No fewer than 24 firms have been blacklisted by the Bank of Industry for refusing to to repay loans granted to them by the bank.
This was disclosed on Friday, October 17, 2014 by the managing director of the bank, Mr Rasheed Olaoluwa, during the induction of 10 new customers.
Olaoluwa alleged that the blacklisted companies were also involved in shady deals.
He said that BoI decided to “name and shame the bad customers’” to help Nigerian banks to know the businesses that lack integrity.
Furthermore, Olaoluwa said the blacklisted companies provided cloned and falsified documents and diverted loans to non-profitable businesses.
He said, “We decided to do this as two sides of a coin. Just as we have had exemplary customers, we also have had the very bad and difficult ones.
“Some of these customers provided cloned title documents; thus, committing outright frauds.
“In addition to naming these companies, we have also exposed their directors and shareholders in order to put leading institutions and credit bureaus on notice.
“Twenty-four companies have been identified, and they will experience the ignominy of belonging to our hall of shame.
“Their names have also been published on our website.”
