Boi involves efcc to recover unpaid agric loans

It appears that the Bank of Industry (BoI) has taken steps to recover unpaid agricultural loans by involving the Economic and Financial Crimes Commission (EFCC).

According to reports, the BoI has written to the EFCC, requesting its assistance in recovering the outstanding loans from defaulting farmers and agricultural businesses. The EFCC has agreed to collaborate with the BoI to investigate and recover the debts.

The move is seen as a significant step towards addressing the issue of non-performing loans (NPLs) in the agricultural sector, which has been a major challenge for the BoI and other financial institutions. The involvement of the EFCC is expected to help to ensure that the recovery process is carried out in a transparent and effective manner.

It's worth noting that the BoI has been providing financial support to farmers and agricultural businesses through various initiatives, including the Agricultural Credit Guarantee Scheme (ACGS) and the Commercial Agricultural Credit Scheme (CACS). However, the high incidence of default has been a major concern, and the involvement of the EFCC is seen as a way to address this issue.

The EFCC's involvement in the recovery process is expected to help to ensure that the debts are recovered and that the financial institutions are able to recover their losses. The move is also seen as a way to promote transparency and accountability in the agricultural sector, and to ensure that the funds provided by the BoI and other financial institutions are used for their intended purpose.

Overall, the involvement of the EFCC in the recovery of unpaid agricultural loans is a positive step towards addressing the issue of NPLs in the sector and promoting the growth and development of the agricultural industry in Nigeria.