Banks in Nigeria to Publish Names of Serial Debtors from August 1st

The Central Bank of Nigeria (CBN) on Thursday instructed all Deposit Money Banks operating in Nigeria to start publishing the names of “chronic” debtors from August 1st, 2015.

CBN’s Director of Banking Supervision Department, Tokunbo Martins, revealed the news while briefing journalists shortly after the 322nd Bankers’ Committee meeting, Punch reports.

 The report further states:

Apart from the issue of non-performing loans, other matters discussed at the meeting were the biometric registration of bank customers, liquidity of the foreign exchange market and the credit culture within the banking system.

On the issue of NPLs, Martins said the August 1 date was chosen for the publication of the names of debtors because it would mark the end of the three-month grace period given by the CBN for the debtors to service their debts with DMBs.