Agric Bank To Embark On Aggressive Loan Recovery

The Bank of Agriculture (BOA) says it will soon embark on an aggressive loan recovery campaign.

Managing Director Mohammed Santuraki made the announcement on Wednesday in Kaduna at a forum organised by the management to appraise the performance of the bank’s credit portfolio.

He said the era of treating the bank’s credit facilities as government patronage was over, pointing out that the bank was determined to operate professionally and in a sustainable manner.

“The management observes with dismay that the bulk of its non-performing loans is owed by large- scale farmers while the small-scale farmers have better loan repayment records.

“The BOA management, in underscoring its resolve to ensure full repayment, warns its defaulting clients to pay up as the bank has resolved to use all legitimate means, including engaging the support of the security agencies, to recover all outstanding loans,” Santuraki said.

He said the loan recovery campaign was one of the elements of the ongoing reform being undertaken by the management.