Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, has said there is no hiding place for recalcitrant banks’ debtors as new arrangements had been put in place to ensure full recovery of debts.

Speaking on Thursday, at a seminar for finance correspondents and business editors in Benin-City, Edo State, Sanusi disclosed that part of the measures was the Asset Management Corporation of Nigeria (AMCON), which would come on stream in the next few weeks to handle debtors, adding that every legal instrument would be exploited to get the money back to the system.

He emphasised that while it was not a crime to borrow money from the banks, it was imperative that they pay back the loans as at when due.

The CBN governor regretted that larger percentage of the  N1.5 trillion owed the 10 sick banks in the country, were not non-performing, stressing that every one that stole money or indebted to any of the banks in the country would face the consequences.

“It is not a crime to borrow money from the banks. However, it becomes criminal when you refuse to pay back. This is what the AMCON that will soon be established is set to do. It will buy over the non-performing loans and the debtors are expected to enter into agreement with it to restructure their debts. Certainly AMCON will explore all legal avenues to recover the debts”, he stated.

Sanusi disclosed that the efforts of the banks and relevant security agencies had so far resulted in the recovery of over N300 billion, adding that efforts would be intensified to recover other debts.

The CBN boss debunked claims in some quarters that the sacked bank chiefs were rogues, but stated that there were overwhelming evidence that they engaged in professional misconduct.

He explained that the affected CEOs were only removed in extreme cases, stating that the apex bank’s decision was predicated on the degree of the various infractions as some of them were cautioned while some got queries.