Deposit Money Banks on August 1 commenced the implementation of the Central Bank of Nigeria’s Global Standing Instruction which allows them to recover outstanding debts of debtors from other banks.
Experts who spoke to our correspondent said the implementation would help to differentiate real wealthy businessmen from debtor businessmen.
He said, “The financial system has been abused and it is baffling that one man would be owing six banks in the same country; it can’t happen anywhere else.
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