The Big Thing in Nigeria: TOP-STORY; NAMING AND SHAMING OF THE CBN, THE BEST STRATEGY?

Banks are exposing the businesses and people behind the mountain of debts threatening to kill the sector – courtesy of a Central Bank of Nigeria (CBN) directive that expired at the weekend.
The publications are coming on the heels of the July 31, 2015 deadline set by the apex bank for the debtors to pay up.

In what is considered an effort to diffuse the blame on the liquidity challenge in the banking sector, the Central Bank of Nigeria (CBN) yesterday released the names of debtors – mostly shareholders/directors – who secured loans totalling N747 billion from the five banks whose executives were sacked last Friday.

A breakdown of the loans, which are classified as non-performing, is as follows: Oceanic Bank Plc, N278.204 billion or 37 per cent; Intercontinental Bank Plc, N210 .903 billion or 28 per cent; Afribank Nigeria Plc, N141.856 billion or 19 per cent; Union Bank of Nigeria Plc, N73.582 billion or 9.8 per cent; and FinBank Plc, N42.445 billion or 5.6 per cent.
source - proshareng

Furthermore to this move, LCCI faults move, asks CBN to tread with caution..

Is it a crime to owe?

Were there no collateral's involved?

How do you feel about this naming and shaming strategy byCBN?

If you have questions for the LCCI DG - MUDA YUSUF, please ask below or call 012770993, 1993, 2993, 3993.