A
abujagirl
Guest
The Bank of Industry (BOI) has blacklisted 24 companies which allegedly failed to repay loans granted to them.
The Managing Director of the bank, Mr Rasheed Olaoluwa, announced this on Friday in Lagos during induction of 10 customers into its hall of fame.
Olaoluwa alleged that the blacklisted companies were also involved in shady deals.
He said that BOI decided to “name and shame the bad customers’’ to help Nigerian banks to identify business people with no respect for integrity and purpose.
He alleged that the 24 companies cloned and falsified documents and diverted loans to non-profitable ventures.
"Twenty-four companies have been identified, and they will experience the ignominy of belonging to our hall of shame.Their names have also been published on our website" the director said.
On the other hand, he said that the 10 companies inducted into its hall of fame obtained credit facilities from the bank at least twice and fully repaid the loans.
Olaoluwa said that the companies had proven that integrity was not a function of size or of business environment.
He said that the effect of any loan default was severe, with certain socio-economic consequences capable of defeating government’s objectives of financing the strategic sectors of the economy.
#BOI
The Managing Director of the bank, Mr Rasheed Olaoluwa, announced this on Friday in Lagos during induction of 10 customers into its hall of fame.
Olaoluwa alleged that the blacklisted companies were also involved in shady deals.
He said that BOI decided to “name and shame the bad customers’’ to help Nigerian banks to identify business people with no respect for integrity and purpose.
He alleged that the 24 companies cloned and falsified documents and diverted loans to non-profitable ventures.
"Twenty-four companies have been identified, and they will experience the ignominy of belonging to our hall of shame.Their names have also been published on our website" the director said.
On the other hand, he said that the 10 companies inducted into its hall of fame obtained credit facilities from the bank at least twice and fully repaid the loans.
Olaoluwa said that the companies had proven that integrity was not a function of size or of business environment.
He said that the effect of any loan default was severe, with certain socio-economic consequences capable of defeating government’s objectives of financing the strategic sectors of the economy.
#BOI