EFCC

The Economic and Financial Crimes Commission (EFCC) yesterday said it has recovered about N171.045,670,248 bilion from the debtors of seven of the eight banks with bad loan portfolios.

But the commission has refused to lift the travel ban placed on all the debtors of the affected banks.

The recovery figures released by the commission are as follows: Bank PHB (N1,210,600,441.63), AFRIBANK (N33,385,166,949 .20), Union Bank (N30,422, 996,448.39}, Intercontinental Bank (N59,230,000,000.00), Oceanic Bank {N35,480,000, 000.00}, Spring Bank (N571,735,947.21 million) and Finbank (N10,745,170,462. 34).

The commission was, however, silent on the recovery figure for the Equitorial Trust Bank (ETB) following the likely return of the bank to its core investor, Dr Mike Adenuga Jr., by the Central Bank of Nigeria (CBN).

The Head of Media and Publicity of EFCC, Mr. Femi Babafemi, said: "We are still on the recovery mission and we will not relent until the non-performing loans are recovered.

"That the commission has gone this far is an impetus to do more not only in the banks but in other areas.

"You may also wish to note that the Chairperson of the commission, Mrs. Farida Waziri, met with sectional heads this morning (Monday) to review some of the successes achieved so far and to urge them to be more committed.

"What that means is that we are likely to see some drastic actions in the coming weeks."

The EFCC has refused to lift the travel restrictions imposed on the debtors until the recovery reaches "an appreciable level".

A top source in the commission, who spoke in confidence with our correspondent, said: "The debtors cannot travel out of the country yet because we are still on the recovery mission.

"Do not forget that our operatives are still looking into some loan records in these banks. And virtually on daily basis, we stumble on fresh facts.

"When we reach a convenient bend, we will lift the ban. So, all the debtors are still being watch-listed by security agencies."