Some billionaire debtors, whose firms, directors and shareholders were barred from securing further loans from banks in the country, have commenced intense lobbying of politicians and senior government officials to force the Central Bank of Nigeria to repeal its directive.
The debtors, according to information gathered from reliable sources, impressed it on the politicians that their businesses would be killed if they were barred from obtaining further loans from the banks.
A source in the CBN, who begged not to be mentioned because of the sensitive nature of the issue, said, “Some of the debtors, we heard, are lobbying senior government officials and members of the National Assembly, who are their friends, to overturn the directive of the CBN.”
Reacting to the development, the Managing Director, Asset Management Corporation of Nigeria, Mr. Mustafa Chike-Obi, said the organisation would do everything within its powers to ensure that the debtors repaid the loans.
“The loans belong to them. Let them go anywhere; the fact is that they have to pay their debts. Are you not a Nigerian? Do you think it is right to obtain a loan without paying? So, if they go to the National Assembly, I am sure the legislators will tell them to pay their debts,” he added.
In a related development, AMCON said in a statement on Tuesday that certain names were not supposed to be on the debtors’ list that was released by the CBN last Thursday.
The statement obtained by our correspondent read in part, “We refer to the circular recently issued to banks by the CBN on the prohibition of further credit facilities to debtors whose accounts have been assigned to AMCON. In reaction to objections raised by specific debtors and the need to make our position clear on the subject, AMCON confirms that it supplied the list of its debtors to the CBN in the course of its compliance with due administrative regulation.
“As at the date of transmission to the CBN, this list was accurate. Since then, however, there have been changes to the debt positions of few specific debtors to AMCON due to restructuring and/or repayments. Given changes that had occurred during the intervening period, certain names which ought not to have been on the list were circularised to the banks.”
The corporation added that it had identified the names and had recommended to the CBN that they should be removed accordingly.
“This list will continue to be updated whenever concrete settlements with AMCON are reached. It is pertinent to note that the publication of the list by newspapers was unauthorised as it was intended for the information and use of the banks only,” it said.
The CBN had on Friday said the debtors, amongst who are Mr. Femi Otedola, Alhaji Sayyu Dantata, Sir Johnson Arumemi-Ikhide, Prof. Bart Nnaji, Mrs. Elizabeth Ebi, and Dr. Wale Babalakin, and their firms, would be handed over to law enforcement agents should they fail to repay their loans.
A total of 113 companies and 419 directors/shareholders were affected by the directive, according to a report published in a national daily
