Union Bank retains Agric Bank Award

By IAfrica
In Nigeria
Aug 21st, 2014
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Union Bank of Nigeria Plc has again been awarded the Best Support Bank in the Agricultural Credit Guarantee Scheme (ACGSF) for the eighth consecutive year by the Central Bank of Nigeria (CBN).

The award is presented to a bank which has demonstrated the highest level of support for the scheme.

Similarly, three customers of Union Bank won the apex bank’s National Awards in three categories namely: Sion Economic Allianz, Asaba won the Best Arable Farmer; Prof Vincent Iyawe from Benin won the award for Best Tree Crop award; while Arac Group Farmers’ Co-operative, Port Harcourt won the award in Fishery.

Union Bank’s Group Managing Director, Mr. Emeka Emuwa, received the award from President Goodluck Jonathan at Abuja.

He said: “Union Bank remains committed to agriculture financing to drive growth and development in the sector, and to also facilitate economic empowerment for small scale farmers.”

Union Bank has been involved in ACGSF since 1977 and has disbursed more than N4.2 billion in loans to more than 14,700 beneficiaries.

This represents 77.62 per cent and 74.65 per cent of the total amount and number of loans granted by all commercial banks under the scheme as at December, last year.

“Equally significant is the highly impressive loan recovery rate during the year, a record that is attributed to their formidable loan recovery strategies and professional support given to farmers. The bank, no doubt, has made enormous strides in its bid to transform the agricultural sector through adequate credit purveyance under the ACGSF as well as the rendition of technical support to the farming community”, the CBN said  in the citation on Union Bank.

Last year, Union Bank set N10 billion as the new yearly disbursement limit. It is expected to run through each year and would cover different crops, ecology and farming seasons.

The ceremony was the highlight of the Eighth Annual Micro, Small and Medium Enterprises (MSMEs) Finance Conference and Entrepreneurship Awards held at Sheraton Hotel and Towers, Abuja.

The event also witnessed the kick off of the disbursement of N220 billion Micro Small and Medium Enterprises (MSME) Development Fund and award prizes to state governments and banks by President Goodluck Jonathan.

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