N1.23trn bad loans bite as banks’ gross credit tops N20trn

N1.23trn bad loans bite as banks' gross credit tops N20trn

N1.23trn bad loans bite as banks’ gross credit tops N20trn   Analysts have blamed the woes of Nigerian economy on bad loans in  the banking sector. During the period of review, non-Performing Loans (NPLs) or bad loans in the banking sector increased to N1.23 trillion in 2020 from N1.06 trillion in 2019. The N1.23 trillion bad loans reported by National Bureau of Statistics (NBS) on Sunday is the highest since third quarter of 2019 when N1.45 triillion was reported. The bureau in its “Selected Banking Sector Data: Sectorial Breakdown of…

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Bad Loan: Bill to track loan defaulters’ accounts passes 2nd reading

Senate passes Finance Bill 2020

The Senate has passed for a second reading, a bill for an Act to establish a unified scheme for a sound financial system and stem bad loan profile. The bill is targeted at  facilitating and improving credit repayment culture by empowering creditor banks to track loan defaulters’ accounts in any bank in Nigeria through Bank Verification Number (BVN). According to the proposed law, this would help to recover past and due obligations without recourse to the borrower, provide penalties for breaches and violations of obligations, and enhance loan recovery in…

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