Bank Of Agriculture & EFCC To Recover Loans From Rice Farmers
So, the Central Bank of Nigeria, CBN through its Anchor Borrowers Programme, extended credit facilities to some small holder farmers across Nigeria.
Under the scheme, the farmers were supposed to repay the loans with harvested produce at 9% per annum.
But it now happened that some of the small holder farmers have eaten the chicken and the egg.
They took the loan, cultivated their farms, made bounty harvest but refused to pay back.
But the government is now after them, poised to recover the loan.
One of the disbursing banks, the Bank of Agriculture, BOA said it will partner with the Economic and Financial Crimes Commission, EFCC to recover the anchor-borrowers loan from defaulting farmers.
BOA’s Managing Director, Kabiru Mohammed-Adamu, disclosed this plan while speaking to newsmen in Zaria, Kaduna State on Thursday.
Amohammed-Adamu spoke on the sidelines of the flagging off of another loan disbursement to benefiting members of the Maize Association of Nigeria (MAAN) drawn from across the North-West geo-political zone.
According to the him, the BoA, “has appointed recovery agents nationwide. Some of them are lawyers, some are professional recovery agents and they are working day and night to engage the farmers to be able to repay.
“We are doing all these as a moral suasion to ensure that farmers repay the loan.
“However, for those farmers that refused to pay back, we can’t sit down without doing anything to recover the money.
“As such, we are collaborating with security agencies, the EFCC in particular, and they have been highly supportive to fish out where those funds have been diverted to”.