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News Update (November 23, 2009 01:38 PM...)

EFCC sets new deadline for bank debtors


Economic and Financial Crimes Commission (EFCC) yesterday gave defaulting debtors of nine bailed-out banks two weeks to organise repayments or risk arrest, prosecution and the seizure of their assets.

Nigeria has injected around N600 billion into the banking system since mid-August after an audit found nine institutions were facing a grave liquidity crisis.

Total non-performing loans at the troubled banks topped N1.5 trillion, of which only a fraction has been recovered.

"We wish to warn those that have reneged on the repayment terms not to be taken by surprise at the end of the latest two weeks grace when the commission shall again move decisively against defaulters," said Femi Babafemi, spokesman for the EFCC.

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