Loan Defaulters in Nigeria

List of loan defaulters in Nigeria. When a borrower fails to repay a loan as agreed upon with a lender, they are considered to be in default. In Nigeria, loan defaulting is a serious matter and can lead to several consequences for the defaulter.

In this article, we shall list the loan defaulters in Nigeria and the possible consequences of defaulting on a loan. Stay tuned and pay close attention.

Why Are Loan Defaulters Increasing In Nigeria?

There are many reasons why the number of loan defaulters in Nigeria is rapidly increasing. Let’s quickly take a close look at the common reasons;

Lack of Sense of Responsibility

some borrowers feel reluctant to repay their loans. They lack accountability and responsibility for their actions and inactions. This could be because they got the money quickly with less hassle.

No Collateral

Because most loan apps do not require collateral to secure, many borrowers do not see the need to repay loans because they have nothing at stake or to lose.

No Money

Another reason most people default on loans is the inability to get money to pay back the lender before or when due, even after making wise arrangements for loan repayments.

These are some of the reasons why many people default on loan terms and hence the upsurge in loan defaulters in Nigeria.

List Of Loan Defaulters In Nigeria

There are many loan defaulters in Nigeria, and below are some of them in no particular order;

  1. Capital Oil and Gas Industries Limited
  2. NICON Investments Limited
  3. Wale Babalakin
  4. Josepdam and Sons
  5. Tinapa Business Resort
  6. Savings in the Home Trust
  7. Geometric Power Limited
  8. Roygate Properties Limited
  9. Shell Development Petroleum Company
  10. Platinum Capital
  11. Flotsome Investment Limited
  12. Lonestar Drilling
  13. Petrologistics Limited
  14. Lorna Global Resources
  15. Hosanna Properties Limited
  16. Afrijet Airlines Limited
  17. Petroleum Brokers Limited

These are not only the loan defaulters in Nigeria, but these are the top defaulters.

Consequences Of Loan Defaulting

When borrowers go contrary to the terms and conditions of the repayment terms, they are likely to face the consequences or outcomes of their actions. Here are some common outcomes

Legal Action

Lenders may initiate legal proceedings to recover the outstanding loan amount. This can involve filing a lawsuit, obtaining a court judgment, and taking measures to enforce repayment.

Credit Score Impact

Defaulting on a loan can have a negative impact on your credit score. This can make it challenging to secure future loans or credit facilities from financial institutions.

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Asset Seizure

In some cases, lenders may seek to seize assets provided as collateral against the loan. This can include properties, vehicles, or other valuable possessions.


Loan defaulters may be reported to credit bureaus, leading to their inclusion in a database of defaulters. Being blacklisted can hinder the defaulter’s chances of obtaining credit in the future.

Loan Restructuring

Depending on the circumstances, lenders may offer loan restructuring options to defaulters. This involves renegotiating the loan terms, such as adjusting the repayment schedule or extending the loan tenure.

Note: If you are facing difficulties repaying a loan, you should contact your lender and not wait until the date for repayment is due.

Frequently Asked Questions

Can loan apps block BVN?

Unfortunately, loan apps can not block BVN. Instead, they can report the loan defaulter to the credit bureau for immediate action like blacklisting.

How can I stop loan app harassment in Nigeria?

Here are the steps to take;

  • Repay your loan before or when due
  • Report the case to authorities
  • Seek advice legally

Can loan apps remove money from my account?

Yes, some loan apps can remove money from your account if your account is linked to the loan app.

How do I report loan harassment in Nigeria?

Do not be afraid of loan apps. While it is advisable to repay loans when due, it is also worth noting that it breaches your human rights if loan apps harass you. Hence, we advise that you seek legal advice and report to the authorities.

  • You can report to the FCCPC agency by sending an email to their email address:
  • Also, you can report to Google Play Store or Apple Store for an invasion of privacy.

How do I stop loan apps from accessing my contacts?

You can stop a loan app from accessing your contacts by following these steps;

  • Head to Google Play Store or Apple Store and download the App Lock By exploring the apps, you can block any loan apps from accessing your contacts.
  • Another method is to go to your phone setting and choose My Apps and Games. From the list of installed apps and disable its usage access.

Do loan apps send messages to contacts?

Yes, some loan apps send defaming and demeaning messages to contacts of their borrowers in a bid to harass them for not repaying their loans on time.

This act is wrong, and victims of loan harassment are expected to seek legal advice and report to appropriate authorities for intervention.

Can loan apps access my gallery?

Yes, some loan apps access the contacts and galleries of their customers and may use that as an avenue to defame and harass their borrowers in case of loan default.

This doesn’t seem right and is against the law. Victims of these loan apps are expected to report to the FCCPC agency for immediate action.


We have shown you the list of loan defaulters in Nigeria. We also encourage you to avoid anything that would make your name appear on the list.

Always pay your loan, if possible, before it becomes due. And in case of harassment, report it to the appropriate authorities! Stay safe!