- Today, Wednesday 5th January 2022 is the final day of grace for over chronic debtors owing banks over N4 trillion
- AMCON, the body in charge of asset recovery in Nigeria has said it will name and shame loan defaulters from January
- The body gave the debtors time to schedule a payment plan to avoid the embarrassment of seeing their names in national dailies next year
The Asset Management Corporation of Nigeria is set to publish the names of 7,912 chronic debtors who have failed to repay the loans collected from banks in the excess of N4.4 trillion.
The move follows the expiration of the 30-day ultimatum given by the National Assembly to debtors to regularise their debt status with the bad debt manager.
Senate committee chairman on banking, insurance and other financial institutions, Senator Uba Sani, had told instructed AMCON in December 2020, that after a month(which expires today) the names of all debtors including Nigerians in high places should be publish.
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What is AMCON saying
According to the Punch Newspaper, the spokesperson for AMCON, Mr Jude Nwauzor, said debtors who were yet to provide a repayment proposal risked having their details published in the media after the 30-day grace period given by the National Assembly.
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“AMCON has taken the decision to publish already. The decision has been taken already. It is a directive from the National Assembly. As a responsible corporate citizen, this was why we published an advertorial to warn all the entities concerned that their names will be published at the expiration of the ultimatum. The one month grace period will be expiring on January 5, 2021.”
Nwauzor added that warning have been sent to the debtors ahead of the deadline of grace in the form of advertorial.
"The notice is to avoid a situation whereby people would say we took them by surprise. had finalised arrangements to publish the complete list of individuals, and institutions on its non-performing loans portfolio in the national dailies.
Small success recorded since the move to publish names
AMCON also revealed that initially the debtors were over 12,743 non-performing loans inherited by the agency, 4, 831 debtors have settled their indebtednesses, leaving a total of 7,912 outstanding debtors.
"December 6, 2021, and January 5, 2021, to provide payment formidable repayment proposal or risk the embarrassment of having their names published as directed by the National Assembly. A good number of debtors who will not want their name published have been discussing with the relevant departments within AMCON.
“What will happen now is a compilation of those who have not come forward. After that, we will get management’s approval to publish. It will be published!
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China accounts for 81.98% of Nigeria's external debt to countries
Meanwhile Legit.ng had previously revealed that the news of China taking over Uganda's Airport stirred heated reactions from Nigerians as many fear similar fate awaits.
Nigeria Although details of Nigeria's agreement with China is publicly not available, DMO data shows Nigeria is indebted to five countries worth over N1 trillion.
As expected China accounts for the highest debt stock by countries and the debts were obtained through bi-lateral agreements.