Over N20bn in Bad Loan BOA Confirm

Just when you think we are getting close some element will surface from no where and start drawing us back. Inasmuch as getting loan in Nigeria is hard but there's one that you can easily get which is agricultural loan. Unfortunately some good for nothing element has also entered there and mess up everything up. In-fact
according to Bank of Agriculture (BOA), Managing Director/Chief Executive Officer Professor Danbala Danju.  Both genuine and fake farmers who borrowed money from the Bank of Agriculture (BOA), took the loan as a national cake and failed to pay back, leaving the bank with over N20 billion bad loans. Speaking on Tuesday at the “Back to Agriculture Conference,” organized by the Centre for Values in Leadership, the director said the bank is therefore taking steps to strictly enforce the Know Your Customer (KYC) principle, to enable it identify genuine farmers and borrowers.

According to him : “We need to verify the authenticity of your claim, by taking your biometric information and the exact location of your farm.

This information will then be keyed into a data bank whereby we send you information and receive information from you on when you plant, when you reap, what kind of fertilizer you need, what kind of market you need, such that we have a clue of what your harvest will be, what kind of support you need and be able to project what level of profit you are likely to make. This will enable us to structure your facilities and be able to reduce loan default.”

Meanwhile, the declining financial performance of the Bank of Agriculture deteriorated in 2015 as its losses shot up by 3,742 percent to N7.1 billion. This was disclosed by the Central Bank of Nigeria (CBN) in its Consolidated and Separate Financial Statements for the year ended 2015 released in April 2016.
I hope and prayer the vision of this very institution remain and conquer.

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