The Branch Controller, CBN, Asaba, Mrs. Patricia Ukwu, disclosed that after a painstaking selection process by the State Screening Committee, Mr. John Esevweneta Uwejigho, Mrs. Idogar Veronica and Emeni Joel Ifoghale, emerged first, second and third for the award for timely repayment of loans, proper utilization of loan facilities and good track records; among others.
She stated this on Thursday 11th March 2021 during the Best Farmers Award Ceremony held at the CBN Branch in Asaba.
Giving a brief history of the programme, Mrs. Ukwu, said: “The ACGSF was established by Decree No. 20 of 1977, and started operations in April 1978. Its original share capital was N100 million. The Federal Government holds 60% of the shares while Central Bank of Nigeria holds 40%.
“The capital base of the Scheme was increased to N3 billion in March, 2001. The Fund guarantees credit facilities extended to farmers by banks up to 75% of the amount in default, net of any security realized. The Fund is managed by the Central Bank of Nigeria, which handles the day-to-day operations of the Scheme.
“Between 1978 and 1989 when the government stipulated lending quotas for banks under the Scheme, there was consistent increase in the lending by banks to agriculture, but after the deregulation of the financial system, banks became risk averse in agricultural lending. In order to reverse this declining trend, several innovations and products were introduced such as the Interest Drawback Programme (IDP).
“The Interest Drawback Programme is meant to cushion the effect of loan interest burden on loan beneficiaries under the Scheme.
It is pertinent to mention that CBN, Asaba Branch has, since inception, guaranteed loans in excess of N3.8 billion for over 33,000 farmers under the scheme.
“In order to sustain this tempo nationwide, boost farmers’ interest in the scheme and drive awareness, CBN reintroduced the Best Farmers Award which was last held in 2012”.
According to her, the sole objective of the ceremony was not just to celebrate these heroes, but to encourage the general public to get involved in the programme and urge other banks especially, Microfinance Banks to key in and provide opportunities for rural farmers to benefit from the scheme.
“The yearning of the Bank and the Government of the Day is to reduce poverty to the barest minimum, create jobs for our teaming population and diversify the economic base of the nation, among others. LAPO Microfinance Bank has done wonderfully well and we commend them for their efforts”, she added.
The Commissioner for Agriculture and Natural Resources, Mr. Julius Egbedi, charged borrowers to ensure they pay their loans early and promptly so as for other to benefit from the programme.
He charged beneficiaries to reciprocate the kind gesture of the Apex bank.
“I say this because when you are given a financial assistance in whatever you do, it is also expected of you to do the very best so that the conditions under which that assistance was given to you, you play your part to meet up with such conditions.
“If you don’t, it means that you will not benefit again and you also shut the doors for others from benefiting. The money CBN is using to assist farmers in such areas is public funds”, he added.
In his remarks, the Head, Development Finance Office, Central Bank of Nigeria, Asaba Mr. Elias Tochi Nworie, thanked the CBN Governor for the numerous interventions of the Bank which are geared towards sustainable economic growth.
He equally commended the state governor,Dr. Ifeanyi Okowa for the support his administration has given to the Central Bank of Nigeria in the state and expressed optimism that the Bank would continue to partner with the state in the areas of entrepreneurship development and youth empowerment.
He further expressed hope that the exercise, would mark the beginning of renewed awareness and increased public participation in the scheme in the state.
Mr. Nworie expressed his appreciation to the Asaba CBN Branch Controller for always providing workers needs to do their work.
While urging the media to help take the CBN ACGSF sensitization Campaigns to the nooks and crannies of the state, Nworie noted that the Award was to spur and encourage prompt repayment of loans by farmers.
The winner was presented with a plague, a certificate and a cash gift of N100, 000, while the 1st and 2nd runners up were presented with a certificate and a cash awards of N75, 000.00 and N50, 000.00 respectively.
Mr. Uwejigho, from Ughelli south, operates Ugboroke Fish Farm in Warri, Mrs. Veronica, is the operator of Grow Up Farmers while Mr. Ifoghale, from Isoko north, runs Joemeni Light Enterprises.
In their separate remarks, they appreciated CBN for finding them worthy of the plagues, the certificate and cash gifts, promising to do their best for other farmers to key into the programme.
