AMCON set to publish list of Loan Defaulters

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AMCON Logo.

Asset Management Corporation of Nigeria (AMCON) on Monday directed loan defaulters to immediately pay up their debts or it would publish their names in line with a directive by the Central Bank of Nigeria (CBN).

AMCON, in a statement issued in Abuja, warned the bad debtors that if loans remained unpaid, it will take steps to recover the debts including by legal means.

The corporation also informed the recalcitrant debtors not to assume it will forgive their indebtedness. The corporation further asked the bad debtors to present restructuring plans.

AMCON was set up in 2010 to absorb nonperforming loans in exchange for government bonds, after the central bank injected $4 billion to rescue nine lenders from collapse six years ago.

The central bank has since set an upper limit of 5 percent for non-performing loan ratio for the industry.

Before the 2009 bailout non-performing loans ratio stood in double digits. Many of the banks in the country including Stanbic IBTC, Diamond Bank, First Bank and Skye Bank have all given notices to bad debtors to pay up before the deadline of July 31, 2015.

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