Stanbic IBTC, has announced that it will be among the first to publish the list of loan defaulters in line with a new directive by the central bank.
The CBN had launched a plant that requires banks to give bad debtors three months to sort out their accounts, following which they would be named and shamed in Nigerian media and barred from taking part in currency and government debt markets in Africa’s biggest economy.
Stanbic said in a statement that in addition to publishing a list of defaulters by the end of August, it would also use legal and other means to recover non-performing loans.
This comes as no surprise as Stanbic IBTC took a loan impairment charge of N3.9 billion in the first quarter of 2015 representing close to 400% of its entire 2014 charge. It appears the bank is hell bent on recovering as much as it can before the year runs out.
Stanbic IBTC also raised about N15 billion in bonds and is looking to raise another N20 billion in via a rights issue.
