Many borrowers are now in the habit of collecting loans and not making repayment as at when due. Some will even download several loan apps into their smartphone and collect lots of money from them but refuse to pay back when it is due. This has made the financial authorities to sound a warning to these people and ask the media platforms to publish the list of loan defaulters in Nigeria including online loan debtors.
Loan defaulters in Nigeria and how they default loans are two major issues that are fast becoming a huge problem across the country currently. With the increase in the number of digital lending platforms and reputable loan applications in Nigeria especially which guarantees instant cash within a few minutes, it has become very easy for anyone with a smartphone to get a quick loan without a verifiable means of repayment.
Loan default therefore occurs when a borrower fails to pay back a debt according to the initial contract agreement. In the case of most consumer loans, this means that successive payments have been missed over the course of days, weeks or months. And this has become rampant resulting to an upsurge of loan defaulters in Nigeria.
Loan Defaulters In Nigeria in 2023
We have carefully compiled a list of loan defaulters in Nigeria below. Please do note that as we have customers who are defaulting on their loan agreement, we also have a list of fake loan applications fond of scamming and defrauding unsuspecting borrowers and customers in Nigeria.
Our list of defaulters is culled from a release by AMCON. Some of the top loan defaulters in Nigeria include: Capital Oil & Gas Industries Ltd, Ifeanyi Ubah, NICON Investments Ltd, Jimoh Ibrahim, Bi-Courtney Limited (MMA2)Wale Babalakin (SAN) Josepdam & Sons Limited among others.
See full list of loan defaulters below:
- Capital Oil & Gas Industries Limited Ifeanyi Ubah 115,952,152,265.92
- NICON Investments Limited Jimoh Ibrahim 59,544,633,980.31
- Bi-Courtney Limited (MMA2)Wale Babalakin (SAN)40,798,422,374.02
- Josepdam & Sons Limited Late Mrs. Josephine, Damilola Kuteyi, Saheed KuteyiGaniyu Kuteyi 39,056,674,951.55
- Tinapa Business Resort Cross River State Government 36,006,319,844.68
- Home Trust Savings Chukwukadibia Ajaegbu, Funmu Ademosun 30,626,243,344.71
- Geometric Power Limited Prof. Barth NnajiNnaji AgathaObibuaru ElumaAnike PaulNwobodo Benjamin Chukwuemeka
UBA Trustees LimitedKunoch Limited
Diamond Capital & Financial Market Limited 29,844,500,896.77
- Roygate Properties Limited Wale Babalakin (SAN) Agumadu John Alarape Olabode Okhaleke Ndudi 28,137,176,532.32
- Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC)Shell Staff, represented by Ikponmwosa Ogiemuda26,474,541,188.17
- Anyiam Osigwe LimitedAnyiam-Osigwe Dorothy Chinyere20,523,322,350.29
- Platinum CapitalObire RichardFrancis Atuche20,378,820,507.19
- Flotsome Investment LimitedOboden IbruTejiro Ibru20,218,703,550.96
- Lonestar DrillingLate Chief IdisiMargaret Idisi20,207,979,803.22
- Petrologistics LimitedUgoji Egbujo19,576,962,565.35
- Lorna Global ResourcesH.E. Chimaroke Nnamami18,919,109,352.85
- Hosanna Properties LimitedAnionye ChikaObi Ike C.18,059,895,396.27
- Minaj Holdings Limited, Ajegbo Mike Nnayeluchudihu, Luke Chidi Chudihuilogu, Miller Gregrey, Ethridge Kyle
- Afrijet Airlines LimitedInoelle Willam BarryCarr Collin13,122,022,439.57
- Petroleum Brokers LimitedWilcox Awopuolagha13,076,314,937.26
- Hotel De Island; Kasmal Properties; Island Autos & NacoilKashamu Prince Buruji13,015,595,907.67
List Of Top 20 Loan Defaulters In Nigeria In Tabular Format
|S/N||Obligor Name||Main Promoter(s)||Current Exposure|
|1||Capital Oil & Gas Industries Limited||Ifeanyi Ubah||115,952,152,265.92|
|2||NICON Investments Limited||Jimoh Ibrahim||59,544,633,980.31|
|3||Bi-Courtney Limited (MMA2)||Wale Babalakin (SAN)||40,798,422,374.02|
|4||Josepdam & Sons Limited||Late Mrs. Josephine Damilola KuteyiSaheed KuteyiGaniyu Kuteyi||39,056,674,951.55|
|5||Tinapa Business Resort||Cross River State Government||36,006,319,844.68|
|6||Home Trust Savings||Chukwukadibia AjaegbuFunmu Ademosun||30,626,243,344.71|
|7||Geometric Power Limited||Prof. Barth NnajiNnaji AgathaObibuaru ElumaAnike Paul
Nwobodo Benjamin Chukwuemeka
UBA Trustees Limited
Diamond Capital & Financial Market Limited
|8||Roygate Properties Limited||Wale Babalakin (SAN)Agumadu JohnAlarape OlabodeOkhaleke Ndudi||28,137,176,532.32|
|9||Shell Development Petroleum Company – West Multipurpose Co-operative Society Limited (SPDC)||Shell Staff, represented by Ikponmwosa Ogiemuda||26,474,541,188.17|
|10||Anyiam Osigwe Limited||Anyiam-Osigwe Dorothy Chinyere||20,523,322,350.29|
|11||Platinum Capital||Obire RichardFrancis Atuche||20,378,820,507.19|
|12||Flotsome Investment Limited||Oboden IbruTejiro Ibru||20,218,703,550.96|
|13||Lonestar Drilling||Late Chief IdisiMargaret Idisi||20,207,979,803.22|
|14||Petrologistics Limited||Ugoji Egbujo||19,576,962,565.35|
|15||Lorna Global Resources||H.E. Chimaroke Nnamami||18,919,109,352.85|
