating in the country to start the publication of the names of chronic debtors from August 1
Director,  Banking Supervision, Central Bank of Nigeria (CBN) Mrs Tokunbo Martins, said: “Total bank credit stands at between N13 trillion to N14 trillion; of this amount, about three per cent of that (N390 billion) is not performing. This  means that the industry is very sound.”


According to her, industry threshold should not exceed five per cent, and since the bad debts are only three per cent of the total banking sector credit, the industry “is stable and the CBN is satisfied with that since bad debts have not crossed the threshold set.”
She warned serial debtors that “the date is drawing close to publish names of serial debtors, by 1st August, banks will publish names of debtors and we urge debtors to pay up