UBA Tops Agriculture Promotion

The United Bank for Africa has emerged tops in loans disbursement to commercial agriculture and allied products and services companies across the country under the Commercial Agriculture Credit Scheme (CACS) modified by the CBN.

UBA recorded the highest value followed by First Bank, Zenith and Union Bank. It could be recalled that sixteen commercial banks were selected by the apex bank to facilitate the release of the funds under the scheme since inception in 2009 to qualified in institutions and state governments.

The initiative was conceived by the Federal government to boost agriculture production in the country through, interventionist funds from the banking sector.

According to a report by the CBN, the sixteen banks have at various times disbursed to both states governments and commercial institutions satisfactorily since the inception of the scheme in the past three years.

Analysis of funds disbursed so far indicate that UBA emerged the most active bank in the project having disbursed about N38.4 billion to 34 projects of the about N151 billion so far disbursed by the banks under the scheme.

The First Bank Plc came second with a total disbursement of N16.23 billion to 48 projects while Zenith Bank, Union Bank and Unity Bank Plc took third forth and fifth positions having disbursed N18.54 billion, N14.86 billion and N12.30 billion respectively.

The other active banks include, Diamond Bank Plc, Sterling Bank Plc, Wema Bank Plc, Access Bank Plc, Unity Bank Plc among others.