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CBN Directive: FMBN gives debtors 14 days ultimatum

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[caption id="attachment_440" align="alignnone" width="975"]Federal Mortgage Bank Of Nigeria Logo[/caption]

The Federal Mortgage Bank of Nigeria (FMBN) has threatened to publish the names of debtors that have failed to service their loans in at least three national dailies as directed by the Central Bank of Nigeria (CBN).

The mortgage bank made this declaration in a print publication released on Monday.

The bank said in addition to periodical publications of the names of defaulting clients, their details would also be forwarded to the CBN, the Nigeria Deposit Insurance Corporation (NDIC), the Nigerian Stock Exchange (NSE), foreign embassies and security agencies, as directed by the CBN.

The bank also stated that the debtors have been given a 14-days ultimatum starting from the day of the said publication.

“Notice is hereby given to all debtors of the Federal Mortgage Bank of Nigeria, whose principal or interest obligations have fallen due and remain unpaid for up to 360 days, to regularize their accounts and make good their obligations to the bank within fourteen (14) days of this publication,” the bank said.

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The bank added that the details of the defaulting entities would include the names of their “directors, subsidiaries, and other related parties,” in addition using other legitimate means of recovering the sums due to it.

It will be recalled that the CBN gave the directive recently to reverse recurrent dysfunctional debt profiles of corporate entities and individuals.

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