The Bank of Industry 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 the 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.
Olaoluwa said, “We decided to do this as two sides of a coin. Just as we have had exemplary customers, we also have had the very bad and difficult ones.
“Some of these customers provided cloned title documents; thus, committing outright frauds.
“In addition to naming these companies, we have also exposed their directors and shareholders in order to put leading institutions and credit bureaus on notice.
“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.” NAN