|16||Hosanna Properties Limited||Anionye ChikaObi Ike C.||18,059,895,396.27|
|17||Minaj Holdings Limited||Ajegbo Mike NnayeluchudihuLuke Chidi ChudihuiloguMiller GregreyEthridge Kyle
|18||Afrijet Airlines Limited||Inoelle Willam BarryCarr Collin||13,122,022,439.57|
|19||Petroleum Brokers Limited||Wilcox Awopuolagha||13,076,314,937.26|
|20||Hotel De Island; Kasmal Properties; Island Autos & Nacoil||Kashamu Prince Buruji||13,015,595,907.67|
Why Do Lending Platforms Share Pictures Of Loan Defaulters In Nigeria?
The practice of public shaming online debtors and sharing pictures of loan defaulters in Nigeria across social media and with their contacts is an unethical one that began with the digital evolution and advent of fintechs across the nation. We have published a detailed article on this illegal practice by fake loan apps and loan sharks in Nigeria.
Why Are Online Loan Defaulters Unable To Pay Back Loans?
Michael Stephens, who runs a gift items and souvenir business, a debtor and one of the loan defaulters in Nigeria. His account has been flagged for noncompliance, said his business suffered a major setback earlier this year following a five-week economic lockdown due to the Covid-19 pandemic.
“For five months, we could not even open our office and there were staff salaries to pay. As we speak now, we have still not started business fully. It’s a trying time for us because the interest on the loans has not been suspended and the tenor of the facility has elapsed,” he said.
Why Are Loan Defaulters On the Rise in Nigeria?
The problem mostly lies in either the inability or lack of will to make repayment by borrowers. Most people who take easy loans online find it difficult to pay when it’s due. Some believe it is free money, while others just abandon their obligation and face the consequences. They express hesitation because they are under no pressure. They also find it difficult paying back because they never used collateral while taking the loans. It would amaze you the number of online loan defaulters in Nigeria currently.
These upsurge of loan defaulters in Nigeria has resulted in the loan companies finding new methods to get people to pay their loans. Companies have to go as far as calling friends and family, sending messages and posting on the defaulters social media handles to try and get them to pay. Sometimes, this method works, sometimes it doesn’t.
According to an article published by African Business, a large number of businesses that took advantage of the CBN’s directive to banks to lend more to small businesses or be penalised have found themselves in difficulties over paying back the loans following the arrival of Covid-19. The banks have loaned over $9.06bn to businesses within one year. Many loan defaulters in Nigeria have arisen from this crisis.
What Are The Consequences of defaulting a loan?
When you default on a personal loan in Nigeria, you may not immediately go to jail if you are not prosecuted but you can be publicly shamed and your name published in national newspaper. If you default on a loan app, the platform can publish your photo and personal details to your contacts and public to shame you and pressure you to repay
Some of the consequences of loan defaulting and non-repayment as at when due include:
- Bad credit score: This is the first consequence of defaulting a loan. Having a bad credit score is not good as it affects you in the long run. With a bad credit score, some companies might reject working with you as having workers with a bad credit score is a dent to the image of the company.
- Blacklist: This is something every loan defaulter should try to avoid by paying their loans in time. If you end up being blacklisted, it prevents you from accessing a lot of opportunities such as further loans from small and big institutions, grants, and even Visas. If you intend to apply for a visa overseas, you’ll not be granted as long as you are on the blacklist.
- Restriction of Movement: You might also be prevented from leaving Nigeria till you pay back the loan. Furthermore, you won’t be removed immediately you pay, it takes a while before your name can be erased from the list.
- Public Shaming: When you don’t pay back a bank loan in Nigeria, AMCOM, the Asset Management Corporation of Nigeria may publish your name in national newspaper if you are among the top list of loan defaulters in Nigeria. This is after the bank has warned you and requested that you repay your loan.
Loan default generally and speicifically loan defaulters in Nigeria has become a huge problem. However, hopefully with the steps taken by the CBN and the access to the list of loan defaulters, this problem might just be coming to an end. QUICK LOAN ARENA will be coming up with a comprehensive list of alleged loan defaulters in Nigeria once CBN unveils the list.
Try as much as possible to pay your loans as scheduled to prevent your name being included in the list.