The N243 million loan that was given to 150 debtors in Kwara between 2011 and 2024 is being pursued for, claimed the Bank of Agriculture (BOA).
In a conversation with journalists on Monday in Ilorin, Dele Aderibigbe, the branch manager of BOA, revealed this.
The warehouse loan, as it is known, is a bad debt, but Mr. Aderibigbe claims that it is still being monitored for recovery.
The BOA manager claimed that the bank was already in discussions with telecommunications firms and other parties that could facilitate finding the debtors.
“The loan is meant to be a revolving loan to be paid back to give other people opportunity, but it is unfortunate that some people see it as a national cake that should be eaten from,” Mr. Aderibigbe said. The issue we have with the majority of them is that they use the loan for purposes other than those for which they originally applied.
The manager of the BOA branch added, “Why would someone take out a loan to marry a second wife or throw parties? We are recommending them to pay up since we won’t let them off the hook thanks to their guarantors and other steps we are currently taking.
Despite the bank’s attempts to better Nigerians’ lives, some people are bent on violating government efforts, according to Mr. Aderibigbe
“We don’t just authorise loans and disburse money without looking into the proposal beforehand. Before the final disbursement, we conduct our due diligence through project identification visits, pre-disbursement visits, and pre-take-off visits, the BOA official said. “And in a year, the loan we disburse ranges from N250,000 to N1.5 million at a 14% reducing balance interest,” the statement continued.
He said the “process or payment method was cumbersome; they just chose not to pay it back.”
