EFCC set to clampdown on farmers who defaulted on BOA loans

10 months ago

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Farmers across the country who have defaulted in paying loans they borrowed in 2015 through the Federal Government’s Anchor Borrowers Program are to be arrested by the Economic and Financial Crimes Commission EFCC.

Alhaji Kabiru Mohammed-Adamu, managing director of the Bank of Industry while fielding questions from journalists in Kaduna said the bank is putting modalities in place to partner with the EFCC in order to recover anchor-borrowers loan from defaulting farmers.

According to Alhaji Adamu, the bank has appointed recovery agents nationwide, some of them are lawyers, while some are professional recovery agents and they would work to engage the farmers to be able to repay.

“We are doing all these as a moral suasion to ensure that farmers repay the loan.

“However, for those farmers that refused to pay back, we can’t sit down without doing anything to recover the money.

“As such, we are collaborating with security agencies, the EFCC in particular, and they have been highly supportive to fish out where those funds have been diverted to,” he said.

The Anchor Borrowers loan according to the bank M.D is supposed to be a revolving loan.

“When a set of farmers benefit and they have reached a level of comfort and they can finance their own activities directly, then, others can also benefit.