- The published names of debtors reflects a country that rewards the laggard and punishes the worker
The nation waited, and when the news broke we did not cheer. The Central Bank of Nigeria gave an August 1 deadline for all banks to publish the names of bank debtors and the amount of their indebtedness. Many of them have complied and at the time of writing, the total amount of indebtedness was over N143 billion.
Some of the names were prominent. Such names as Isyaku Rabiu, Helene Esuene, Lanre Tejuoso, Hope Uzodinma, Samaila Sambawa, Sayyu Dantata, Emeka Offor were a fraction of the long lists of debtors. Directors of companies were also included. One of the names mentioned was Abike Dabiri-Erewa. The other was Dayo Adeyeye. But their assertions that they did not know that company and owed no one have not been countered by their banks.
We hope all due diligence was carried out in releasing the names, and nobody has been unduly exposed. Other than the two denials, we have not had any denials at the time of writing.
The following financial institutions have published debtor names at the time of writing this article. They include Sterling Bank, Guaranty Trust bank, Zenith Bank, Fidelity Bank, Union Bank, Skye Bank, Stanbic IBTC Bank, Heritage Bank, First City Monument Bank, Eco Bank, First Bank, Enterprise Bank, Access Bank, Diamond Bank and Unity Bank.
Before the deadline, reports were rife of debtors who rushed to the banks to update their accounts so as to avoid the disgrace of seeing their names published. All debtors had till July 31 as grace period to reconcile their accounts with their respective banks. The banks were also required to publish the debtor lists in at least three newspapers.
This is not the first time we have had this sort of exposure. It happened under the tenure of the former CBN governor, Lamido Sanusi, who is now the Emir of Kano. When he rolled out the names of the debtors, Nigerians gasped for air.
The situation is no different today. The money owed by these individuals does not belong to them, but the majority of the toiling millions of Nigerians. They deposited their money in the banks on the basis of trust. But a certain sense of entitlement has prodded the debtors to see the money in proprietary terms. They loaned billions of Naira, used it for their own purposes and failed to service the loans. Some owed as much as N6 billion. This is not only irresponsible, but also callous.
If the CBN and the federal government did not view this indebtedness with extreme prejudice, these persons would cart away our patrimony, furnish their lifestyles of decadence, and turn these loans into bad debts in the event of their deaths.
This sort indulgence only thrives when the political society does not respect the values of honesty and accountability and allows a few to fatten on the miseries of the majority. They have always worked with the bank executives in making the banks cesspits of corruption.
The point often made is that corruption in the political class is not possible without complicity of bank chief executives. But rarely have the names of the CEOs of banks been penciled down for collaboration with the business and political elites in the fleecing of the nation.
The other tragedy is that these debtors parade themselves as role models not only in character but also in business. They are failed entrepreneurs perceived to run enterprises well.
All debtors should be compelled to pay back their loans or face the severe penalties of the law.
