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What Will Happen To the Bank Debtors – CBN

Farouk Mohammed
By Farouk Mohammed
Published: August 4, 2015
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Since Monday when banks began to publish the names of delinquent debtors, the questions on a lot of minds have been: Now, what happens? What’s the fate of these debtors? Does the public naming of the debtors equal to a blacklisting from the banking system? Thankfully, the Central Bank of Nigeria has responded to those questions.

According to the Director of Corporate Communications of the CBN, Ibrahim Muazu, the debtors still have a window of opportunity to pay up their debts and clear their names with the banks.

Muazu told The Nation newspaper that the exercise is a recovery drive, “an effort to get them (debtors) pay back what they owe.”

He said that it was not a move to blacklist the debtors or remove them from the banking system.

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“The essence of publishing the list of debtors is to shame these delinquent debtors into paying up. The idea is not to blacklist them from paying but to shame them into paying,” he said.

The downside for the delinquent debtors however, according to Muazu, is that the Credit Bureau would have seen their names and this might affect the debtors’ ability to access credit facilities in the future.

He noted that those whose names were published “were given three months to make good on paying back what they owed,” but refused to take advantage of the window.

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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
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