WAIVERS: Banks to lose over N1.4trn – Tribune
December 1, 2009 by Bunmi Awolusi
nation’s fragile banking industry may be heading for another crisis, following plans by the troubled banks to grant waivers to some of their heavily indebted customers.
Investigations by the Nigerian Tribune showed that more than half of an estimated N2.8 trillion allegedly owed Nigerian banks may be lost through the waivers given to debtors by the Central Bank of Nigeria (CBN)-appointed managements in the last few weeks in an effort to recover part of the bad loans owed them.
The rescued banks include Afribank, Oceanic Bank, Intercontinental Bank, FinBank and Union Bank. Others are Unity Bank, Wema Bank, Bank PHB, Spring Bank and Equitorial Bank.
Investigations by the Nigerian Tribune indicated that the claim that the affected banks carried the apex bank and respective boards along in their decision was false.
