Shareholders have raised fresh alarm over rising Non Performing Loans, NPLs, in banks which may likely affect their profit in the financial year 2022.
The shareholders under the aegis of Independent Shareholders Association of Nigeria, ISAN, claimed that banks’ NPLs have increased by over 150 percentage points.
The National Coordinator Emeritus, ISAN, Sir Sunny Nwosu, said: “Available data showed that non-performing loans across the financial sector has again increased by more than 150 percent. About 12 years after the establishment of AMCON, our fears and concerns have emerged as the corporation has today demonstrated its inability to successfully put the debt recovery issue to rest.
“Our disappointment stemmed from the fact that the federal government’s debt recovery agency, recovered only a paltry N1.4 trillion since its inception. On the other hand, available data showed that non-performing loans across the financial sector has again increased by more than 150 percent.
To this extent, he stated: “As concerned domestic investors, our patriotism is not in doubt as we demand once again the complete review of AMCON to determine its relevance to the economy or totally abrogate the agency following the declining values of companies taken over by the corporation and the current national economic challenges.”
