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CBN HAMMERS HUGE BANK DEBTORS

CBN HAMMERS HUGE BANK DEBTORS

If you owed any of the closed banks up to N250m, the CBN has announced that you would not be able to access any new facility going forward.
The clarification of the CBN’s position was made by the Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation, Mr. Umaru Ibrahim in Lagos of the 2014 Bank Examiners’ Conference.
He revealed that following a request by the NDIC banks had been notified of the development and NDIC examiners would follow up to ensure strict compliance.
 “In view of this challenge being faced by the corporation, I am happy to inform you that following our request, the CBN has barred all debtors of closed banks with non-performing loans of a maximum of N250m from access to new facilities in any deposit money banks,”
“The banks have been notified of this development and I, therefore, wish to rely on NDIC examiners to ensure compliance with this new directive. The names of the debtors will be populated through the CBN’s Credit Risk Management System and approved private sector credit bureaus.”
The NDIC CEO boss said that the rapidly-changing operating environment and the ‘complex’ future of banking had necessitated this year’s conference.
According to him, the NDIC has the task of securing depositors’ money, in addition to ensuring the safety and soundness of the financial system. The Bank Examiners conference had the theme, ‘Sustaining a safe and sound financial system through effective banking supervision.’

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