CBN to Publish Names of Debtors
The Central Bank of Nigeria (CBN) announced that it would publish the names of debtors of those community banks that have closed shop or failed to meet the minimum capital requirement for conversion to microfinance bank. Director, Other Finance Department of the CBN, Mr. Sam Oni made this known in a circular titled ‘Notice to Debtors of Community Banks’, he said the apex bank has began compiling the list of debtors of these community banks, which would be purblished in all widely-read newspapers. He added that those whose name appears on the list would be blacklisted and not be allowed to hold directorship or management positions in any financial institution in Nigeria.
The list would be forwarded to the Economic and Financial Crimes Commission (EFCC) for prosecution. All debtors whose names appear on the list shall be blacklisted and shall be unable to hold directorship or management positions in any financial institution in Nigeria.Similarly, a comprehensive list of all the debtors shall be circulated to the twenty four (24) commercial banks and other financial institutions, as this may adversely affect their ability to access any other financial services. He noted that “this would serve as final notice to the debtors to pay up all outstanding indebtedness, with the accrued interest, on or before 15th February, 2008, failing which appropriate legal and other regulatory actions shall be taken against them”.
It would be recalled that the CBN, had on December 15, 2005, launched the Microfinance Policy, Regulatory and Supervisory Framework into the nation’s financial system.Under the regulatory guidelines, Unit Microfinance Banks were authorised to have a minimum of N20 million capital base, while the State Microfinance Banks were required to beef up their capital base to the tune of N1 billion.By the end of December 2007, 600 out of 761 community banks successfully converted to microfinance banks, while the licenses of the remaining 161 community banks that were unable to scale through the recapitalization exercises were withdrawn by the CBN. In addition, 117 comprising 40 final licences and 67 approval-in-principles (A-I-Ps) were granted new investors respectively
The list would be forwarded to the Economic and Financial Crimes Commission (EFCC) for prosecution. All debtors whose names appear on the list shall be blacklisted and shall be unable to hold directorship or management positions in any financial institution in Nigeria.Similarly, a comprehensive list of all the debtors shall be circulated to the twenty four (24) commercial banks and other financial institutions, as this may adversely affect their ability to access any other financial services. He noted that “this would serve as final notice to the debtors to pay up all outstanding indebtedness, with the accrued interest, on or before 15th February, 2008, failing which appropriate legal and other regulatory actions shall be taken against them”.
It would be recalled that the CBN, had on December 15, 2005, launched the Microfinance Policy, Regulatory and Supervisory Framework into the nation’s financial system.Under the regulatory guidelines, Unit Microfinance Banks were authorised to have a minimum of N20 million capital base, while the State Microfinance Banks were required to beef up their capital base to the tune of N1 billion.By the end of December 2007, 600 out of 761 community banks successfully converted to microfinance banks, while the licenses of the remaining 161 community banks that were unable to scale through the recapitalization exercises were withdrawn by the CBN. In addition, 117 comprising 40 final licences and 67 approval-in-principles (A-I-Ps) were granted new investors respectively
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