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CBN threatens to deduct money from loan debtors’ accounts

Celsus Agla, senior manager of the CBNs 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

Agla 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.

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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