“You’ll Be Shocked At The Numbers Of Big Wigs Involve!” Insiders Claim As Desperate Bank Debtors “Toast” Management To Stop Planned Publishing Of Mega Loan Defaulters Names

…CBN clear financial institution the go ahead

Times are hard is the sing song on the names of many business owners – and related stakeholders.

This is even for those who strive on competence and good image.

‘’You can imagine what extra efforts it will take to do business with a bad credit rating hanging one ones neck’’ a source pointed out.

That is the development, debtors of financial institution Skye Bank are desperately striving to avoid.

As well as the formal and personal public shame that comes with being openly labelled
not just a debtor- but a very bad one.

The management of the bank after strenuous efforts to recoup loans given out failed to yield desired results, has adopted the drastic option of public shaming the defaulters’

And also intensify legal moves at prosecution.

The actions of the individuals labelled mega debtors withheld much needed funds for operations and sent wrong signals to the ‘’publics’’ of the financial institution.

The situation had reached the grave point of industry regulator, Central Bank replacing the Board of Directors of the financial institution to protect the entity from collapsed.

Checks by the new managers had revealed indeed the bank is very rich – on paper.

‘’They discovered a huge chunk of debt owed and, if even half of those funds are recouped the bank has more than enough to pull through any economic situation’’ a source disclosed.

This is said to be the reason for current massive loan recovery drive of the new board.

And the hard stance of putting those that have refused to comply to public shame.

The strength of this strategy is said to be based on the status of the debtors concern.

‘’they are the who is who in the society…people who have lapped up adulation as brainy businessmen and worthy role models…you’ll be shocked at the named that will come up’’ an insider stated.
Obviously all the accolades about master strategies that resulted money spinning businesses was a camouflage for living the life on unpaid bank loans.

‘’maybe a few had issues of investment gone bad’’ a source pointed out.

Societynowng.com gathered as their creditor initiates move to release the identities of those hindering it’s operations by not paying back funds owned, many of the debtors have kick started hard lobbying process to get the management to stop the move.

Many are said to have initiated official reconciliatory moves – and some are working with people believe to have influence with the new managers to get a call off.

The bank has threatened a release of the names next week.

This move comes based on an go ahead secured by industry regulator Central Bank of Nigeria according to information available to societynowng.com.