Nigerian lender, Access Bank, is going after delinquent debtors after merger with Diamond Bank

Herbert Wigwe, GMD Access Bank Plc
  • Access Bank says it is going to publish the names of all its delinquent debtors.
  • This is including former Diamond Bank Plc debtors.
  • In a recent report, analysts believe Access Bank Plc has all it takes to reduced defaults risks especially those on Diamond Bank Plc.

Nigerian lender, Access Bank says it is going to publish the names of all its delinquent debtors, associated persons, directors of the entities if they failed to pay up in two weeks.

The management of the bank stated in a statement released on Thursday via its official website.

The lender tender said it is in line with the directive from the Central Bank of Nigeria (CBN) and advised all debtors (including former Diamond Bank Plc) to pay up their past due obligations in order to avoid punitive actions.

Please note that we shall publish our debtors' names in newspapers in two weeks. Similarly, in the event that these obligations are not fulfilled, we shall take such further actions against such delinquent individuals and companies as we may consider necessary and shall relentlessly pursue full recovery of all our debts.

“For incorrigible debtors, who continue to pose a risk to our system, we will use all means available and collaborate with our colleagues in the industry to ensure that they are excommunicated from the banking system.

“Furthermore, all debtors will be sanctioned by the CBN and banned from participating in the Nigerian Foreign Exchange and Securities Exchange Markets, and registered on the Credit Risk Management Systems (CRMS) Bureau as bad debtors making them, their directors and related entities illegible for any credit in the Nigerian Financial Markets.

In a recent report by Moody's Investors Service, analysts believed Access Bank Plc has all it takes to reduced defaults risks for former Diamond Bank Plc creditors after the two merged in March 2019. The bank has also confirmed it will repay $200 million bond issued by Diamond on maturity.

Access bank acquired Diamond Bank in a special merger deal on March 19, 2019, and the enlarged banking entity kicked off last month.

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