ABP: NMFB Moves to Recover N5.67bn, Issues Final Demand Notice to Debtors

•Sadolen Interworld, Gum Arabic, Prime Synergy Global top debtors’ list

James Emejo in Abuja

The NIRSAL Microfinance Bank Limited (NMFB), yesterday issued a final demand notice to customers who had accessed loans totalling about N5.67 billion under the Central Bank of Nigeria (CBN)’s Anchor Borrowers’ Programme (ABP), to offset their indebtedness to the bank.

The demand to settle their outstanding indebtedness followed the central bank’s directive to NMFB to recover all non-performing intervention loans granted by the latter under the scheme.

The NMFB management, in a statement made available to THISDAY, noted that earlier demand notices had been issued by the bank to the last known addresses of the affected beneficiaries, adding that the latest communication would serve as a final call to them to repay their debts.

The bank further listed the debtors to include Sadolen Interworld Limited, promoted by Saidu Audu Adaji and Nura Musa Hassan with current exposure of over N2.05 billion.

Also, Gum Arabic Farms and Commodities Limited which is promoted by Alhaji Yusuf Ibrahim Babangida has a current exposure of over N1.22 billion while Prime Synergy Global Solutions Limited, promoted by Mercy Ikeji and Jennifer Nyesom-Effiong is exposed to loans worth over N1.45 billion.

Others include Asuj Food Production and Processing Limited, promoted by Abubakar Umaru Jibrilla and liable to N581.42 million; Souvenire Seeds Nigeria Limited, promoted by Roseline Omokora and owing N158.18 million; as well as Con Investment Limited promoted by Lady Josephine Nwaeze with current exposure of N211.61 million.

Under the ABP Operational Guidelines, offences bordering on diversion of funds could attract blacklisting of the Smallholder Farmer (SHF) from all CBN interventions, prosecution of the SHF by anchors/associations and repayment of the loan by the

guarantors/cooperatives/commodity associations among other sanctions regimes.

Essentially, the CBN ABP was launched in 2015 by President Muhammadu Buhari to among other things, checkmate issues of reliance on imported rice, and save the country billions of naira lost to food imports annually.

The programme has helped to solve the challenges of financing in the agricultural value chain and ushered in a revolution in local rice production- positioning Nigeria as an exporter rather than an importer of the food commodity, among other achievements.

The scheme has also stimulated local production of those key commodities that have a significant impact on the nation’s food import bill estimated at about three million metric tonnes annually.