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 said the implementation would help to differentiate real wealthy businessmen from debtor businessmen.

A former President, Trade Union Congress, Peter Esele, said the guideline was long overdue but added that it was better late than never.

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.

He added that what the CBN is doing now is that it is sanitising the industry and we now actually know who are the real businessmen and the real big men.

He said the CBN and the banks should start giving credit score.

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