BoA Recovers N10b From Farmers

The Bank of Agriculture (BoA) has stated that it has recovered approximately N10 billion from farmers in the last one and a half years using the recovery task force committee and recovery agents of the bank.

The financial institution said that the recovered loans are from the Anchor Borrowers’ Programme (ABP) and the conventional bank’s loans.

The task force was set up by the Managing Director of the Bank of Agriculture (BoA) in August 2020, purposely for the Central Bank of Nigeria's (CBN’s) Anchor Borrowers’ Programme (ABP) loans, while recovery agents were left to handle the conventional bank loans, a source who is a member of the bank’s recovery task force told The Nation Newspaper.

The banks noticed that present economic and security conditions were making it difficult for farmers to pay back their loans, so they introduced an interest waiver to help repayment.

The source added that the recovery task force committee from BOA has been working closely with CBN officials and engaging the ABP beneficiaries with a focus on repayment of their loans.

The recovery agent said that over N6 billion was recovered from the ABP in the last one and a half years, while over N3 billion was recovered from the traditional loans of the bank within the same period.

The agent encouraged borrowers to repay their loans so that the scheme could continue to succeed.