Unity Bank releases names of 111 bad debtors

Unity Bank Plc has made public the names of 111 customers with bad loans who have failed to come forward to fulfill their obligations to the bank.

In a public notice on Sunday, the bank said that it had earlier set a two-week grace period to such customers, from October 8 to October 22, 2014, during which the affected customers were to come forward to either make good their obligations or to negotiate a re-structuring of the loans.

According to the bank, this grace period and the warning of the consequences of not responding to the bank’s call within the period was widely publicised using the mass media.

The bank listed Bullet International Nigeria Limited with outstanding balance of N9.322 billion as the number-one debtor on the list. Some others are Kabo Air Limited with outstanding balance of N7.917 billion, LOH & OR Construction Nigeria Limited with N5.797 billion and Vegefresh Company Limited with N2.716 billion.

Some others are HFZ Transport Services Limited with outstanding balance of N2.555 billion, Total Steel Limited with N1.421 billion, Reagan Cement Company Limited with N1.238 billion, Well Being Products Nigeria Limited with N1.208 billion, Voix Networks Limited N1.147 billion, Plywood Chemicals and Accessories Limited with an outstanding balance of N995 million, Ekiti Kete Mass Transit N929 million and Hydras Classic Hotel.

“The Immediate fallout of publishing their names includes an industry-blacklisting of such debtors from further banking transactions until they attend to the bad debts,” the bank said.

“However, several customers heeded the call and have come forward to either make good their obligations or to negotiate a restructuring of the loans.”