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Bad Debts: Afribank to Engage Recovery Experts

Category: Capital Market

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Bad Debts: Afribank to Engage Recovery Experts

By James Emejo, 04.30.2010

The Group Managing Director and Chief Executive of Afribank Plc, Mr. Nebolisa Arah said the bank is in ‘a hurry’ to recover huge portfolio of bad debts.

He was speaking in Lagos during a courtesy visit by the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) to the bank’s corporate office.In an exclusive interview with THISDAY, he said the bank has a huge portfolio of debts and that it will require the services of professionals to recover the monies.Noting that speed of recovery is of essence to the institution, the MD said the bank will work together with BRIPAN to enable it achieve its mission targets.

“I think this is a very useful process that we have started today; I believe that it is a value added proposition as far as the bank is concerned; we see that this partnership should be able to lead us towards accomplishing our mission objectives. We know the experience level in that organization and we are very happy with it and we are quite excited about our discussion and as you can see, we did not only just talk today, but we moved it to a more practical demonstration of what we have agreed,” he said.

The President of BRIPAN, Mr. Seyi Akinwunmi said: “I feel that with Afribank, it’s very clear that they understand exactly what we’ve come to talk about; so I expect that there will be a very high level of cooperation because the bankers that are here are seasoned bankers and they understand what we have come to discuss. So it’s almost like preaching to the converted, so we think that there’ll be a lot of cooperation between us and Afribank.”

BRIPAN is currently engaged in a public awareness campaign aimed at enlightening the public that its services go beyond receivership and liquidation to reviving and sustaining the growth of businesses which may be in difficulty.


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