.jpeg "Official: BOA is seeking to recover the N243 million debt.")
In an interview with the News Agency of Nigeria (NAN) on Monday in Ilorin, Mr. Dele Aderibigbe, the Branch Manager of BOA Ilorin, revealed this information.
According to his statement, the loan in question, referred to as a warehouse loan, has been categorized as non-performing debt. However, it is currently being closely monitored with the aim of recovering the outstanding amount.
According to the BOA manager, the bank has initiated discussions with telecommunication firms and other relevant parties to facilitate the process of tracing debtors.
The purpose of the loan is to function as a revolving credit facility, with the intention of repayment to enable others to access similar opportunities. However, it is regrettable that certain individuals perceive it as a national resource to be consumed without regard for its intended purpose.
One prevalent issue seen with the majority of individuals is their tendency to utilize the loan for purposes other than its intended usage.
Why would someone opt to acquire a loan for the purpose of financing a second marriage or hosting celebratory events?
"We are recommending that they fulfill their financial obligations as they cannot evade consequences. By utilizing their guarantors and implementing additional measures, we will apprehend them," stated Aderibigbe.
The individual expressed that despite the bank's potential to enhance the well-being of Nigerians, certain individuals persist in obstructing the government's endeavors.
The approval and disbursement of loans are contingent upon conducting thorough investigations on the project at hand.
The process of doing thorough research and analysis is undertaken at many stages, including the Project Identification Visit, Pre-disbursement visit, and Pre-take off visit, prior to the ultimate disbursement.
In a given fiscal year, the loans disbursed range from N250,000 to N1.5 million, with a declining balance interest rate of 14 percent.
According to the Bank of America management, the decision not to repay the loan was not due to any difficulties with the process or payment mechanism.
According to a report by NAN, the Bank of Agriculture (BOA) was founded with the purpose of fulfilling the responsibilities of a development financing institution specifically focused on the agriculture and rural development sector.
The organization offers financial assistance for agricultural credit to facilitate various operations throughout the agricultural value chain, as well as to encourage rural savings and Micro, Small, and Medium Enterprises (MSMEs)