Prompt loan repayment earns farmers CBN award in Kebbi

Two farmers in Kebbi have been honoured by the Central Bank of Nigeria (CBN) for their prompt repayment of the loan they obtained from the bank.

Alhaji Almustapha Mai-Gwandu was honoured with the Farmer of the Year Award, while Mr John Yah was the runner up.

The two received certificates and undisclosed monetary reward.

The CBN Branch Controller in Kebbi, Alhaji Mannir Abdullah said at the event in Birnin Kebbi on Wednesday that the two farmers were among the beneficiaries of the Agricultural Credit Guarantee Scheme Fund of the bank.

Abdullahi, who was represented by Alhaji Ardo Idris, said the scheme’s share capital and paid-up capital were initially N100 million and N85.6 million, respectively.

He said that President Muhammadu Buhari had raised the share capital of the fund to N50 billion from N3 billion.

“The fund guarantees credit facilities extended to farmers by banks, up to 75 per cent of the amount in default net of any security realised.”

He listed the eligible enterprises for which guarantees could be issued to include, plantations for he production of sugar, rubber, oil palm, cocoa, coffee, tea and similar crops.

Others he said, were cereal, fruits, cotton, beans, groundnuts, sheanuts, vegetables, pineaple, animal husbandry, poultry, cattle rearing, processing, farming machinery and hire services.

The Emir of Gwandu, Alhaji Muhammad Bashar-Iliyasu commended the farmers for prompt settlement of the loan they acquired from the bank.

He appealed to farmers that were yet to pay back the loan issued to them, to do so, to enable others benefit from the gesture.

The Branch Manager, Nigerian Agricultural Insurance Corporation (NAIC), Ibrahim Muhamma-Suleiman appreciated Gov. Atiku Bagudu of Kebbi and the CBN for their immense contribution to agriculture in the state.

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He said NAIC had supported over two million farmers across Nigeria in the last five years, in line with its mandate.

On his part, the Chairman, All Farmers’ Association of Nigeria in Kebbi, Alhaji Usman Gwandu appreciated the CBN for honouring its members.

He said the recognition would encourage other farmers to also settle their debts.

Gwnadu urged other farmers to borrow a leaf from the awardees to pave way for others to benefit from the scheme.

Responding, the best farmer of the year, Mai-Gwandu appreciated the CBN for the award.