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CBN set to publish names of Agricultural loan defaulters

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The Central Bank of Nigeria, CBN, stated that it would publish names of loan defaulters under its Agricultural Credit Guarantee Scheme in the newspapers.
This is according to a document titled “Guidelines for the Agricultural Credit Guarantee Scheme” recently released by the CBN.

The CBN also warned that borrowers who divert the funds provided under the Agricultural Credit Guarantee Scheme Fund, ACGSF, may earn a five-year jail term.

According to the CBN, the Fund aims to provide a guarantee in respect of loans granted by lending banks for agricultural purposes under the scheme. In furtherance of the scheme, the bank will do what it must to recover loans from defaulters.

“The Fund if considered necessary will publish names of defaulters in the newspapers and report same to the Credit Information Bureau of Nigeria,” the bank stated.

The apex bank, however, cautioned that the agriculture loans must be used for purposes for which they are obtained, as a diversion would attract a five-year jail term.

“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,” the new guidelines instruct.
The program intends to boost the level of bank credit to the agricultural sector. Loans under the amended act include advances, overdrafts and any credit facility.

The purpose of the Fund is to provide guarantee in respect of loans granted by lending banks for agricultural purposes under the scheme with the aim of increasing the level of bank credit to the agricultural sector.

“Loan” under the amended act includes advances, overdrafts and any credit facility and should be taken as such wherever it is used in these guidelines and other circulars.

 

 

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Agriculture

Borno establishes Ministry of Livestock, Fishery Development

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Gov Zulum Initiates Efforts to Revive Transborder Trade with Chad

The Borno Government has announced the creation of Ministry of Livestock and Fishery Development to align its

Development strategy with Federal Government initiatives, and boost the state’s economic potential.

Gov. Babagana Zulum made the announcement on Tuesday during the swearing in of two commissioners at the council chambers of the Government House.

Zulum underscored the importance of livestock and fisheries as vital sectors with untapped revenue potential.

He emphasised that the new ministry would focus on high-yield livestock breeds, milk production and fisheries, targeting both domestic consumption and export opportunities.

The governor said that “no state government can make substantial money in livestock alone, but we believe with the right investment and political will, the sector can generate significant revenue.”

He said that the growing demand for milk by yogurt companies and the proximity of Maiduguri to Asian and Arab markets, are great opportunities for dairy exportation.

The governor, therefore, assigned the Deputy Governor, Dr Umar Kadafur, to oversee the activities of the new ministry, citing his practical experience and passion for livestock development.

He said “livestock development is not just about academic qualifications, it is about practice and the deputy governor has demonstrated capability in that regard.”

According to him, the ministry will prioritise procuring high-yielding livestock varieties, enhancing milk production and creating sustainable rural projects to support

Local communities.

He said that projects in Mafa, Gajiram and in Southern Borno will soon be launched under the new ministry’s purview.

The governor urged civil servants and ministry personnel to take ownership of the new initiative, adding that the ministry’s success would contribute to the states

Long-term economic stability and self-reliance.

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Agriculture

News flash: Port Harcourt refinery begins operation

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Port Harcourt Refinery Recommences Operation After Years Of Shutdown

The Port Harcourt Refinery, managed by the Nigerian National Petroleum Company Limited (NNPC Ltd.) through the Port Harcourt Refining Company Limited (PHRC) has commenced operations after undergoing rehabilitation and modernisation.

The refinery with 210,000 bpd refining capacity located at Alesa, Eleme, in Port Harcourt, comprises two operational units which were established in 1965 and 1989.

The News Agency of Nigeria (NAN) reports that the old plant refines a capacity of 60,000 barrels per day (bpd), while the new plant refines 150,000 bpd.

It would be recalled that the Federal Government, under former President, Muhammadu Buhari, had in March 2021 secured a 1.5 billion dollars loan to rehabilitate the facility which contract was awarded to an Italian firm, Tecnimont S.P.A, a subsidiary of Maire Tecnimont Group.

NAN) reports that Malam Mele Kyari, the Group Chief Executive Officer of NNPC Ltd. is leading the team to inspect the first lifting of petroleum product from the facility after its rehabilitation.

 

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Agriculture

Alia appoints head of agric company, others

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Alia appoints head of agric company, others

Alia appoints head of agric company, others

Gov. Hyacinth Alia has approved the appointment of Mr. Donald Aorkwagh Akule as the Managing Director/Chief Executive Officer of the Benue State Agricultural Development Company (ADC).

The governor also approved the appointment of Dr Aondoakaa Asambe as Principal Special Assistant (PSA) on Livestock Development and Animal Transboundary Disease Control.

The appointments were announced in a statement signed by his Chief Press Secretary (CPS), Sir Tersoo Kula, and made available to the News Agency of Nigeria (NAN) in Makurdi on Friday.

According to the statement, the governor also appointed Mr Abraham Agogo as Senior Special Assistant (SSA) on Community Mobilisation.

The statement added that the appointments take immediate effect.

It said that Akule brings over 15 years of experience in agricultural systems, community development, research and development, and food processing.

He holds a B.Sc. in Food Science and Technology from Joseph Sarwuan Tarka University, Makurdi, and is a Certified Fellow in Agricultural Systems Development under USAID and Lagos Business School.

Meanwhile, Asambe, a member of the Nigeria Veterinary Medical Association and a registered veterinary surgeon with the Veterinary Council of Nigeria, has been a lecturer at Federal University, Dutsima, for the past 12 years.

He holds a Doctor of Veterinary Medicine at the University of Agriculture, Makurdi (now Joseph Sarwuan Tarka University, Makurdi).

He also holds a postgraduate degree in Food Animal Medicine at the Ahmadu Bello University, Zaria.

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