The Central Bank of Nigeria (CBN) says there will be no room for bad debtors as loan obligations can be fulfilled from monies saved in other accounts apart from the lending bank.
Godwin Emefiele, governor of the apex bank, was speaking on Saturday during an assessment tour of the Dangote refinery, fertilizer plant and petrochemical company in Ibeju-Lekki.
“The CBN will not allow people to borrow money and refuse to pay again. That era has gone,” he said.
“If you take money, you will pay back the loan. If you borrow money and refuse to pay, we will take your money wherever you are keeping it.
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“If you are riding private jet, we will seize the private jet so that you will begin to ride on bicycle. Then, we will know that you are really a liquidated person.”
In August 2019, the bankers’ committee had agreed that loan defaults will be settled using deposits made in other banks.
Speaking further, Emefiele urged entrepreneurs to take advantage of the low-interest rates currently being offered.
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“We want to support any foreigner or Nigerian that finds Nigeria as a good investment destination. We support the person through the banking sector and foreign exchange allocations.
“Government stands ready to give them the needed protection and support they want. We have also insisted that banks must be catalysts for development. But the banks also need credible people to lend to.
“If we look at the number of debtors in the Asset Management Corporation of Nigeria -AMCON list, most of them are Nigerians. Banks need credible people to come out and be counted in this journey.”
He said the Dangote refinery would begin operation in the first quarter of 2021 and help the country earn more foreign exchange.
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