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Era Of Borrowing From Bank And Not Paying Back Is Gone, CBN Governor Warns Loan Defaulters

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has warned those who are in the habit of taking loans from bank and not paying back that that era is gone.
He stressed that all efforts would be made to retrieve the loans, including seizing the private jets of the defaulters.
Emefiele, who spoke during a visit to the Dangote Refinery and Fertiliser project site in Lagos, said a large chunk of the loans in the Asset Management Corporation of Nigeria (AMCON) portfolio is owed by Nigerians.
He said: “In any case, the Central Bank will not allow you to borrow money and not pay again. The era has gone. Now, when you take a loan, you will pay. If you don’t pay, we will take your money wherever you keep it.
“If you are driving private jets, we will seize the private jets so that you can begin to ride on bicycles. Then we will know you are truly a liquidated person.”
Emefiele, who commended the President of the Dangote Group, Aliko Dangote, for the projects, said the CBN would continue to support entrepreneurs willing to “come out and contemplate projects where people can be gainfully employed.”
“Today, there are 34,000 people working in this facility; in the next two months, it will double to almost 65,000 to 70,000 people in this complex.
“That is how a country creates prosperity, and that is why we are coming out boldly that we will support anybody. And we will put in place policies that will protect and make sure that for coming out to develop our economy, grow agriculture, manufacturing and industry, and the central bank rakes in dollars to fund our obligations, we will appreciate them and we will continue to do so.”

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