The Bank of Agriculture (BOA) has revealed its ongoing efforts to recover a loan of N243 million that was disbursed to 150 debtors between 2011 and 2024 in Kwara state. The BOA Ilorin Branch Manager, Dele Aderibigbe, made this known in an interview with the News Agency of Nigeria in Ilorin.
Aderibigbe stated that the loan, referred to as a warehouse loan, is classified as bad debt but is still being monitored for recovery. He further mentioned that the bank is in discussions with telecommunication companies and other stakeholders who can assist in tracing the debtors.
The BOA manager expressed his disappointment at some debtors who view the loan as a national cake meant to be enjoyed instead of being repaid. He questioned the actions of those who used the loan for purposes other than what it was obtained for, such as getting married or hosting parties.
“We are advising them to pay up because they cannot escape the consequences. Through their guarantors and other measures we are implementing, we will apprehend them,” Aderibigbe warned.
Despite the bank’s commitment to improving the lives of Nigerians, Aderibigbe lamented that some individuals are determined to obstruct the government’s efforts.
He emphasized that the loan approval process involves thorough investigation and due diligence, including project identification visits, pre-disbursement visits, and pre-take-off visits, before the final disbursement. Aderibigbe clarified that the loan amount ranges from N250,000 to N1.5 million at a 14% reducing balance interest rate.
BOA was established as a development finance institution to support the agricultural and rural development sector. Its services include providing agricultural credit finance throughout the agricultural value chain, as well as catering to rural savings and Micro, Small and Medium Enterprises (MSMEs).
NAN
