The Central Bank of Nigeria (CBN) yesterday made good its threat to publish names of non-performing debts – owed mostly by politicians, entrepreneurs, and shareholders/directors – whose companies secured loans totaling N450 billion from five banks. View the latest list.
The banks – Bank PHB Plc, Equitorial Trust Bank (ETB), Spring Bank Plc, Wema Bank Plc, and Unity Bank Plc – were those found wanting in the last round of the audit exercise embarked on by the Central Bank of Nigeria (CBN).
This culminated in the sacking and replacement of the managing directors and executive directors of the first three banks said to be in “grave situation” two weeks ago.
The Central Bank of Nigeria (CBN) asked the two other banks to recapitalize by June 2010.
The chief executives of the five banks are said to be having challenges in their debt recovery drive. Consequently, the bank CEOs pressurized the CBN into publishing the latest list in a bid to compel the bank debtors to pay up. Read the rest of this entry »
