Warning Nigerians against taking out loans to get married or throw parties, Bank of Agriculture claims to have N243 million in debt.

The BOA Ilorin Branch Manager, Mr. Dele Aderibigbe, issued the warning. He also stated that the agency is attempting to recoup roughly N243 million in loans that were disbursed to 150 debtors in Kwara State between 2011 and 2024.

Nigerians have been forewarned by the Bank of Agriculture (BOA) not to borrow money to have parties and wed new spouses.

The BOA Ilorin Branch Manager, Mr. Dele Aderibigbe, issued the warning. He also stated that the agency is attempting to recoup roughly N243 million in loans that were disbursed to 150 debtors in Kwara State between 2011 and 2024.

He said that although the credit, sometimes referred to as a warehouse loan, is classified as bad debt, recovery efforts are still being tracked.

According to the BOA official, the bank is already in talks with telecom companies and other partners to make debtor tracking easier.

The News Agency of Nigeria (NAN) cited Mr. Aderibigbe as adding, “It is regrettable that some people regard it as a national cake that should be eaten from. The loan is supposed to be a revolving loan to be paid back to give other people chance.

“The issue we have with the majority of them is that they use the loan for purposes other than those for which they originally applied. Why seek a loan to throw parties or marry a second wife?

“We are advising them to pay up because they cannot escape without being caught,” Aderibigbe added. “We will nab them through their guarantors and some other measures we are taking already.”

Despite the bank’s potential to enhance Nigerians’ lives, he said that certain people are determined to thwart government initiatives.

“We don’t just authorize a loan and pay it out without looking into the idea beforehand. Before the final payout, we do our due diligence by conducting Project Identification Visits, Pre-disbursement Visits, and Pre-take Off Visits.

“And in a year, we disburse between N250,000 and N1.5 million in loans at a balance-reducing interest rate of 14%. In other words, they just decided not to pay it back, not because the procedure or method of payment was difficult, according to the BOA manager.

Remember that the BOA was created to serve as an entity that provides development financing for the agricultural and rural development sectors.

It offers rural savings, micro, small, and medium-sized enterprises (MSMEs), and agricultural credit loans to support all operations throughout the agricultural value chain.

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