Access Bank Threatens to Publish Names of Debtors in Newspapers

The management of Access Bank Plc has given all its delinquent debtors two weeks to pay up their due obligations, emphasising that failure to adhere to this directive would come with severe consequences.

In a publication today on Punch Newspapers, the lender said this warning also goes to debtors of the defunct Diamond Bank Plc.

Business Post reports that in March 2019, Access Bank and Diamond Bank officially merged together to become an enlarged banking entity.

In the notice seen by Business Post, the financial institution warned that if after the two weeks grace period the “incorrigible debtors” fail to comply with this directive, it would be forced to publish their “names in newspapers.”

The bank said “all debtors will be sanctioned by the CBN and banned from participating in the Nigerian Foreign Exchange and Securities Exchange Markets, and registered on the Credit Risk Management Systems (CRMS) Bureau as bad debtors making them, their directors and related entities illegible for any credit in the Nigerian Financial Markets.”

Access Bank said it was determined to take further actions “against such delinquent individuals and companies as we may consider necessary and shall relentlessly pursue full recovery of all our debts.”

Below is the full statement signed by the management of Access Bank Plc.

Please be informed that Access Bank Plc is set to publish the list of all its delinquent debtors, associated persons, directors and entities. This is in line with the directive from the Central Bank of Nigeria (CBN).

All Access Bank Plc (including former Diamond Bank Plc) debtors are directed to pay up their due obligations in order to avoid punitive actions being taken against them. Please note that we shall publish out debtors’ names in newspapers in two weeks.

Similarly, in the event that these obligations are not fulfilled, we shall take such further actions against such delinquent individuals and companies as we may consider necessary and shall relentlessly pursue full recovery of all our debts.

Furthermore, all debtors will be sanctioned by the CBN and banned from participating in the Nigerian Foreign Exchange and Securities Exchange Markets, and registered on the Credit Risk Management Systems (CRMS) Bureau as bad debtors making them, their directors and related entities illegible for any credit in the Nigerian Financial Markets.

For incorrigible debtors, who continue to pose a risk to our system, we will use all means available and collaborate with our colleagues in the industry to ensure that they are excommunicated from the banking system.

Consequently, we hereby advise all out delinquent debtors to take this publication seriously and ensure that all debts are settled promptly.