I write in respect of the N150,000 loan taken from the Bank of Agriculture (BOA) in 2007. The loan was obtained at eight percent interest rate to plant cassava. The cassava project was unsuccessful due to late planting and low price at harvest. My creditor-the BOA branch at Ikare Akoko has taken me and others in my shoe to court with our indebtedness calculated at 17% interest rate. The branch claims it has power to vary/increase interest rate.
Now, some of us want to pay back the loan but the bank is making this impossible by putting heavy load on our heads in insisting that repayment must not exceed 12 months with interest rate at 17% per year. I have emailed and called the BOA headquarters many times without response.
As a poverty alleviation agency financed and regulated by the federal goverment, BOA should make loan repayment fair to poor Nigerians. The BOA Headqtarters should speak out so that Nigerians can know its loan repayment policy.
Ikare Akoko, Ondo state