Real Estate, Construction Firm’s Non-performing Loans Now N136.05bn
The total non-performing loans of real estate and construction firms rose by N33.31bn from N102.74bn at the end of 2018 financial period to N136.05bn as of the end of 2019, latest statistics from the National Bureau of Statistics have shown.
The non-performing loans of construction firms to the banking sector rose by N34.53bn at the end of 2018 to N86.4bn as of the end of 2019.
The figure for the real estate sector declined slightly by N1.2bn from N50.87bn in 2018 to N49.65bn as of the end of 2019.
According to the NBS, the total loans in construction sector stood at N723.15bn, while the figure for real estate stood at N604.97 as of the end of 2019.
The report also showed that the total non-performing loans in the banking sector stood at N1.05tn out of a total loan of N17.56tn as of the end of 2019.
It revealed that the gross loans in the banking sector stood at N17.56tn as of the end of December 2019, while loans with specific provisions and loans after specific provisions stood at N1.43tn and N16.13tn respectively as of the end of 2019.
The Asset Management Corporation of Nigeria had said it was working with the courts to enable it to obtain bank details of its debtors as empowered under the AMCON (Amendment) Act 2019.
AMCON stated that it was working with government agencies to recover the outstanding debts in the hands of a few Nigerians.
It stated, “The Act had also granted permission to place bank account of debtors or the like under surveillance by ex-parte order of the Federal High Court; access debtor’s computer systems for the purpose of locating debtor’s funds by ex-parte order of the Federal High Court.
“It could as well impose an obligation on the Federal Government and federal Ministries Departments and Agencies to seek AMCON’s clearance before contracting with or making payments to recalcitrant debtors on AMCON debtor list.”
It stated that it was collaborating with bodies likes the Economic and Financial Crimes Commission; Independent Corrupt Practices and Other Related Offences Commission; Nigerian Financial Intelligence Unit; Nigerian Deposit Insurance Corporation; and the Central Bank of Nigeria in its efforts to recover outstanding debts.