CBN RELEASES N501BN FOR COMMERCIAL AGRIC CREDIT SCHEME
source: http://www.eyesoflagos.com/2017/10/cbn-releases-n501bn-for-commercial.html

The Central Bank of Nigeria (CBN) has so far released a total sum of N501.697 billion under the commercial agriculture credit scheme (CACS).
Information obtained from the bank by Eyes Of Lagos showed that the fund was deployed to boost 526 agriculture projects across the country.
The document also showed that total repayment under the scheme was N251.156 billion in respect of 526 projects, out of which 281 projects had fully been repaid as at the end of September 2017.
It was gathered that outstanding balance with lending banks was N250.541 billion as at September 30, 2017.
The CACS was established by the federal government and is financed from the proceeds of the N200 billion three-year bonds raised by the Debt Management Office (DMO).
The fund is made available to participating banks to finance commercial agricultural enterprises.
Speaking with our correspondent on the sidelines of a three-day workshop for CACS agriculture desks officers of commercial banks in Lagos organised by the Nigeria Agriculture Insurance Corporation (NAIC), project management officer of the CBN, Mr. Ademuyiwa Adeleke, expressed worry about frequent abuse and negligence of laid down policies and CACS guidelines.
Adeleke disclosed that banks have flouted repatriation of loans and often failed to carry out due diligence of projects before disbursement of loans.
He warned that CBN would not hesitate to apply appropriate sanctions against banks that fail to observe due process.
In her opening remarks, the managing director of NAIC, Folashade Joseph, said the deposit money banks and other financial institutions have been NAIC’s major distribution channel over the years.
Joseph said the deposit money banks serve as credit providers, while NAIC acts as risk management service provider.
According to her, NAIC as a major stakeholder in the Central Bank of Nigeria CACS’ initiative has repositioned itself to improve on its product offerings and services with a vision of “remaining the pioneer and leader in the agro-investment risk management sphere” in Nigeria.
“Risk management remains an integral part of any modern day agricultural financing model, as such the Central Bank of Nigeria has deemed it fit to ensure that any agricultural investor accessing the CACS facility must have the project insured by NAIC as stated in the current lending guidelines for the CACS loan”, she said.
This, Joseph noted, is to protect the project from failing due to unforeseen risks.
She said, “This capacity building program is to enlighten the agricultural desk officers of banks on how to implement the risk management component of the CACS.
“Furthermore, NAIC is committed to forging the appropriate partnerships with deposit money banks in the fulfillment of their mandate by the provision of the appropriate risk management services to the agricultural investors being financed by the banks”.

If only it would get to the grassroot beneficial then i'd applaud them for this. But we know this funds has a bus stop where it will vanish into thin air via dubious means or end up in the pocket of people who have no idea what Agriculture means

Ok..

Eyin o ni space yi lasan

chelsea and man u are just disappointing fans like the way buhari and apc government is doing k
don't be suprised to see this project dying as the elite start pocketing the funds.
since may 29 2015, i have not been trusting any project under this administration and this present clueless government have been given me effrontery to continue.

Ok.

The Bank of Industries gave the nation forms to apply for loans of just 100,000 each. I applied for this loan. And when the loan was disbursed the north got its own first and were given 100,000 naira each followed by the west. And after 3 to 4 months when the north and west must have collected their own. The east and south east were ask to come and collect theirs, guess what we recieved in our accounts 50,000 naira. And 4,000 naira has already been deducted from the account of some of us. I included.
How many of us know that World bank released billions of naira to Nigeria for entrepreneur and business development last year. And this fund was diverted to the north since last year. I got to know of this when I meet a group of guys who has brought this World bank development scheme to a church.
This is the nature of one Nigeria we have. And you expect a region not to demand separations. Injustice has a way it impoverishes one even as one received undue advantages.
The north remains the most impoverished region in Nigeria despite the political power and the undue advantages it has enjoined for year.
Karma has a way it pays one back.

Modified;
For those of you who think am lying. Go to Steilling Bank and confirm. This cash is being disbursed by Sterlling bank.

G

Wow half trillion quid... concocted figures...How much is budgeted for the entire Ministry of Agriculture on a yearly basis? This is designed yet again to seduce, deceive and confuse naive people

Bullocks. We never see d recipients

trust me half of the money will be used to service corruption .
Nigeria is the most corrupt country in the world...
a country built on Corruption is bound to fail

every day billion billion but of a truth no one ever see the impact of such

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Forget it joor

no good account of this money will be made at the end of the day..

when will they release billions for industrialization of other areas food stuffs they will sold to us they should share their proceed accordingly, no be only oil money suppose share ... Ndi Ara

They keep on releasing but does all the fund get to the intended beneficiaries?

.

more funds for the 2019 elections.

Is it d Money doz criminals go pocket? Money all doz bastard politicians have already shared among themselves? ... Next news please, I am not impressed

It works and not designed for rich farmers only. Just go to your commercial bank and ask about agricultural loan. They'll give you the guidelines on how you can be a beneficiary. Pm me for further enquiries

privatedss:
every day billion billion but of a truth no one ever see the impact of such

Everyday billions of naira , if not dollars but nothing to show for it, since I was born in this thing call country nothing good has ever happen. Go to China and see what there leadership are doing with development, there citizens benefit from all area. But here in nigeria, the most common things of nature that we human need is meant only for the politicians. Anyway time will tell, one day na one day there eye go clear.

Hope it will be used judiciously.

I hear..

Hmm

Going by the comments I've seen on this thread and the ones on the external reserve thread last night, I am convinced that Nigerian educational system is in trouble.


This is a CBN loan not a government ministry or agency. This is a banking institution loan financing with adequate insurance to back it up. In case it fails, the insurance company pays and if the insurance company wants to avoid paying, then they must ensure the loan performs.


We have too many educated illiterates in this country. That is the why someone can sit in the corner of his room and deceive the gullible citizens that the army is injecting students with monkey pox virus.


Only God can save this country.

GavelSlam:


So who repayed the loans?

Going by antecedent, most of the dispensing banks feel comfortable giving out the loans to non agriculture related businesses.

igbsam:
If only it would get to the grassroot beneficial then i'd applaud them for this. But we know this funds has a bus stop where it will vanish into thin air via dubious means or end up in the pocket of people who have no idea what Agriculture means

How can it get to "grassroot beneficial" (whatever that means), when we have lazy people that will not take a step talkless of doing the work. The basic thing to do is to be a member of a co-operative. Are you in any one?

Promismike:
The Bank of Industries gave the nation forms to apply for loans of just 100,000 each. I applied for this loan. And when the loan was disbursed the north got its own first and were given 100,000 naira each followed by the west. And after 3 to 4 months when the north and west must have collected their own. The east and south east were ask to come and collect theirs, guess what we recieved in our accounts 50,000 naira. And 4,000 naira has already been deducted from the account of some of us. I included.
How many of us know that World bank released billions of naira to Nigeria for entrepreneur and business development last year. And this fund was diverted to the north since last year. I got to know of this when I meet a group of guys who has brought this World bank development scheme to a church.
This is the nature of one Nigeria we have. And you expect a region not to demand separations. Injustice has a way it impoverishes one even as one received undue advantages.
The north remains the most impoverished region in Nigeria despite the political power and the undue advantages it has enjoined for year.
Karma has a way it pays one back.

Bloody liar. The Agric loan is not given on individual basis. Beneficiaries form cooperative clusters and the loan is given to clusters who have met set criteria.