Lagos - All debtors of closed banks that had non-performing loans (NPLs) of a maximum of N250 million have been barred by both the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) from accessing new facilities in any deposit money bank, reports ThisDay.
Umaru Ibrahim, Managing Director/Chief Executive Officer, NDIC, said the new measure is aimed at strengthening financial stability and instilling discipline in the Nigerian banking sector.
Ibrahim, who spoke in Lagos at the 2014 bank examiners’ conference, noted that all commercial banks in the country have been notified of the new development.
The names of the affected individuals have already been populated through the CBN’s Credit Risk Management System (CRMS) and approved private sector credit bureaus.
Read more at ThisDay.