Banks begin to sell properties of delinquent debtors

Some Money Deposit Banks, case in point Sterling Bank, has put on the market, the houses, hotels, filling stations, schools, and other properties used as collateral by delinquent debtors.

During the week, the banks had published the lists of chronic debtors who failed to meet up with the July 31 deadline given by the Central Bank of Nigeria to repay their loans.

In total, 17 banks published the names (606) of their delinquent debtors, with a total figure of N175.61bn being owed the banks.

First Bank has N43.72bn non-performing loans; Unity Bank, 45.52bn; Access Bank, N3.4bn; Diamond Bank, N47.17bn; First City Monument Bank, N17.1bn; Ecobank, N5.4bn; UBA, N9.3bn; and Wema Bank, N1.26bn.

In order to recover their monies, some of the banks have began the process of selling real estate assets used as collateral by the debtors.

Punch Newspapers reports that the banks had already engaged the services of estate firms/agents to sell the properties.

The paper also obtained a document which showed that Sterling Bank had put up for sale, 43 properties which have a total value of over N3bn.


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