You are welcome to borrow from the CBN, but you must pay back ― Emefiele

There have been several reports of individuals borrowing money from the CBN and not paying back. But according to Central Bank of Nigeria (CBN) Governor Mr. Godwin Emefiele, that era is over.

Mr. Emefiele made this known during a recent assessment tour of the Dangote Refinery and Petrochemical Company in Ibeju-Lekki.

He further opined that the apex bank welcomed people to come, borrow and pay back, but the bank also has ways of recovering loans from those who may try to default.

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“The era of entrepreneurs borrowing from banks and not paying has gone because, if you don’t pay, we will take your money wherever you are keeping it. CBN will not allow you to borrow and not pay again,” Emefiele said.

He said that most of the loans that were in AMCON, yet to be recovered as of today, were majorly from Nigerians.
According to him, the CBN will appreciate credible people coming out to borrow and paying back on time.

The apex bank governor also thanked Alhaji Aliko Dangote for coming up with his refinery project, urging other Nigerians to join him to grow the country’s economy.

“We go to different sessions and summits in other parts of the world, what people tell us is that we need to think of how to work with Nigerians.

“But for them to work with Nigerians also means that Nigerians themselves must stand tall and be ready to come out and help their country. The government has made investing in Nigeria better with low-interest rate’’.

He further called on Nigerians and foreigners who believe and found Nigeria as a good investment destination to come, assuring that the banks and other financial institutions would do everything possible to help them succeed.