Do we really need to know their names?

I am still yet to understand the rationale behind publishing of a list of debtors. If the goal is to recover the debts then just what is the point of broadcasting the debtors to the country. Newspapers don’t recover debts or do they? There are loop holes in our financial system two of which include the non-existence of a dedicated debt recovery body and a credit monitoring system. Borrowers default on their debt all the time not just during crises and the lack of a collections agency is an incentive for borrowers to default. If I know there is a chance that nobody will come after me if I don’t pay back a loan and I also know that there will probably be no public record of my default then why should I not default on a loan?

Desperate times call for desperate measures and I guess the CBN needs to find a way to recover the loans and if anyone can figure out the logic behind publishing the list please let me know.

CBN to handover debtors of distressed MFBs to EFCC

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