…….. In Kwara
The Bank of Agriculture (BOA) has disbursed the sum of N895, 545, 564
to farmers and other categories of businesses as loan in Kwara State
since the inception of the bank in 1972.
Managing director and Chief Executive Officer (MD/CEO), of the bank,
Alhaji Kabir Mohammed Adamu made this known in Erin-Ile,
Kwara at the commissioning of Erin-Ile branch of Bank of Agriculture.
The MD/CEO was represented by Mr Emmanuel Ameh, the Executive
Director, Retail Operations.
The MD noted that out of this amount, the sum of N227, 463, 952 has
been repaid, leaving the sum of N618, 081, 612 as unpaid loans, which
he said was not encouraging.
“I wish to seize this opportunity to request all those who collected
loans from BOA and still owe, to go and pay up.
“without paying back their earlier loan, they cannot have any
relationship with the bank again and they are denying opportunities to
genuine would-be borrowers the ability to access fund from the bank,”
Adamu added that BOA charges between nine per cent and 14 per cent on its loans.
The MD told the people of Erin-Ile and environs that the branch would
be run as one of the bank’s business focus product which is ‘the Bank
of agriculture Rural Business Initiative (BoARBI) model.
“The model is anchored on the Federal Government concept of financial
Inclusion which fulfils the Bank’s primary mission of stimulating
agriculture,” he added.
According to the MD, this concept would improve lives and growing
communities by promoting sustainable agriculture and rural prosperity
through effective credit support.
“It is targeted at people whose loan requirements starts from as low
as N20, 000 and are largely unbanked,” Adamu said.
The MD added that the bank has the mandate to provide services in the
areas of agricultural value chain lending, non-agricultural lending,
savings mobilization and rural self-employment opportunities.
“In the light of the above, the attention of the people of Erin-Ile is
drawn to the fact that this is an opportunity for its rural populace
to take advantage of the BoARBI Centre to grow their businesses in
order to increase their personal and family income.
“In particular, we shall give priority to the women and the youth who
are willing to meet our requirements,” BOA MD added.
Adamu also assured the people of the town that as the bank progresses
in its operations, it would support those whose financial requirements
is beyond the BoARBI threshold.
In his remarks, the Elerin of Erin-Ile Oba Abdulganiyu Ajibola
Ibrahim, expressed his happiness at the opening of the bank in his
“I am very happy because in Erin-Ile and indeed the entire Oyun, our
main occupation is farming, we are farmers,” he said.
The Elerin appealed to the people still owing the bank to repay their
loans to allow others benefit from the gesture.
The opening of the bank was also witnessed by the Onira of Ira, Oba
Abdulwahab Oyetade, Onipe of Ipe, Oba Mufutau and Secretary, Oyun
Local Government Council, Samson Babatunde.