Access Bank To Publish Names Of Debtors

One of the leading commercial banks in Nigeria, Access Bank says it will publish the list containing names of all its delinquent debtors.

Naija News understands that the bank’s decision is not unconnected to the directive of the Central Bank of Nigeria (CBN), Nigeria’s apex bank.

The bank’s decision to publish names of debtors in June, comes after it had earlier in May, announced that it would pay off a $200 million Eurobond issued by Diamond Bank in 2014.

The bank made the revelation to publish the names of debtors in a statement obtained by Naija News that read as thus; “All Access Bank Plc (including former Diamond Bank Plc) debtors are directed to pay up their past due obligations in order to avoid punitive actions being taken against them,” the bank said.

“Please note that we shall publish our debtors’ names in newspapers in two weeks.

“Similarly, in the event that these obligations are not fulfilled, we shall take such further actions against such delinquent individuals and companies as we may consider necessary and shall relentlessly pursue full recovery of all our debts.”

“Furthermore, all debtors will be sanctioned by the CBN and banned from participating in the Nigerian Foreign Exchange and Securities Exchange Markets and registered on the Credit Risk Management Systems (CRMS) Bureau as bad debtors making them, their directors and related entities illegible for any credit in the Nigerian Financial Markets.”

Recall that Access Bank became Nigeria’s largest bank after completing a merger process with Diamond Bank in March.