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CREDIT REGISTRY CHIEF WANTS CBN TO REPOSITION CREDIT BUREAUX

By NBF News
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THE Managing Director of Credit Registry Ltd, Mr. Taiwo Ayedun has urged the Central Bank of Nigeria (CBN) to reposition credit bureaux to make them more effective.

Ayedun made the plea in an interview with the News Agency of Nigeria (NAN) in Lagos.

The managing director said that the repositioning would make the bureau to provide the necessary data about those, seeking loans from banks and reduce the level of loan defaulters.

He advised that the repositioning should be done to make the bureau to collaborate with the newly established Asset Management Company of Nigeria (AMCON) on the management of toxic assets.

'The credit bureau, if actively repositioned, will combat further incidence of toxic asset that may want to surface as reliable information needed to inform the banks decision would be supplied by the bureau.'

According to him, restructuring the credit registries or bureaus in a way that will make them more active and useful for credit infrastructure is crucial for sustenance of economic growth.

'The AMCON was conceived by the CBN as a vehicle of resolution to the problem of toxic assets that confronted the banking system as a result of exposure to capital market among other factors that crept into bad loans.

'In real terms, AMCON is going to analyse the debt profile and agreements reached between the debtors and borrowers.

He said that the credit history provided by credit bureaux had impacted on the viability of the current repositioning in the financial sector.