Nigerian banks may be in for a “long thing”.

As at the end of 2018, total amount of money owed them which are no being serviced rose to 1.79 trillion naira.

According to Central Bank of Nigeria, CBN data, 13.56 trillion naira was recorded as loans after specific provisions.

According to the data, which was validated by the National Bureau of Statistics, NBS the gross loans as of the end of 2018 stood at 15.35 trillion naira.

As of the end of 2017, the data revealed that the gross loans in the banking sector were 15.96 trillion naira.

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It further revealed that 2.36 trillion naira of the 2017 figure were non-performing loans, while 14.12 trillion naira were loans after specific provisions.

Recall that few weeks ago, the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria, AMCON Mr Ahmed Kuru, pledged the full support of AMCON to its Asset Management Partners, AMPs in the pursuit to recover 740 billion naira of the total eligible bank assets of AMCON portfolio in the hands of debtors.

The AMPs are firms AMCON engaged in 2016 to complement its recovery efforts as part of its renewed strategy to resolve some 6,000 accounts among accounts in its portfolio.

The AMCON boss said the corporation placed equal importance on the ability of the partners to recover the outsourced accounts because their efforts counted towards the achievement of AMCON’s core mandate.

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