BOA to publish list of loan defaulters

ABUJA – The Bank of Agriculture, BOA said Weekend, that it will publish the list of loan defaulters in line with a new directive by the central bank.

In an external memo posted by BOA’s management, it warned that if defaulting customers fail to take immediate steps to defray their indebtedness to the bank on or before 31st of December, 2016, it will take steps to recover the debts including by legal means.

It also vowed to forward list of holders of the non-performing loans to all banking regulators including the CBN, professional bodies, embassies in Nigeria, security and other agencies.

The memo read: “In line with the directive from the CBN to publish details of customers whose accounts are not performing, the publication will include the names of persons, entities, directors, subsidiaries, and key sponsors of various categories of accounts, and will be forwarded to all banking regulators including the CBN, professional bodies, embassies in Nigeria, security and other agencies as would be required.

“Consequently holders of these non-performing loans will be blacklisted by the CBN and barred from participating in the Nigerian foreign exchange market, Nigerian government securities market and accessing funds from other financial institutions.

“Notice is hereby given to all customers to take immediate steps to defray their indebtedness to the bank on or before 31st of December, 2016 failure of which the bank will be constrained to comply with the CBN directive.

“Note that this does not extinguish other rights and remedies that are opened to the bank and it shall continue with the recovery of such debts through legal means.”