BENIN CITY – The Central Bank of Nigeria, (CBN), Benin has commended LAPO Micro-finance Bank for financing and producing the Best Farmer of the Year 2020 under its Agricultural Credit Guarantee Scheme Fund (ACGSF).

The CBN named Mr. Osagie John Imohimi, a Poultry Farmer, also involved in production of palm wine as the Edo State Farmer of the year 2020. He was financed and sponsored by LAPO Micro-finance Bank.

The Runner-up was named as Mr. Franklin Obamwonyi, a fish farmer financed and sponsored by Prosperity Microfinance Bank.

Welcoming guests to the Award ceremony, the Branch Controller, CBN, Benin , Mr R.D. Jumbo acknowledged that the two farmers had done exceptionally well in the year under review and particularly congratulated the LAPO Microfinance Bank and Prosperity Microfinance Bank, which are the Awardees Financial Institutions, for boosting credit in the Agricultural sector and for their relentless efforts in supporting the CBN drive to ensure growth in our national food production.

The CBN Branch Controller noted that the Agricultural Credit Guarantee Scheme Fund (ACGSF) was established by Decree No. 20 of 1977 and started operations in April 1978, adding that its original share capital was N100 million, but following the ACGSF Amendment Act of June 24, 2019 the share capital was increased from N3billion to N50billion.

He clarified that the Federal Government and the Central Bank of Nigeria hold a 60:40% share ratios of the fund respectively.

The CBN boss who chaired the ceremony, implored all eligible participating Financial Institutions in Edo State to embrace the scheme as a viable channel to boost food security in the country and also support the revenue diversification drive of the Federal Government of Nigeria.

Responding on behalf of the Managing Director of LAPO Microfiance Bank, Dr. Godwin Ehigiamusoe, the Head of LAPO microfiance Bank communications and Branding, Mr. Oluremi Akande expressed delight that LAPO MFB has emerged as the Best Awardee Financial Institution under the ACGSF, adding that it is the second in a roll that the organization has won.

He described the award as an indication of the impact of LAPO MFB especially in Poverty Alleviation, pointing out that LAPO MFB joined the CBN scheme in 2012 because it aligns with the vision of the LAPO which include economic diversification, farmers empowerment, food security, poverty alleviation and economic prosperity.

He noted: “We are delighted to have disbursed over N27 billion to farmers, so far, reaching 34,000 farmers across 34 states including the FCT in Nigeria. We plan to disburse over N10 billion in 2021.

Harrison Ewemade, Benin Branch manager of Prosperity Microfinance Bank who spoke on behalf of the Bank thanked CBN and the Board of ACGSF for the award ceremony, noting that Prosperity MFB joined the scheme in 2019 and considers the award to the Runners-up as a plus to the Bank.

In their remarks, the Edo State Best Farmer, Mr Osagie John Imohimi, and Runner-up, Mr Franklin Obamwonyi thanked the Financing Institutions for Financing and Supporting them to gain CBN recognition and pledged to sustain the tempo of their impact and contribution to food security in Edo State and Nigeria at large.

Highpoint was presentation of Award to the Best farmer of the year and the Runner-up.