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Cross-check your facts, Okonkwo tells CBN gov

AGAINST the backdrop of Central Bank of Nigeria’s  publication of names of debtors of mismanaged banks  and the call for them to pay up their debts, the Group Managing Director of CLEMCO Group, Mr. Tony Okonkwo, has advised CBN’s new helmsman to tidy up the processes before gong public to avoid damaging statements that could lead to dispute.

He argued that corporate reputation and integrity as the heartbeat of sound business governance must be spared the toxic inflammation of publicly incorrect statements and sensational debt labelling.

The Group Managing Director whose subsidiary, Reliance Telecommunications Limited was named as a non performing debtor to Finbank Plc, stated with emphasis, that elementary wisdom and common sense puts a duty of care on the CBN as an institution, and the people operating their machinery of supervision to crosscheck, re-check and double check their facts as standard practice before serializing inflated debt attachments to people and companies.

Explaining his discomfort, the Group Chief Executive stated that CBN in its circulated national advertorials articulated his subsidiary’s debt portfolio to Finbank Plc as over N800million and christened it as non-performing. “This is against the certified records available to CBN at the punch of a button that our indebtedness to Finbank Plc is precisely N307million with a graduated payment plan that has never been defaulted.

His words: “I make this clarification because there is a comical yawn between N800 million and N307 million, possibly an unintended mischief, created by the act of labelling a facility with post dated and graduated payment instruments, which were never returned when due, as “non performing”.


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