The Lagos Chamber of Commerce and Industry (LCCI) has charged the Central Bank of Nigeria (CBN) to go beyond the publication of names of debtors in newspapers by investigating the level of Deposit Money Banks (DMBs)’ compromise in the process of giving loans.
The chamber opined that “in some of these instances it may be difficult to exonerate the banks as the credit appraisal processes may have been compromised.
“The degree of banks’ culpability should be ascertained and this should attract appropriate sanctions.
“There are bad borrowers and there are bad lenders. The CBN should deal with both sides of this equation and be seen to have truly done justice.”
DMBs have in the last couple of weeks served notices of their intention to publish the names of ‘Delinquent Debtors’ in at least three national newspapers in compliance with the directive of CBN. The publications will would be quarterly, disclosing the names of the directors, subsidiary companies and related parties, and in addition, such companies and their subsidiaries will be barred from the foreign exchange market.