Home Agriculture BoI recovers N2. 9bn bad debts in 2014, blacklists 22 firms

BoI recovers N2. 9bn bad debts in 2014, blacklists 22 firms

by Business News Report

THE Bank of Industry , BoI, weekend, disclosed it recover a total of N2.9 billion bad debts from its customers in the SMEs and large enterprises sector of the economy in 2014 and also blacklisted 22 other customers of the bank for their attempt to defraud the bank.
Rasheed Olaoluwa, the bank’s managing director, stated this during the bank’s media parley with the Commerce and Industry Correspondents Association of Nigeria, CI CAN, and Business Editors, held in Lagos.
According to him, the N2.9 billion was recovered from the debtor customers through the efforts of the bank’s loan recovery team, the Economic and Financial Crimes Commission, EFCC and the courts.
“It is the duty of the bank to borrow money to companies in the large and small business sectors and to get the money back with single interest digit , but if the borrowed funds are not paid back it will definitely affects our ability to loan others.
“Development Finance loans are not national cake. We expect customers to pay back,” he said.

He urged existing and prospective customers of the bank to emulate the ilk of Innoson Vehicles Manufacturing Company Limited, A mascot International; Happiness Foam, Nigerian Foundries and six other companies who borrowed money from the bank twice and have fully repaid them and have been inducted into BoI Hall of Fame.
On the 22 blacklisted firms, he stated that it’s not only because they were unable to meet up their obligations but because they attempted to defraud the bank.

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