Recently, the Central Bank of Nigeria (CBN) issued a directive requesting Banks to periodically publish names of their delinquent/chronic debtors/customers with non-performing loans in the national dailies.
Note that delinquent debtors include persons, entities, directors, subsidiaries and other related parties and these parties will consequently be blacklisted and or banned by CBN from participating in the Nigerian Foreign Exchange market as well as the Government Securities market.
Furthermore, to stop the issuance of dishonored (dvd) cheques and instill confidence and integrity in the Nigerian negotiable instruments the CBN has directed banks and finance houses to implement the following measures against serial issuers of dud cheques:
1. Recall/cancel all unused cheque books issued to the account holder;
2. Prevent the account holder from using the clearing system for a period of 5 (five) years;
3. Send the account holder’s name to the three private credit bureaus and the credit risk management system prescribed by the Central Bank of Nigeria; and
4. Bar the serial issuers of dud cheque from accessing credit facilities from the banking system;
5. Send the account holder’s name to the Economic and Financial Crimes Commission for further investigations and prosecution
We trust you will take note of above recent policies in the conduct of your business to avert its consequences.
Thank you for choosing Diamond, Your Bank.