CBN threatens to deduct money from loan debtors’ accounts
Celsus Agla, senior manager of the CBN‘s development finance office in Port-Harcourt, said this on Thursday during a meeting with maize farmers and other stakeholders.infomation guide nigeria
Celsus Agla, senior manager of the CBN’s development finance office in Port-Harcourt, said this on Thursday during a meeting with maize farmers and other stakeholders.jamb result
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAgla claimed that some farmers who received loans through the Anchor Borrower Program have disregarded requests for repayment and have even referred to their loans as grants. CBN is now taking the Global Standing Instruction into consideration as a result (GSI).
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“because your BVN is attached to these loans if the GSI is triggered, the monies in those accounts can be collected to repay the loan to Unity Bank” he explained.
Although he said GSI will be the last resort to recover the overdue debt, “The GSI shall serve as a last resort by a creditor bank, without recourse to the borrower, to recover past due obligations (principal and Accrued Interest only, excluding any penal charges) from a defaulting borrower through a direct set-off from deposits, investments held in the borrower’s qualifying bank accounts with participating financial institutions.”
