BOA moves to recover 80% of disbursed loans
The Bank of Agriculture (BOA) has expressed its resolve to recover at least 80 per cent of loans disbursed by the banks to farmers in the country. The bank also hinted on moves to restructure and recapitalise the bank as part of efforts to achieve food sustainability for the country and the African continent at […]
Bank of Agriculture BOA
The Bank of Agriculture (BOA) has expressed its resolve to recover at least 80 per cent of loans disbursed by the banks to farmers in the country.
The bank also hinted on moves to restructure and recapitalise the bank as part of efforts to achieve food sustainability for the country and the African continent at large.
The new Managing Director of the bank, Mr. Ayo Sotinrin made the pledge while taking over the leadership of the bank in Kaduna.
He however resolved to reposition the bank as the biggest bank in Africa through introduction of technology and development of value chains in cocoa, ginger and other cash crops.
He commended President Bola Ahmed Tinubu for prioritising agriculture, saying, “We need to feed ourselves, feed the nation and the African continent before we can start to think of feeding the world, it is possible, as long as we have a willing president.”
He stressed that the bank must be the backbone of the sector because if there is no finance and reforms in the sector by creating food systems and developing mechanisation for both small and large scale farmers, there will be no value addition.
“We will adopt technology as well as create structures and processes where we will recover at least 80 per cent of the loans we give, our loans should’ve performing loans. We also need to broaden our horizon to mechanise agriculture from Lagos to Borno to Taraba and even the South South and other countries.”
In his handing over speech, the outgone MD, Alwan Ali Hassan disclosed that since his assumption as MD in May 2020, the bank has recovered N8 billion.
He however noted that most of the recoveries made were from the Anchor Borrowers Programme out of which, N5 billion has been remitted to the Central Bank of Nigeria (CBN).