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The Central Bank of Nigeria (CBN) yesterday published a long list – 600 names in all, of non-performing debts – owed mostly by politicians, entrepreneurs and shareholders/directors – whose companies secured loans totalling N450 billion from five banks. The banks - BankPHB Plc, Equitorial Trust Bank, Spring Bank Plc, Wema Bank Plc and Unity Bank Plc - were those found wanting in the last round of audit exercise embarked on by the banking watchdog.
This culminated in the sack and replacement of the managing directors and executive directors of the first three banks said to be in “grave situation” two weeks ago. The two others were asked to recapitalise by June 2010.
On the roll of multi-billion debts are frontline businessmen, corporate giants and manufacturers as well as notable politicians. They are directors of the debtor companies. The apex bank, in a statement issued by its spokesman Mohammed Abdullahi, noted that the list is for the un-performing loans of N100million and above in Bank PHB, Wema Bank, Spring Bank, Unity Bank and Equitorial Trust Bank (ETB) as at June 30.
The list is published in an advertorial today.
The CBN had on October 2, 2009 fired the Chief Executive Officers of Equitorial Trust Bank, Spring Bank, and Bank PHB. It ordered Unity Bank Plc to recapitalise before June 30, next year. WEMA Bank was also directed to recapitalise.
This culminated in the sack and replacement of the managing directors and executive directors of the first three banks said to be in “grave situation” two weeks ago. The two others were asked to recapitalise by June 2010.
On the roll of multi-billion debts are frontline businessmen, corporate giants and manufacturers as well as notable politicians. They are directors of the debtor companies. The apex bank, in a statement issued by its spokesman Mohammed Abdullahi, noted that the list is for the un-performing loans of N100million and above in Bank PHB, Wema Bank, Spring Bank, Unity Bank and Equitorial Trust Bank (ETB) as at June 30.
The list is published in an advertorial today.
The CBN had on October 2, 2009 fired the Chief Executive Officers of Equitorial Trust Bank, Spring Bank, and Bank PHB. It ordered Unity Bank Plc to recapitalise before June 30, next year. WEMA Bank was also directed to recapitalise.
