This is despite threats of arrests by the Central Bank of Nigeria (CBN) to farmers who default in paying back the ABP loans. According to the CBN Comptroller, Bauchi Branch, Saladu Idris, bulk of the loan defaulters were particularly among rice farmers. Analysts said the failure is an indication that the bank has completely gone under, with very slim chances of revival. “I think the bank should target farmers who are directly involved in production instead of financing agricultural marketing. “The CBN will hold 10 per cent; the Ministry of Finance, 10 per cent; the private sector operators, 30 per cent.

Source: The Guardian December 13, 2021 13:35 UTC