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Bank debtors not blacklisted, says CBN

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In from Ali Smart …

Contrary to insinuations in some quarters, delinquent bank debtors whose names were published by banks still have a window of opportunity to clear their names, Ripples has learnt.

Giving this assurance today in Abuja, the Director Corporate Communications of the Central Bank of Nigeria (CBN) Mr. Ibrahim Muazu said the recent exercise was “just an effort to get them (debtors) pay back what they owe” or for the banks to recovery their facilities.

Muazu described the exercise as simply a recovery exercise and not a measure to remove the listed debtors from the banking system.

According to the CBN spokesman, ordinarily the banks “would have blacklisted the debtors if they so desired but the essence of publishing the list of debtors is to shame these delinquent debtors into paying up.”

Read also: Naming and shaming of bank debtors begins

The idea, he maintained, “is not to blacklist them from paying but to shame them into paying.”

The names were published after the three months grace to the affected debtors elapsed but they failed to pay up their debts.

Muazu, however, did not rule out the possibility of that the continued indebtedness of the delinquent debtors might affect their ability to access credit facilities in the future.

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