*As SEC, EFCC move to curb market infractions
The Bank of Agriculture, BOA, weekend threatened to publish list of loan defaulters, in line with the new directive of the Central Bank of Nigeria, CBN.
This came at a time the Securities and Exchange Commission, SEC, is working on a Memorandum of Understanding, MoU, with the Economic and Financial Crimes Commission, EFCC, to curb market infractions by operators.
The BOA in an external memo posted by the management, warned that if defaulting customers failed to take immediate steps to defray their indebtedness to the bank on or before December 31, 2016, it would take steps to recover the debts, including legal means.
It also vowed to forward list of holders of the non-performing loans to all banking regulators, including the CBN, professional bodies, embassies in Nigeria, security and other agencies.
The memo read in part: “In line with the directive from the CBN to publish details of customers whose accounts are not performing, the publication will include the names of persons, entities, directors, subsidiaries, and key sponsors of various categories of accounts, and will be forwarded to all banking regulators including the CBN, professional bodies, embassies in Nigeria, security and other agencies as would be required.”
SEC, EFCC seek plan to curb market infractions
Meanwhile, SEC is working on a Memorandum of Understanding, MoU, with the EFCC to curb market infractions by operators.
The commission also reaffirmed its commitment to provide an efficient and effective policing of the Nigerian capital market.
Director General of SEC, Mounir Gwarzo, stated this when management of the commission paid a visit to the Acting Chairman of the EFCC, Ibrahim Magu, weekend in Abuja.
Gwarzo disclosed that there had been a close relationship between SEC and the EFCC, adding that the commission could not discharge its responsibility effectively without collaborating with the anti graft agency.
Responding, Magu expressed delight that the collaboration between both agencies had yielded enormous benefit for the growth of the capital market, adding that his agency would continue to provide assistance where required.
He said the EFCC had been instrumental in investigating several cases of fraud in the capital market and recovered funds which were returned to investors and assured the SEC of the agency’s continued support.