First Bank of Nigeria (FBN) has said it will partner Agro-allied Farmers Commodities Cooperative Entrepreneurship Multipurpose Union to seek the release of the N50 billion credit facility.
FBN also promised to help the association on its eligibility to access the N220 billion Micro, Small and Medium Enterprise (MSME) loan packaged by the Central Bank of Nigeria (CBN).
The Business Manager, Ado Main Branch, First Bank, Mr. Solomon Aremu, stated these during a meeting with the union in Abuja.
According to him, considering its existing relationship as banker to the cooperative, First Bank is willing to partner the group.
“Already First Bank has a good relationship with the union, thus, by the time the Federal Ministry of Agriculture and Rural Development (FMARD) review the request, the bank will now proceed with assurance from the Ministry,” he said.
Stressing on the need to sign a Memorandum of Understanding (MoU) with the cooperative union, he said the request was a welcomed one, saying “the Legal Adviser of the union should present necessary documents to the bank.”
Speaking in similar vein, First Bank’s Relationship Manager, Ado Main Branch, Osaze Uwaifo, said the bank would support the union anyway it could.
He, however, urged members of the union to patronise other services of the bank until the N50 billion request is approved. He listed some of the services as Commercial Agriculture Credit Scheme (CACS), Agriculture Trust Fund (ATF), Product Finance among others.
Earlier, President of the union, Prof. Mrs. Aladesuyi Aladejobi, had urged the First Bank to liaise with the appropriate quarters including the CBN, presidency and federal ministry of agriculture and rural development to fast-track release of the N50 billion credit.
According to her, it was important to differentiate civil service farmers’ cooperative from local farmers and mechanised farmers’ cooperative.
“The N50 billion that I had solicited for the grassroots who are the major electorate should be given to them without any further delay reason is that, an angry man is an unhappy man while unhappiness is the root of calamity, catastrophic, jeopardy, pandemonium and disregard for the rule of law, and derailment from the norms ethics and values of the society,” Aladejobi added.
