By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Lender, Stanbic IBTC Bank said on Wednesday it will publish the list of loan defaulters in line with the new directive of the Central Bank of Nigeria (CBN), according to a Reuters report.
The report says that Stanbic IBTC would be among the first banks to publish such a list after the CBN directed banks in April to crack down on non-performing loans to forestall a repeat of a 2009 industry bailout that cost the government $4 billion.
Under the new policy by the CBN, Deposit Money Banks (DMBs) are to give bad debtors three (3) months to square their accounts, following which they would be named in Nigerian media and barred from taking part in currency and government debt markets in the country.
The Reuters report quoted Stanbic IBTC 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.
Share price of the lender at the close of business on the Nigerian bourse appreciated 1.85 percent to N27.50 from N27.00 recorded the previous session; gaining 0.50 kobo per share.
