The Bank of Agriculture (BoA) said the refusal of farmers that benefitted from over N60 billion yet to be paid loans has limited its capacity to grant funds to youths who are ready to go into agriculture.
Consequently, the managing director, Mohammed Kabir said the bank has started a debt recovery exercise to retrieve loans disbursed to farmers who have refused to pay up.
Kabir represented by the Zonal Manager South-West, Mrs Idiat Folorunsho at a workshop entitled “Enhancing Wealth Creation Across the Agricultural Value Chains’’.organised by the Agege Branch of the bank.
“The bank is on a recovery mission currently because we have about N60 billion outside, disbursed to farmers who have refused to pay back.
“If a farmer collects money and refuses to pay back, how will the bank be able to fund others who wish to collect money for their agricultural projects to further drive the economy.
“We are planning to open more branches that will be befitting of the bank’s status; but how do we do that when the huge amount is outside.
“Some farmers will collect these monies and we will not be able to get them because they will change their addresses and all that; it’s sad.
“The situation is very commendable here in the South-West,’’ he said.
Kabir said that the trend was only common with men, adding that women were always prompt in paying back.
He said that other local government areas should emulate the Kosofe Local Government of Lagos State that provided the bank with office accommodation and land for a permanent structure.
The workshop was attended by over 250 participants, including representatives of the ministries of Commerce, Industry and Cooperatives, Agriculture and others.
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