If You've Borrowed a CBN Anchor Borrowers Loan, Pay Attention to This Update
Tuesday 28 November 2023
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In a recent development, the Central Bank of Nigeria (CBN) has initiated Automatic Debit Orders through the Global Standing Instruction (GSI) to recover debts from defaulters within commercial and merchant banks. This directive extends to the debiting of accounts belonging to debtors participating in the Anchor Borrowers Programme.
Governor Olayemi Cardoso shared that customers have received loans totaling over N10 trillion, with substantial disbursements specifically under the Anchor Borrowers’ Programme. Notably, N1.07 trillion has been disbursed to support approximately 4.6 million smallholder farmers across the nation, covering 21 different commodities.
Furthermore, the CBN has disbursed significant funds through various schemes such as Commercial Credit, Real Sector Facility, and Intervention Facility for Natural Gas Expansion Programme, reaching a total disbursement in trillions of Naira. CONTINUE READING.....
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The GSI policy, implemented since August 2020, allows financial institutions to continually and without restrictions debit accounts of loan defaulters until the entire loan amount is repaid. Analysts suggest that this strategy has played a role in the expansion of banks' loan portfolios.
In response to outstanding loans, President Bola Tinubu has reportedly instructed security agencies to expedite the recovery process under the Anchor Borrowers’ Programme. This directive follows a set deadline, emphasizing the urgency to address outstanding loans promptly. CONTINUE READING.....
It's important to note allegations regarding the diversion of N255 million secured from the CBN by a CBN subsidiary and a commercial bank involved in the programme.
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