Edo, Bank of Industry set up Debt Recovery Committee
Edo State government has set-up a six-man committee to recover loan it granted some small scale business enterprise in collaboration with the Bank of Industry (BoI) tagged EDSG-BoI Micro Credit Scheme. Many of the beneficiaries of the scheme are yet to pay back the debt.
Addressing members of the Debt Recovery Committee, the state Commissioner for Commerce and Industry, Barr. Macdonald Obasuke, urged the committee to recover all loans being owed by defaulters across the state.
The commissioner expressed lamented the non-payment of the loan, adding that it prevented others from benefitting as the facility was revolving in nature. Macdonald advised the loan defaulters to cooperate with the Committee to avoid any legal action and urged members of the committee to carry out their duty with passion and prudence so as not to mar the objectives for which they were constituted. The terms of reference of the committee included move to ascertain the actual amount owed by the beneficiaries as at May 31 this year as well as notification of the beneficiaries’ guarantors