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CBN pegs banks non-performing loans at 5 per cent

Published by Tribune on Wed, 06 Apr 2011

The Central Bank of Nigeria (CBN) has pegged the non-performing loans of banks at five per cent for the entire banking industry.Director of Banking Supervision for the apex bank, Chief Samuel Oni, made this known on Tuesday, at a press briefing held shortly after the Bankers Committee meeting at the CBN headquarters in Abuja.Chief Oni, who disclosed that following the initial takeover of the Non-Performing Loans (NPLs) of the rescued banks by the Asset Management Company of Nigeria (AMCON), the company had gone ahead to take over the non-performing loans of all the other banks in the Nigerian banking industry.The CBN Director of Banking Supervision, who held the press briefing, together with the Managing Director of the First City Monument Bank, Mr Ladi Balogun; Managing Director, Standard Chartered Bank, Mrs Bolanle Adeshola and Mr Leke Shittu of the Consolidated Discount House,expressed happiness that since the establishment of AMCON, the banking industry had stabilised while all the rescued banks had been made attractive for investors.On the appropriateness of privatising the banks after AMCON had bought all the non-performing loans, Chief Oni said the issue of loan purchase should not be confused with merger and acquisition, stressing that AMCON was brought in as an intervention vehicle to make the rescued banks look attractive.
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