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Afribank takes hard stance on debtors

Management of Afribank Nigeria Plc has said that it is committed to recovering all non-performing loans in the books of the Bank stressing that this is central to its ongoing strategic turnaround plan that will see it achieve competitiveness in a short time.

The Bank said  in a statement, “We have taken a hard stance on all debtors who have not demonstrated enough commitment to service their obligations to the Bank in line with the agreed terms and conditions.  We will use all constitutional means and seek assistance from relevant government agencies in our efforts to reverse the status of all non-performing accounts in our books”.

The Bank added that it has initiated and employed dialogue and persuasion with individuals, corporate and other institutions with records of non-performing obligations to the Bank with a view to making them good.

We are “open to mutually beneficial negotiations and enduring relationships with stakeholders. The debt recovery drive of the Bank is being carried out with respect to contract agreements”, it stressed.

“While we are mindful of our long term business relationship with our customers, we owe larger stakeholders obligations to strengthen the Risk Management framework and competitiveness of the Bank by recovering debts owed it”, the Bank stressed.

It added that it has made steady progress in the implementation of its strategic turn around.The Bank added that it is committed to its central vision of being “a prominent financial institution in the commercial banking sector and a leading provider of investment banking services to retailers”.It assured that it will continually be guided by its vision which is “to facilitate our customers’ by providing world-class one-stop financial services”.


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