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CBN moves against loan defaulters

02 July 2014, 16:25

Lagos - Commercial banks have been warned not to grant loan facilities to potential borrowers that are in default of any existing loan facilities to the tune of N500 million and above.

Development banks and banks in liquidation have also been barred from granting loan facilities of N250 million and above to the same set of bank customers without prior approval from the Central Bank of Nigeria, reports ThisDay.

The apex bank took the decision following the level of impunity with which some borrowers default on their loans in some institutions and yet apply for credit facilities in other banks under the same or sometimes different identity.

In a circular to all banks, development finance institutions (DFIs) and the Asset Management Corporation of Nigeria (AMCON), the CBN also barred banks from granting a loan facility to any potential borrower who has a delinquent facility of any amount whatsoever that had been taken over by AMCON.

Read more at ThisDay.

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