Skip to content
The DonkeyThe Donkey
  • Home
  • Account Payable
  • Account Number
  • Account Recovery
  • Account Riot
  • -
  • -
Account Recovery

CBN moves to recover agricultural loans that farmers refuse to pay and threaten to deduct from bank accounts

Posted on September 24, 2022September 24, 2022 by Amy A. Stuart
24
Sep
  • CBN very unhappy with farmers who received loans but failed to show willingness to repay
  • The loans were provided under the Anchor Borrowers Program (ABP) as intervention strategies, introduced in 2015 to increase agricultural production
  • After several failed attempts to collect payments from farmers, the CBN now plans to automatically collect the money from farmers’ bank accounts.

PAY ATTENTION: Check the news which is chosen exactly for you ➡️ find the “Recommended for you” block on the home page and enjoy!

The Central Bank of Nigeria (CBN) has concluded direct deduction from the bank accounts of defaulting debtors under the Anchor Borrower Program (ABP).

Celsus Agla, Senior Director of CBN’s Development Finance Office in Port-Harcourt, made the announcement Thursday during a meeting with maize farmers and other stakeholders.

ThisDay reports that Agla said some farmers who got loans through the Anchor Borrower program ignored requests for repayment, and some described the loan as a subsidy, forgetting that their bank verification number was included when they applied.

Read also

These six Nigerian banks may suspend international Naira card transactions after First Bank

CBN Governor, Godwin Emefiele Credit: Philipps Ajusu
Source: Getty Images

Agla noted that CBN is considering using the Global Standing Instruction (GSI) which allows banks to deduct money from accounts of defaulting debtors to settle their debt,

PAY ATTENTION: Follow us on Instagram – get the most important news straight to your favorite app!

He explained:

“The GSI is a system where if you have an account with a bank other than Unity Bank and there is money in that account; “because your BVN is attached to these loans, if the GSI is triggered, funds from these accounts can be collected to repay the loan to Unity Bank.”

Although he said GSI would be the last resort to collect overdue debt, that will begin soon, The Cable added.

Agle added:

“A creditor bank may use the GSI as a last resort, without recourse against the borrower, to collect the obligations due (principal and accrued interest only, excluding any criminal charges) from a defaulting borrower by direct set-off of deposits, investments held in eligible bank accounts of the borrower with participating financial institutions.”

Read also

CISLAC launches SDG 16 report at 77th UN General Assembly

You will recall that the CBN previously reacted to news that some farmers were using ABP loans to marry new wives.

Zenith and Gtbank Top List of Nigeria’s Most Valuable Banks

Meanwhile, a previous report by Legit.ng showed that Zenith Bank started 2022 as the most valuable commercial bank in Nigeria.

Guaranty Trust Bank is the second most valuable bank, followed by Stanbic IBTC Holdings to complete the top three most valuable banks.

Furthermore, the aggregate market capitalization of all the banks examined increased by 46.6 trillion naira to 3.84 trillion naira.

Source: Legit.ng

Related posts:

  1. Nearly 2.5 million people have now signed a petition for a fourth stimulus check
  2. When and why to use Windows Advanced Startup
  3. How can local businesses work together to recover from Covid?
  4. ANZ Bank Charged with Discrimination for Closing Iranian’s Accounts After Sanctions Policy “Violated”
This entry was posted in Account Recovery. Bookmark the permalink.
Amy A. Stuart

This Ohio school district is promoting an ‘LGBTQ+ resource guide’ with instructions on sex work and abortions
Judge: January 6 Committee is entitled to Kelli Ward’s phone recordings | Kingman Miner Daily
Categories
  • Account Number
  • Account Payable
  • Account Recovery
  • Account Riot
  • Uncategorized

account number accounts payable bank accounts capitol hill donald trump email address income tax joe biden law enforcement phone number president donald social security states capitol united states washington dc

Recent Posts
  • How to Get a Wells Fargo Credit Limit Increase – Forbes Advisor

  • Payoneer Global Inc. (NASDAQ:PAYO) Chief Financial Officer Michael G. Levine sells 7,536 shares

  • News from Trump today: Tax returns to be seen by Congress after Supreme Court rules against him

  • Drex heart attack: The Vancouver radio host will be on the air until 2023

  • Why Bank Customers Should Sign Their ATM Cards – Banker – The Whistler Newspaper

Archives
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • Privacy Policy
  • Terms and Conditions
  • Home
  • Account Payable
  • Account Number
  • Account Recovery
  • Account Riot
  • WooCommerce not Found
  • Newsletter