CBN May Publish Names Of Agric Fund Defaulters, May Serve A 5-year jail term
The Central Bank of Nigeria (CBN) has announced that it would publish names of loan defaulters under its Agricultural Credit Guarantee Scheme in the newspapers. Information Guide Nigeria
NAIRAMETRICS reports that this is according to a document titled “Guidelines for the Agricultural Credit Guarantee Scheme” recently issued by the Central Bank of Nigeria, CBN.
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The CBN has said that borrowers of funds given under the Agricultural Credit Guarantee Scheme Fund (ACGSF) may serve a five-year jail term for diversion.
“The Fund if considered necessary will publish names of defaulters in the newspapers and report same to the Credit Information Bureau of Nigeria.
“Banks should remind prospective borrowers under the Scheme that it is an offence for which one may be imprisoned for five years to apply the loan for purposes other than those for which they are given”.
According to NAIRAMETRICS, the program intends to improve the level of bank credit to the agricultural sector.
In addition, the purpose of the Fund is to provide a guarantee in respect of loans granted by lending banks for agricultural purposes under the Agricultural Credit Guarantee Scheme Fund with the aim of increasing the level of bank credit to the agricultural sector. Jamb Result
NAIRAMETRICS reports that Loan under the amended act includes advances, overdrafts, and any credit facility and should be treated as such wherever it is used in these guidelines and other circulars.
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