Agricultural Credit Guarantee Loan 2021/2022: CBN Gives Fresh Update

Nigeria’s Apex bank has made it compulsory for all farmers intending to get the Agricultural Credit Guarantee Scheme Fund to get some sort of insurance protection

CBN clearly warned, before any farmer can access the Agricultural Credit Guarantee Scheme money, certain conditions must be met and insurance covered

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“According to the central bank, a charge on land in which the borrower has a legal interest or a right to farm, or a charge on assets on the land, such as fixed assets, crops, or livestock, may be presented to a bank for the purpose of any loan under the system.

“A charge on the borrower’s movable property; a life assurance policy, a promissory note, or other negotiable security; stocks and shares; a personal guarantee; and any other security acceptable to the bank, which must be adequate and realizable.”

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“It said that any assets listed on the National Collateral Registry, warehouse receipts, and letters of indemnity from an employer for individuals in paid employment signed by authorized signatories might be used as collateral.

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“According to the recommendations, banks are not required to demand tangible securities or feasibility reports for loans of N100,000 or less, but there should be a cross-guarantee among members of a group or cooperative, as well as any other guarantee acceptable to the bank.”

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