FCMB groans under weight of huge debts by its A-list customers + MD,Ladi Balogun loses sleep over fiscal tsunami’s dangerous currents

BUSINESS, NEWS

FCMB groans under weight of huge debts by its A-list customers 

+ MD,Ladi Balogun loses sleep over fiscal tsunami’s dangerous currents

Ladi Balogun, MD FCMB

With the sharp scrutiny and spotlight into the books of many Nigerian banks,  Ladi Balogun, Group MD/CEO of First City Monument Bank, FCMB,  fights an exhaustive battle, to keep his head out of the rubble and afloat the looming fiscal tsunami’s dangerous currents.

Yes, FCMB currently groans under the weight of huge debts portfolio by its A-list customers. The bank’s debtors, comprising Nigeria’s superrich, have failed to refund loans taken from the bank to the extent that some of the loans would have to be written off as bad debt.

Read www.newsheadline247.com

FCMB is one of the 13 local banks jointly owed a staggering $1.2bn by the defunct telecommunications company, Etisalat. The bank recently announced that it was waiting for the new owners of Etisalat (now 9mobile) to know what steps it would take in order to recoup its N4.5bn exposure to the original loan. Neither are there indices that the loan would perform anytime soon in view of the current economic headwinds. This has thrown many customers privy to the unwholesome transactions into a vortex of turmoil

CONTINUE READING FCMB groans under weight of huge debts by its A-list customers 

Read www.newsheadline247.com