The Bank of Agriculture (BOA) Friday said it has recovered N375,906,289.72 out of the over N1.4 billion loan facilities extended to customers in Kogi State, since the bank’s inception.
Managing Director and Chief Executive of Bank of Agriculture, Mallam Kabir Muhammed Adamu disclosed this during the inauguration of the BOA branch Friday in Okene.
Describing the development as not encouraging, he said that of the over N1.4 billion disbursed in Kogi State since the inception in 1972, only N375,906,289.72 has been repaid, leaving a balance of over N1 billion.
Represented by the Executive Director, Retail Banking, Mr. Emmanuel Ameh, he said that before the closure of the former Okene branch, N91, 915,624.42 was disbursed to members of the community, adding that the repayment has not been too encouraging.
He pointed out that with the new beginning, the branch will have 100 percent repayment in all subsequent disbursements.
He called on those who have benefited from its facilities to pay up in order that others benefit, explaining that without so doing, they deprive themselves of any future relationship with the bank.
The Sole Administrator of Okene Local Government Area, Alhaji Abdulrazaq Mohammed Yusuf commended the Federal Government for inaugurating the Okene branch.
He said that the bank was brought to Okene to alleviate the suffering of the people in the central senatorial district of the state.
He said that his administration provided farm implements and supplied 600 bags of 50kg NPK fertilizers to farmers in Okene local government at no charge.