fbpx
Connect with us

Business

Tinubu Summons Top Security Agencies, Orders To Recover N1.1tri CBN Anchor Borrower’s Loan

Many banks’ directors and managers had already been interrogated on the huge loans saga and that many of them had admitted to…

Published

on

TinubuNEW
President Bola Ahmed Tinubu

President Bola Ahmed Tinubu had summoned top security agencies in the country to take all necessary measures to recover the huge amount of government money from the defaulters on or before September 18, 2023 so as to make the cash available to genuine farmers who want safe loans for more food production.

VerseNews gathered that out of the N1.1 trillion disbursed by the CBN to the beneficiaries of the ABS since its inception, only a little above N546 billion has been repaid while a whopping balance of N577 billion remains unaccounted for.

At the meeting with security agencies in Abuja, the president was very upset when he was told that one of the CBN’s subsidiaries was among the defaulting banks, holding up vital cash that was meant for farmers to improve their production and ensure food security in the country.

The president was told that a subsidiary of the CBN and a commercial bank in the country, had diverted N255 million which they were supposed to give out to farmers and others in dire need of loans to improve their production.

Advertisement

Some of the beneficiaries refused to refund the loan as and when due, claiming that they did not make serious returns on their investments and needed more time to be able to pay back to the apex bank, not minding the terms of the deal they had earlier signed.

Many banks’ directors and managers had already been interrogated on the huge loans saga and that many of them had admitted to securing the said loans and the alleged breaches regarding the repayment.

“I can tell you authoritatively that we have written to all the defaulters and many bank officials have confessed of their role in the huge loan scandal and they are willing to take necessary steps to pay back the loans,We have also written to all the debtors and some of the banks, whose top managers we have already summoned and grilled, have assured us that they will refund the cash outstanding in their names on or before the September 18 deadline,” A source said.

Advertisement

Maize Producers Association took a loan of N39 billion from the CBN under the ABP, it has been able to refund a total of N23 billion while Cotton farmers took a loan of N14 billion and has been able to refund N5 billion so far.

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

Portable's wife Portable's wife
Entertainment9 mins ago

‘From Queen Of Herself To Queen Portable’, Portable’s Wife Reacts To Controversial Birthday Post

Portable's wife reacts to controversy over her birthday post, complying with his demands to edit her social media profile after...

wedding party wedding party
Celebrity Gist51 mins ago

Cubana Chief Priest’s Cashless Wedding Party Sparks Mixed Reactions Post-EFCC Release (Video)

A video showing Cubana Chief Priest attending a wedding party post-release from EFCC custody, where he refrains from cash spraying...

State Of Origin Certificate State Of Origin Certificate
News1 hour ago

Immigration Makes State Of Origin Certificate Compulsory For Passport Renewal, Application

A state of origin certificate is an official document that confirms an individual's state of origin within a country, often...

Emmanuel Amunike Emmanuel Amunike
Sports2 hours ago

Nigeria Football Federation Appoints Emmanuel Amunike As New Super Eagles Head Coach

Emmanuel Amunike, a former Super Eagles star, has been appointed as the new head coach of the Nigerian national football...

yahaya bello yahaya bello
Politics2 hours ago

BREAKING: Yahaya Bello Flees Nigeria To Reunite With Wife, Multi-Million Dollar Investments

Yahaya Bello reportedly leaves Nigeria to join his wife and manage multi-million dollar investments in a North African country.

Ondo Governorship Primary Ondo Governorship Primary
Politics5 hours ago

BREAKING: APC Declares Ondo Governorship Primary Election Inconclusive

The APC declared Ondo governorship primary inconclusive due to logistical challenges, prompting a rerun in Okitipupa LGA.

Fresh Demands Fresh Demands
News5 hours ago

Labour Issues Seven Fresh Demands To Tinubu’s Government

Labour presents a fresh demands to the government led by Bola Tinubu, totaling seven requests.

Cubana Chief Priest Advises Yahaya Bello Cubana Chief Priest Advises Yahaya Bello
Celebrity Gist2 days ago

‘No Need To Run’, Cubana Chief Priest Advises Yahaya Bello

Cubana Chief Priest advises Yahaya Bello to cooperate with the EFCC if summoned, sharing his own experience of being arraigned...

Nigeria Correctional Service Nigeria Correctional Service
Entertainment2 days ago

Nigeria Correctional Service Clarifies Bobrisky’s Relocation From Ikoyi Prison To Kirikiri

The Nigeria Correctional Service clarified that Bobrisky remains at Ikoyi Prison, denying rumors of his relocation to Kirikiri Prison.

engagement farming engagement farming
Tech2 days ago

Elon Musk Cracks Down On Engagement Farming On X, Threatens Suspension

Elon Musk has warned against engagement farming on the platform, threatening to suspend accounts that practice it.

Advertisement