Top 2024 List of Loan Defaulters in Nigeria Exposed

This article covers the list of loan defaulters in Nigeria. Are you an individual or organizational representative searching to know whether your name or your company’s name falls among this list?

When it comes to borrowing money from any traditional bank, fintech or financial institution, all we have to do is try as much as possible to pay off the loan in time.

This is to avoid the repercussions, insane behaviors, disrespect and insults that come along with late repayment.

For example, from time to time, some financial institutions publish the names of their long-time debtors who might have refused to repay their loans as agreed upon at the time of application.

We urge you to pay more than usual attention as we break down in detail all the vital information you need to know about loan defaulters, their punishment, the list of loan defaulters, and how to avoid them.

However, briefly, before we proceed, keep in mind that even though you weren’t able to repay the loan in time, there are things you can do to avoid getting your name published as a Loan Defaulter.

What is Loan Default?

Loan Default, otherwise known as loan arrears, is an intrusion that takes place when one gets a loan from any financial institution and fails to stick to the repayment agreement between both parties. Loan default can happen on any loan, be it personal loans, mortgages, auto loans, or student loans.

Being a loan defaulter is very bad. No matter the circumstances that may come your way, try to avoid them, as it may lead to your name being on the List of Loan Defaulters in Nigeria. Not only that, but it could limit your opportunities, like getting a loan or other financial aspects that may involve high financial instruction.

For instance, a loan defaulter suffers from legal actions, financial losses, damaged credit score (reducing your credit score to nothing) and foreclosure on your property.

Consequences of a Loan Defaulter

As mentioned, there are a series of side effects that come along with late repayment of a loan or failure to pay as agreed by both parties.

We are going to outline the consequences of a loan defaulter here. Getting a loan to settle financial problems is not bad. In fact, most businessmen out there, including Nigeria, obtain loans from bigger countries to offset their bills.

The fact we are trying to make is that obtaining a loan is not bad, and it can only turn out to be a bad idea when you borrow more than you can repay. Always do an in-depth analysis to help you know what you can and cannot do.

When proceeding with the plan, ensure that you read the agreement or policy well and that you can abide by the rules that govern your lender before signing any agreement. This will help minimize embarrassment in the future and will lead to your name being on the List of Loan Defaulters in Nigeria.

Meanwhile, let’s now delve into the major consequences of a loan defaulter below;

Credit Score Damage:

This is one the most annoying and worst mistakes one could ever make when it comes to any financial activities as it impacts negatively on financial opportunities.  Once you borrow a loan from any financial institution, repay the loan as per the agreement reached between the debtor and the borrower.

Failure to repay the loan as agreed will attract either an extra fine or a report to the credit bureaus, which is very bad. This is because if a debtor is issued a report to the Credit Bureau for late payment or default, the debtor’s report could remain with the Credit Bureau for seven years, and this will impact the debtor’s credit score.

This could make it difficult for the person to obtain a loan easily anywhere because the person is already tagged as a risk debtor, which can attract a higher interest rate.

Legal Action:

The creditor may sue the debtor to recover the debt. This can be embarrassing, and if it happens to the will of the creditors where they win, they can impose restrictions and obtain a judgment against the debtor, and this could be wage garnishment, bank account levies or even property liens; worst comes to worst, your name in the List of Loan Defaulters in Nigeria.

Asset Seizure:

For a secured debt like car loans or mortgage loans, the lenders may repossess the asset. In this case, you may lose your vehicle to repossession or your foreclosure home.

Collective Activities:

Here, your debt could be sold to a collection agency. These agencies sometimes seem too aggressive in their quest to recover the loan; loan apps like Palmcredit and others are examples of these agencies.

Difficulty Opening Bank Accounts:

Default debt history could make it difficult for a debtor or someone with a poor credit score to create a bank account. This is because some banks use ChexSystem to screen applicants who want to open a new bank account.

How to Avoid the Negative Impact of Loan Defaulters

There are no two ways to avoid the implications of late loan repayment other than early repayment. Try to repay the loan as much as possible according to the agreement reached by both parties. This is the only way through which one can avoid embarrassment and other negative impacts on late repayment of loans.

NB: In all you, avoid late repayment of the loan as it may lead to your name being on the list of Loan Defaulters in Nigeria, which can be embarrassing

List of Loan Defaulters in Nigeria

Below is the latest list of Loan Defaulters in Nigeria; these have been reported to the Central Bank of Nigeria (CBN).

• Akinbami Oladimeji Olatunde: A defaulter of the CBN Policy on the Sale of FOREX for PTA/BTA 
• Ibezim Nnadozie Innocent: A defaulter of the CBN Policy on the Sale of FOREX for PTA/BTA 
• Abdullahi Sadiq Mohammed: A defaulter of the CBN Policy on the Sale of FOREX for PTA/BTA 
• Odutayo Abiodun Adebambo: A defaulter of the CBN Policy on the Sale of FOREX for PTA/BTA 
• Abiodun-Macaulay, Oladapo I: A CBN PTA defaulter 
• Adesina Oyefikayo O: A CBN PTA defaulter 
• Adewale, Olusegun O: A CBN PTA defaulter 
• Agbomire Goodness I: A CBN PTA defaulter 
• Ajisafe, Faruq O: A CBN PTA defaulter 
• Alakhume, Bobmanuel A: A CBN PTA defaulter 
• Awolowo, Olakunle A: A CBN PTA defaulter 

Conclusion

Obtaining a loan from any financial institution in Nigeria is never a bad idea, especially if the loan is meant for business or any investment. The problem lies in the repayment of the loan. If you fail to repay the loan at the agreed time, you will reminded of it by the creditors; if you feel deaf ear, you will then be reported to the Credit Bureau for late payment or default.

Unfortunately, it won’t end there. Your name will be published on the internet list of loan defaulters in Nigeria. So, you have to ensure you repay your loan before any time you obtain a loan to avoid embarrassment.