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FG to recapitalise Agric bank with N15bn

28 February 2013, 13:03

Sokoto - Dr Mohammed Santuraki, the Managing Director, Bank of Agriculture (BOA), on Wednesday said the Federal Government was making plans to recapitalise the bank with N15 billion.

The News Agency of Nigeria (NAN), reports that Santuraki said this in Sokoto in an interview with newsmen shortly after he paid a courtesy visit to the Sultan of Sokoto ,  Sa'ad Abubakar .

``The bank's current capital is N30 billion and the gesture is aimed at shoring up the capital base to N45 billion to make the bank stronger and more efficient," he added.

According to him, ``this is in line with the Federal Government's agricultural transformation agenda of President Goodluck Jonathan.’’

Santuraki said that the bank had in the last 10 years distributed N43 billion as loan facilities to farmers across the nation.

``These loan facilities were provided to both dry and wet season farmers in the agriculture value chain to finance a myriad of farming activities.

``These included NGOs and other stakeholders in the nation's agriculture sector which is being revived by President Jonathan," he said.

The BOA boss said that the bank intended to advance N20 billion loan to Nigerian farmers in 2013 in line with President Jonathan's resolve to provide more food on the tables of Nigerians.

``The micro farmers will each get a minimum of N250,000; medium scale farmers, N5 million each; while each of the large scale farmers will get above N 5million," he said.


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