The Central Bank of Nigeria has officially restricted banking services for “chronic defaulters” and large-ticket obligors with non-performing loans.
In a sweeping move to enforce credit discipline and safeguard the nation’s financial system, the apex bank issued a policy statement on Wednesday following remarks by CBN Governor Olayemi Cardoso at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum in Abuja.
The Governor made it clear that the era of regulatory forbearance for delinquent borrowers is over.
He emphasised that the bank is shifting toward a more aggressive stance on corporate governance to ensure that the N4.61tn in new capital recently attracted by the banking sector is protected from systemic abuse.
“Our stance on corporate governance is unequivocal: zero tolerance for violations. By ending years of regulatory forbearance, we have reinforced accountability, tightened supervision, and elevated compliance standards across the sector,” the Governor stated.
The new directive specifically targets “large-ticket obligors”, individuals or entities with significant outstanding debts classified as non-performing in the Credit Risk Management System. Under the new rules, these defaulters will be barred from accessing not only fresh credit but also essential contingent liabilities and trade instruments.
“We have implemented a restriction of banking services to non-performing large-ticket obligors. This decisive step underscores our commitment to credit discipline, financial integrity, and accountability,” the statement read.
