Banks non-performing loans hit N1.79tn in 2018

The total amount of non -performing loans of Nigerian banks for the year 2018 hit N 1 . 79tn .
Figures obtained from the Central Bank of Nigeria on Wednesday revealed that N 13. 56tn was recorded as loans after specific provisions .

According to the data, which was validated by the National Bureau of Statistics, the gross loans as of the end of 2018 stood at N 15 . 35 tn.

As of the end of 2017 , the data revealed that the gross loans in the banking sector were N 15. 96tn .
It further revealed that N 2 . 36tn of the 2017 figure were non – performing loans , while N 14. 12 tn were loans after specific provisions .

Recently , the Managing Director /Chief Executive Officer , Asset Management Corporation of Nigeria, Mr Ahmed Kuru, pledged the full support of AMCON to its Asset Management Partners in the pursuit to recover N 740 bn of the total eligible bank assets of AMCON portfolio in the hands of debtors .

The AMPs are firms AMCON engaged in 2016 to complement its recovery efforts as part of its renewed strategy to resolve some 6 , 000 accounts among accounts in its portfolio .

The AMCON boss said the corporation placed equal importance on the ability of the partners to recover the outsourced accounts because their efforts counted towards the achievement of AMCON’ s core mandate .

He added that the APMs had to discharge their duties within the defined rules of engagement as stipulated by the AMCON Act and as seasoned professionals.

Kuru said , “ It is a well- known fact that AMCON has a unique and limited mandate ; therefore , AMCON must maximise every opportunity to state its cases with the highest quality of representation , which was why we came up with the AMP programme that has been of tremendous development in our efforts to recover debts owed the country by a few individuals who have over the years remained recalcitrant , ” he said .

AMCON is saddled with the statutory responsibility , among others, of recovering the non -performing loans hitherto disbursed by eligible financial institutions (banks ) to their customers .

The corporation had said that despite numerous overtures and appeals to its debtors to extinguish their indebtedness , it was concerned that certain debtors had willfully maintained recalcitrant postures while also adopting unscrupulous means of avoiding recovery .

After several appeals and dialogues to resolve the indebtedness , AMCON stated that it would not relent in pursuing vehemently the achievement of its recovery mandate against erring debtors .

2 thoughts on “Banks non-performing loans hit N1.79tn in 2018

  1. Hi there, i read your blog from time to time and i own a similar one and i was just wondering if you get a lot of spam feedback?
    If so how do you reduce it, any plugin or anything you can suggest?
    I get so much lately it’s driving me crazy so any assistance is very much

Leave a Reply

Your email address will not be published. Required fields are marked *

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/loudspea/public_html/wp-includes/functions.php on line 4757