BORROWERS TO FORFEIT MONEY IN ACCOUNTS FOR BANK LOAN DEFAULT

Written by on August 27, 2019

The Bankers’ Committee has directed all borrowers to sign an asset seizure agreement with their banks.

Central Bank of Nigeria Deputy Governor (Financial System Stability), Aishah Ahmad, said this at the 346th Bankers’ Committee meeting in Lagos, that the committee has come up with a clause that would enable banks include in the offer letter that customers’ assets across the industry would be deployed to loan servicing should they fail to payback.

The agreement empowers the lender to seize all deposits of the borrower across the industry, should he failed to repay the loan.


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