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Monday, January 11, 2010
CBN to make national ID card precondition for accessing bank loans
"•To announce tenure limit of bank MDs, minimum disclosure requirements soon To strengthen credit control and forestall the recurrence of non-performing loans in banks, the Central Bank of Nigeria (CBN) has said that very soon those without the national identity card may not be able to access bank loans. It added that in a few weeks time it will release a new minimum disclosure requirement for banks and tenure limit for managing directors and chief executive officers. Sanusi Lamido Sanusi, CBN governor made the declaration at the launch and public forum of CRC Credit Bureau Limited. Experts have hailed the move, saying it has always been easy for people to forge any other identity card, noting that it will be difficult to forge the national identity card. Sanusi said “the CBN will liaison with the National Identity Management Commission (NIMC) with a view to enhancing the National Identity Card project”, and that “whenever the National Identity scheme takes off we will ensure that no new credit is extended to anybody unless the person has a national identity card”. Sanusi at the forum warned existing managing directors of banks to start thinking of an exit and succession plan before the imposition of the tenure limit. "