BOA targets $20b recovery, affirms N1t re capitalisation

 

The Bank of Agriculture (BOA) has come up with a proactive debt strategy to recover over $20 billions just as the N1 trillion recapitulation is said to be a must.

The BOA Managing Director ( MD) Mr. Ayo Sotunrin said this last week at a function organized by ActionAid Nigeria saying that BOA would be reaching out directly to defaulters for loan outstanding repayment.

“We are sending letters to everyone who owes the bank, appealing to them to bring all our money back"

He further noted while repayment would be the top priority, debtors who comply may still be qualified for new credit facilities under stricter terms.

He added that the debt recovery was a critical part of BOA’s wider reform plan that aligned with the Federal Government’s commitment to injecting ₦1 trillion into the bank for capitalisation.

 Recall that President Bola Ahmed Tinubu has pledged support for the bank’s transformation, which includes plans to raise additional international capital to expand the bank lending capacity.

BOA's revitalisation plan is expected to capture between 40 and 70 million farmers across the country.

Sotinrin warned that sanctions await debtors who refused to settle their loan debt as he declined to provide specific details on enforcement strategies.