Ekiti threatens to sanction N1.6bn CBN/BOI loan defaulters

Ekiti State Government has raised concern on the failure of beneficiaries to repay the about N1.6bn loan from the Central Bank of Nigeria and the Bank of Industry’s matching funds facility.

The State Commissioner for Trade in Ekiti State, Muyiwa Olumilua, called on financial institutions to place high premium on training of people before giving them credit facilities to do business for proper understanding and essence of repayment.

Olumilua, who spoke in Ado Ekiti on Monday while playing host to Ecobank Plc Area Manager (Direct Banking) for Ondo, Ekiti, Osun and Kwara States, Mr Olumide Ajepe, warned beneficiaries of the credit schemes who were yet to repay their loans against further delay to avoid embarrassment and possible sanctions according to the law.

“Repayment of the loans would also enable others to benefit from the scheme and thereby enhance the economy of the state,” he said.

He advised the banks that provision of proper training to the beneficiaries of credit facilities would assist both the state and the financial institutions to ensure repayment of loans without stress to all parties while also boosting the state economy.

“Financial institutions that are giving credit facilities/loans should always earmark funds for the training of the beneficiaries so that they can have the full understanding of the purpose of taking such loans as it would aid financial intelligence of the beneficiaries”, he said.

Olumilua also emphasised the importance of monitoring and evaluation of the beneficiaries of such facilities, noting that proper monitoring and appraisal are very important for the business expansion.

Ekiti State Government has raised concern on the failure of beneficiaries to repay the about N1.6bn loan from the Central Bank of Nigeria and the Bank of Industry’s matching funds facility.

The State Commissioner for Trade in Ekiti State, Muyiwa Olumilua, called on financial institutions to place high premium on training of people before giving them credit facilities to do business for proper understanding and essence of repayment.

Olumilua, who spoke in Ado Ekiti on Monday while playing host to Ecobank Plc Area Manager (Direct Banking) for Ondo, Ekiti, Osun and Kwara States, Mr Olumide Ajepe, warned beneficiaries of the credit schemes who were yet to repay their loans against further delay to avoid embarrassment and possible sanctions according to the law.

“Repayment of the loans would also enable others to benefit from the scheme and thereby enhance the economy of the state,” he said.

He advised the banks that provision of proper training to the beneficiaries of credit facilities would assist both the state and the financial institutions to ensure repayment of loans without stress to all parties while also boosting the state economy.

“Financial institutions that are giving credit facilities/loans should always earmark funds for the training of the beneficiaries so that they can have the full understanding of the purpose of taking such loans as it would aid financial intelligence of the beneficiaries”, he said.

Olumilua also emphasised the importance of monitoring and evaluation of the beneficiaries of such facilities, noting that proper monitoring and appraisal are very important for the business expansion.