CBN, Banks Set August 1 To Publish Serial Debtors’ List

The Central Bank of Nigeria (CBN) and Deposit Money Banks (DMBs) in the country on Thursday resolved to publish the identities of all serial debtors to the financial industry by August 1, 2015.

It is estimated that three per cent of total industry credit of about N13 trillion is bad debt.

Speaking in Abuja, CBN Director of Banking Supervision, Mrs. Tokunbo Martins, who briefed journalists alongside some banks chief executives after the regular meetings of the Bankers’ Committee, said despite the significant non performing loan portfolios, the financial system remained stable. 

She said:
“The total credit is about N13 trillion. About three per cent of that is non performing and August 1, 2015, is the deadline publishing the list of debtors.”

She said 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.

Group Managing Director/Chief Executive of UBA, Mr. Philips Oduoza, disclosed that the June 30 deadline for compliance with the Bank Verification Number (BVN) would not be altered, adding that customers who failed to obtain their numbers would be denied banking services including foreign exchange, credit and internet banking, among others.

He said: “If you have enrolled in a bank, you don’t need another enrolment in other banks where you have accounts. You just supply the number to the other banks. If you don’t enroll, it is possible you won’t have credit, your internet services will be shut down and you won’t have access to foreign exchange.” 

Oduoza noted that 12.5 million customers had so far been captured in the on-going exercise stressing that many more were expected to obtain their numbers before the deadline. 

He said the exercise was important to provide banks accurate data on their customers and that those with multiple bank accounts needed to undertake the verification in one bank and then provide the others with the number which would be captured by the other banks.

Unity Bank’s Chief Executive, Mr. Henry Sementari, said the foreign exchange market had been stable as the CBN and the banks had been able to meet all legitimate demand.