Borrowers who divert funds provided under the Agricultural Credit Guarantee Scheme may face a five-year prison sentence, according to the Central Bank of Nigeria.
This was contained in the CBN’s report titled ‘Guidelines for the Agricultural Credit Guarantee Scheme’, which was released on Thursday.
The apex bank emphasized that it is illegal to obtain a loan and then fail to use it for the purpose for which it was obtained.
“Banks should remind prospective borrowers under the scheme that it is an offence for which one may be imprisoned for five years to apply the loan for…
