The Central Bank of Nigeria has blacklisted major loan defaulters, restricting their access to key banking services.
The move cuts off affected borrowers from fresh loans and trade-related instruments such as letters of credit and performance bonds.
The policy targets large-ticket obligors, individuals and companies with non-performing loans in the Credit Risk Management System.
“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 bank said.
CBN Governor Olayemi Cardoso said the action marks a tougher stance on compliance and corporate governance.
“Our stance on corporate governance is unequivocal: zero tolerance for violations,” he said.
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The restriction is also aimed at stopping “credit jumping,” where defaulters move between banks to take new loans without clearing old debts.
“By curbing access to banking services for chronic defaulters, we are reinforcing the culture of repayment, protecting depositors, and safeguarding the stability of the financial system,” the bank added.
The decision comes amid rising concerns over bad loans in the banking sector. Analysts say the move could help reduce defaults and strengthen financial stability if properly enforced.