Share this:

Like this:

Like Loading...
" />
Published On: Sun, May 4th, 2014

Closed bank debtors barred from accessing DMB facilities

Share This

Stories from Ngozi Onyeakusi, Lagos

All debtors of closed banks with non performing -loans of a maximum of N250 million have been barred from accessing new facilities in any Deposit Money Banks (DMB) across the country.

The Managing Director, Nigeria Deposit Insurance Corporation NDIC, Dr. Umaru Ibrahim who disclosed this said the Central Bank of Nigeria (CBN) barred these set of debtors following request by NDIC to the apex bank, which was aimed finding lasting solution to challenges faced by the corporation in recovering debts owned the closed banks.

Ibrahim, in his key note address delivered on the occasion of the 2014 Banks Examiners Conference held in Lagos stated that the banks will soon be notified about the new development and urged the corporation’s examiners to ensure compliance with the new directive. Names of the debtors, he said will be populated through the CBN s Credit Risk Management System and approved private sector credit bureaus.

According to him, the theme of this year’s conference ‘Sustaining a Safty and Sound Financial System through Effective Banking Supervision’ was apt giving the centrality of banking supervision in ensuring the safety and soundness of the nation’s financial system.

He noted that the primary objective of the conference was to update the Examiners knowledge and skills on contemporary supervisory toolkits for delivering the mandate of banks supervision thereby contributing to the safety and soundness of the insured institutions.

Ibrahim added that the conference provides an ample opportunity for supervisors, operators and other stakeholders to brainstorm on issues that continue to shape the nation’s financial industry.

He highlighted implementation of Risk Based Supervision as a major achievement recorded by the last Examiners conference held in 2011. A reform which according to him led to significant improvement in risk management practices by banks.

Others include implementation supervisory and financial reporting approaches such as Micro Prudential supervision, sustainable banking, International Financial Reporting Standard (IFRS) Base 11/111 and consolidated supervision to strengthen the system.


Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

%d bloggers like this: