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Agric Bank Disburses N895m As Loan To Farmers, Others

…….. 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,”

he added.

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

town.

“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.

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