3 farmers win awards for repaying CBN loans on time | Dailytrust

3 farmers win awards for repaying CBN loans on time

Three farmers in Cross River State have won awards from the Central Bank of Nigeria (CBN) for prompt repayment of Agricultural Credit Guarantee Scheme Fund (ACGSF) loans.

Another farmer, Mrs Henrietta Godfrey, also won the Best Farmer of the Year 2021 award.

Mr Udoh Augustine won the first runner-up, while Mrs Glory Ekong won the second runner-up.

The rewards, which came in the form of cash and certificates to the best farmers, were awarded by the CBN for their ability to utilise their loans.

The CBN said the awards were to serve as incentives for implementing the scheme and inculcating good repayment behaviour. 

The branch controller of the CBN in Calabar, Mrs Glory Iniuanam, said the awardees were being encouraged to take the loan and payback.

“The CBN and the federal government are the initiators of this ACGSF scheme. It is being supported by the bankers committee,” she said.

She added that they guaranteed the loan in the case of any default and paid back 75 per cent, emphasising that it is a reliable scheme.

She also used the opportunity to encourage everyone, especially farmers, to take the loan as long as they are sincere and able to pay back.

Meanwhile, farmers in the state have repaid over N1billion agricultural loans received from the CBN. They obtained the loans under the ACGSF.

The chairman of the ACGSF, Mr Peter Stephen Okon, said 10,635 loans valued at N1.6 billion were repaid under the scheme in Cross River State.

“We hope that before long, farmers in your state would enjoy the benefits of the new amended act,” he said.

The Board chairman stressed that a total of 1,224,795 loans valued N129.084b were guaranteed from inception to February, 2022.

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