BOA moves to recover loan from defaulters


The Bank of Agriculture (BOA) has said  it  will partner with  Economic and Financial Crimes Commission (EFCC) to recover anchor-borrowers loan from defaulting farmers.

Managing Director of BOA, Alhaji Kabiru Mohammed-Adamu, made the statement in an interview with the journalists in  Kaduna State.

Mohammed-Adamu noted that the Bank  had assembled professionals working tirelessly to educate farmers  that the sustainability of the programme solely relied on the recovery rate.

‘‘We have 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. However, for those farmers that refused to pay back, we can’t sit down without doing anything to recover the money.” He said

 “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.” He stressed

Addressing late disbursement of loans, he said the bank was sensitising  farmers on the need for early processing to enable them secure the loan for wet season agricultural activities.

The Managing Director  emphasised  that the primary mandate of the bank was to grow the community and improve the well-being of rural dwellers particularly the smallholder farmers.

The Anchor Borrowers Scheme is an initiative of the Central Bank of Nigeria (CBN) to empower farmers in cooperative societies to get loans at single-digit interest rate from the apex bank to produce and market farm produce.

The post BOA moves to recover loan from defaulters appeared first on AgroNigeria.

Source: AgricNews-Update


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