Delinquent debtors of First Bank Nigeria Limited and Access Bank Plc owe the two financial institutions a total of N49 billion.
According to publications by the two institutions, while 92 chronic debtors owed First Bank a total of N45 billion, Access Bank put its total indebtedness at N3.715 billion.
Top on First Bank Nigeria’s list Shield Petroluem Limited with N6.9 billion. It was closely followed by Ajaokuta Steel Company Limited with N6.1 billion, Starcomms with N5.5 billion, C & M Limited with N2.3 billion, Sirius Energy Resources Limited with N2.2 billion, Summit Investment and Property Limited with N1.8 billion and Fargo Petroluem and Gas Limited with N1.7 billion. Some others are BGL Securities which is owing First Bank N1.6 billion, Grant Properties with N1.5 billion, Astera Engineering Limited with N1.4 billion, Nigeria Agip Oil Company Port Harcourt Staff Cooperatives with N967 million, Sanshek Nigeria Limited with N698 million, WhitePlains British Schools Limited with N682 million, Calat Services Limited with N674 million and Discover and Company Limited with N531 million.
On the other hand Access Bank published the names of 11 firms and individuals as well as the directors of the affected companies. Top on Access Bank’s list of delinquent debtors was Boika Ventures Limited with outstanding debt of N1.2 billion. It was closely followed by Mclatek Nigeria Limited with N949 million, LOC Metals and Minerals Limited with N558 million, Zemeer Engineering Nigeria Limited with N260 million, MIN Services Limited with N167 million, Rowland and Irene Trading Company with N141 million and Idris Idi Lawal also owing the bank N143 million. In addition, Terminal Zero Development Limited also featured on the list with outstanding debt of N128 million, Stock Investment Securities Limited with N108 million, Ilorin West Local Government Education with N55 million and Derukas International Limited with N56 million.
Deposit money banks started publishing the names of their chronic debtors and directors in line with a bankers’ committee agreement on Monday.
The Central Bank of Nigeria (CBN) and banks had resolved to publish the identities of all serial debtors to the financial industry from August 1, 2015.
It had been estimated that three per cent of total industry credit of about N13 trillion was bad debt.
The CBN Director of Banking Supervision, Mrs. Tokunbo Martins, had said: “The total credit is about N13 trillion. About three per cent of that is non performing and August 1, 2015, is the deadline publishing the list of debtors.”