A Senior Advocate of Nigeria, Oluwakemi Balogun, has said that the system of lending and debt recovery in Nigeria needs to be strengthened so that it will not continue to pose problems to the Asset Management Corporation of Nigeria (AMCON) and other financial institutions.
According to a press statement by AMCON, Balogun said this at the training of Solicitors, Receivers and Receiver/ Managers at Eko Hotel in Lagos State. He said that he had noted the “financial rascality” for some decades and seen that some Nigerians had perfected the art of going to different banks to borrow money and have serially reneged on their repayment agreements because there were no policies to ensure that did not happen.
He said, “We need to have a national law that will assist lenders (banks and financial institutions). We must have a national policy. There must be a national law on debt recovery.
“This law should not just be for only AMCON as a government agency but for the nation as a whole. That is one of the ways we can curb bad behaviour. In some other economies, you cannot borrow money and refuse to pay back and go scot-free. Therefore, Nigeria should not allow recalcitrant debtors to go unpunished.”