https://www.youtube.com/watch?v=XtR3fTZQGzg

The Senate on Tuesday, passed for second reading, a bill to allow banks recover loans from defaulters, place them on watchlist and eventually blacklist them without recourse to the borrowers.

The bill sponsored by Senator Sani Musa, is seeking an Act to establish a unified scheme for a sound financial system that will facilitate and improve credit repayment culture by empowering creditors bank to track loan defaulters.

Musa said the creditor banks would be able to do so through the means of the defaulters’ Bank Verification Number.

He said the bill would empower the creditor banks to recover the said loans from other accounts operated by the defaulters without recourse to the loan borrowers.

He also said the bill would provide penalties for breaches and violation of obligations and enhance loan recovery across banking sectors in Nigeria.

Musa noted that the core of financial system of any country is the commercial banks because they have the potential to apply the full weight of credit facilities for the development and growth of the country’s economy.

He said credit is seen as the bloodstream of the banking business, which oils the wheels of development.

He said, “The situation of Nigeria today demands an injection of healthy bank credit and recovery system that will effectively fasten the pace of the growth.

“However, every lending institution finds itself from time to time with loans of which the risk is loss is greater than anticipated.

“Lest we forget, before the deregulation of our banking system, the ability of our banks to recover loans has been the reason behind the collapse of many commercial banks.

“The principles behind this bill is to facilitate and improve credit repayment culture, streamline loan recovery and as well as watchlist frequent loan defaulters with a view to track and blacklist them.”

The Deputy President of the Senate, Ovie Omo-Agege, who presided over the plenary, referred the bill to the Senate Committee on Banking, Insurance and other Financial Institutions, for second reading.

https://www.google.com/amp/s/punchng.com/senate-considers-bill-to-blacklist-loan-defaulters/%3famp=1

Good bill... we need to step up the mortgage system in Nigeria, so people can free up some monies to investing in businesses for employment, right now we save so much bulk for bills.

Sanction that useless FCMB bank that charges 10% on a 6months loan with structured interest paybacks monthly thereby rendering the loan useless for the purpose intended, as if the business purpose must yield profit/interest every month, instead of full payment in the 6months period.

Eg - if my business yields in a 3months period and I have a loan of 10m, I have to set aside 6m from same loan just so I dont default during the 3 month wait period, thereby dealing with just 4m, which is pointless. Meanwhile you are charged 10% bank interest on the initial 10m out of which 6m was useless..

Guys serious issue... *I am a 35 year old handsome, hardworking, GOD fearing young man, a businessman, and looking for a cute hairy, beautiful, well structured and young black goat to buy for Christmas*

Damnnn niggarrrr
Isoright..
Wahalar for people way dey collect loans

This Senate is too brain dead.

Wait....are they NOT blacklisted before?


Which kind of Country is this for good sake!!!

In other climes, if you default on a simple clothing store account, you will be blacklisted and have a bad credit.

Most times it is important to understand the story behind the figures.
Even as a bank's debtor, some banks still pass overstated charges into your account.

Secondly, what will happen to the third party that makes the bad loans crystallize? For example, the FG and some big private companies are worst culprits. A customer approaches a bank for loan to fund a government's contract which the bank confirms, then the government refuses to pay contractor and the banks continue to mount interest and harass the borrower.

Ok

slawormiir:
Damnnn niggarrrr Isoright

Good

YoonSung69:
Problem for who dey collect loan

Them forget say nigeria as a country na d biggest loan defaulter

I don’t think this bunch of thieves will support this bill, all of our politicians are Debtors, politicians and Bankers are 5&6.

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visijo:
Guys serious issue...
*I am a 35 year old handsome, hardworking,
GOD fearing young man, a businessman, and
looking for a cute hairy, beautiful, well
structured and young black goat to buy for
Christmas*

guy u nor well at all [color=#006600][/color]

elrufiason:


Them forget say nigeria as a country na d biggest loan defaulter

I wonder bro

Xcredit should not be listed among oooo
Suicide go plenty if Xcredit get this power

alright we have heard

k

It's long overdue. Even those handling legal retainership and debt recovery have always found a way to defraud their unsuspecting client by conniving with loan defaulters, in the name of settling outside of court and collecting commission from both parties.



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yinchar:
Wait....are they NOT blacklisted before?


Which kind of Country is this for good sake!!!

In other climes, if you default on a simple clothing store account, you will be blacklisted and have a bad credit.

not really blacklisted per se

But Banks run a credit check and anyone with non-performing loans in the bank or other banks (even NFI's) are NOT allowed to access loans.
Also the recent CBN GSI directive allows banks recover their funds directly from the defaulters account funded in other banks

So this news makes no sense at all.. unless they feel the CBN GSI directive has no legal backing or something sha

They are guilty as well

abbaapple:




I don’t think this bunch of thieves will support this bill, all of our politicians are Debtors, politicians and Bankers are 5&6.

na billboard u carry put for house

They should work on digit they gave to us
25 to 26 and some private sector like micro finance charge 35%
Government should reduced d % to atleast 15% or 10 % per annual
Then business need huge amount to be using for long periods of year
I mean long time loan
10 to 20 years
Unlike this 1 years with killer %
If anything happens to system like strike,protest...etc
And bank loan must be paid
Already on the debt roll

Good

I was trying to explain this to someone here a few days ago

Such a law is needed in Nigeria because there are people who make it a habit to willfully default on loans

visijo:
Guys serious issue... *I am a 35 year old handsome, hardworking, GOD fearing young man, a businessman, and looking for a cute hairy, beautiful, well structured and young black goat to buy for Christmas*

am speechless

visijo:
Guys serious issue...
*I am a 35 year old handsome, hardworking,
GOD fearing young man, a businessman, and
looking for a cute hairy, beautiful, well
structured and young black goat to buy for
Christmas*

Damm nigarr theirs one in the neighbourhood

Nigeria no be defaulter

visijo:
Guys serious issue...
*I am a 35 year old handsome, hardworking,
GOD fearing young man, a businessman, and
looking for a cute hairy, beautiful, well
structured and young black goat to buy for
Christmas*

u don crack joke for ur mind now,