Banks set to publish names of debtors in National Newspapers this week

This reports comes to light following the expiration of the July 31, 2015 deadline set by the CBN for banks and discount houses to publish the names of debtor-companies, their subsidiaries and directors in national newspapers.
The CBN had on April 22 directed the financial institutions to commence the publication of the names of their delinquent debtors from August 1.
Banks and discount houses are to publish the list of the delinquent debtors in at least three national newspapers on a quarterly basis.
In line with the directive, banks gave chronic debtors a three-month ‘grace’ period, which expired on July 31.
It was learnt on Saturday that the number of delinquent debtors on the lists under preparation by over 18 banks and discount houses operating in the country range from 100 to over 300 names for each bank.
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