According to the organization Turnaround Management Association of Nigeria (TMA), if certain provisions of the laws creating these organizations are not examined in order to stop fraud, grafting, and criminal activity, Nigerian banks and companies will keep collapsing.
Currently, TMA Nigeria serves as a central point of contact for experts, financiers, and organizations looking to acquire distressed assets. They consist of professionals, consultants, and lawyers who carry out due diligence in order to address failure-related issues.
"We currently see several banks almost going into distress like what happened in the past where AMCON was set up to bail them out," stated TMA President Dele Bello Williams.
It will be challenging for banks to lend money to wealthy Nigerians who will not repay their debts if the laws creating these entities are examined.
"CBN and EFCC need to take notice and ensure that banks that grant overdrafts to prominent clients who default are held accountable." One of the strongest strategies we have to prevent our banks and companies from failing is to do this.
Williams' speech, "Repositioning Depressed Enterprises For Economic Viability - The Role Of Turnaround Management," was given yesterday in Abuja at the group's end-of-year dinner and award ceremony.
He promised that the group would deal with non-performing loans in 2024 and figure out the best way to lower the loans by assisting the businesses in making payments on time and lowering the risks connected to foreign investment inflows into Nigeria.