BOA Recovers N5bn under Anchor Borrowers Scheme, Says MD

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By Mohammed Aminu in Sokoto
At least N5 billion has been recovered out of the N26.2 billion disbursed to 140,000 farmers under the Anchor Borrowers Scheme of the Central Bank of Nigeria (CBN) from 2015 to date.
The  Managing Director of the Bank of Agriculture (BOA), Mr. Kabir Mohammed Adamu, disclosed this during an interview with journalists in Sokoto on Tuesday.
He attributed the poor recovery rate of the bank to the inability of the beneficiaries to repay the loans.
Adamu maintained that it is an act of corruption for farmers to collect money meant for agriculture and divert it to other purpose.
He said it was in view of the need to tackle the ugly trend that the bank collaborated with the Economic and Financial Crimes Commission (EFCC) to recover the loans.
Details later…