Nigeria’s anti-corruption police on Monday gave defaulting debtors of nine bailed-out banks two weeks to organise repayments or risk arrest, prosecution and the seizure of their assets.
Nigeria has injected around 600 billion naira ($4 billion) into the banking system since mid-August after an audit found nine institutions were facing a grave liquidity crisis.
Total non-performing loans at the troubled banks topped 1.5 trillion naira, of which only a fraction has been recovered.
“We wish to warn those that have reneged on the repayment terms not to be taken by surprise at the end of the latest two weeks grace when the commission shall again move decisively against defaulters,” said Femi Babafemi, spokesman for the Economic and Financial Crimes Commission (EFCC).