Reasons Nigerians Shun Borrowing from Banks — Heritage CEO

The Managing Director and Chief Executive Officer (MD/CEO) of Heritage Bank, Ifie Sekibo, has given reasons for the observed fall in the patronage of banks for loans by individuals in the country.Sekibo has attributed the trend to the static or regressive state of many sectors of the economy which are not productive enough to guarantee success of businesses and returns on investment.

Speaking on the sideline of the Vanguard Economic Discourse held in Lagos recently, Sekibo explained that “if a sector is not growing, there is no need going to borrow and invest in it” as, according to him, that could only lead to the destruction of capital.

He said: “When you say customers are not borrowing, customers are being realistic because if you borrow money into a troubled sector, it’s unproductive. In fact, you are destroying the capital and the last thing you want to do is to destroy capital.’’

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