• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, July 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Sterling Named Best Agric Credit Guarantee Scheme Participating Bank

by Bukola Idowu
3 years ago
in Business
Sterling
Share on WhatsAppShare on FacebookShare on XTelegram

Sterling Bank Plc has been named the best participating financial institution under the National Farmer of the Year 2021 Award of the Agricultural Credit Guarantee Scheme Fund (ACGSF) of the Central Bank of Nigeria (CBN) at the National Award ceremony held in Abuja over the weekend.

 

Advertisement

In a letter informing the bank of the award, secretary to the board of the ACGSF, Edwin Nzelu said: “Sterling Bank Plc has distinguished itself under the scheme by its national support to small holder farmers in the year 2021.

 

“It is therefore our pleasure to inform you that Sterling Bank Plc has emerged as the 2021 ACGSF Best Participating Financial Institution of the Year in the National Category and would be presented with the award at the ceremony.”

 

RELATED

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt

2 hours ago
At LEADERSHIP Twitter Spaces: AMCON Creates Moral Hazard For Banking Industry – Analysts

AMCON Sells 60% Stake In Ibadan DisCo For N100bn

10 hours ago

The ACGSF explained that Sterling Bank was recognised for its payout of more than N136.88 million to farmers across the country from January 2021 to December 2021 under the ACGSF.

 

Agriculture is one of the five sectors that Sterling Bank has concentrated investments in since 2018 as part of its HEARTs of Sterling programme in a bid to make significant impact in the economy.

 

sectors are Health, Education, Renewable Energy and Transportation.

The ACGSF was established by Act No. 20 of 1977 and started operations in April 1978. Its original share capital and paid-up capital were N100 million and N85.6 million, respectively.

 

The federal government holds 60 percent of the shares while the CBN holds the remaining 40 percent.

The capital base of the Scheme was increased to N3 billion in March 2001. The Fund guarantees credit facilities extended to farmers by banks up to 75 percent of the amount in default net of any security realised.

 

The fund is managed by the CBN, which handles the day-to-day operations of the Scheme. The Guidelines stipulate the eligible enterprises for which guarantees could be issued under the Scheme.

 

Between 1978 and 1989 when the government stipulated lending quotas for banks under the scheme, there was consistent increase in the lending portfolios of banks to agriculture, but after the deregulation of the financial system, banks started shying away by reducing their loans to the sector due to the perceived risk.

 

In order to reverse the declining trend, several innovations and products were introduced under the scheme such as the Self-Help Group Linkage Banking, Trust Fund Model and Interest Draw Back.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Sterling Bank Plc
SendShareTweetShare
Previous Post

Onyema Tasks Investors On Embracing Africa’s Growth Market

Next Post

Infinity Trust Mortgage Bank Posts N323.14m PAT

Bukola Idowu

Bukola Idowu

You May Like

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt
Business

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt

2025/07/04
At LEADERSHIP Twitter Spaces: AMCON Creates Moral Hazard For Banking Industry – Analysts
Business

AMCON Sells 60% Stake In Ibadan DisCo For N100bn

2025/07/04
NADF Unveils Digital Tool To Track N19.5bn Agri-support Project
Business

NADF Unveils Digital Tool To Track N19.5bn Agri-support Project

2025/07/04
Business

FG Begins Vehicle Recycling Enforcement October, Eyes N60bn Annually

2025/07/04
Zenith Bank Emerges Most Sustainable Bank
Business

Zenith Bank Ranked Nigeria’s Top Tier 1 Bank

2025/07/04
GTCO, 7 Others Post N1.3trn Pre-tax Profit In Q1
Business

GTCO Raises $105m In Share Sale, To List On London Exchange

2025/07/04
Leadership Conference advertisement

LATEST

Gov Mbah Tasks Journalists On Truth, Editorial Courage In AI Age

Ex-PDP Reconciliation Committee Chair Joins ADC In Gombe

Election Outcomes: Yiaga Africa Backs New INEC Guidelines, Seeks Amendments

Tinubu Celebrates Olubadan Oba Olakulehin At 90

Netizens Blast Akwa Ibom Lawmaker For Comparing Coalition’s ADC To 2006 Plane Crash

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt

Nico Williams Snub Barcelona, Signs 10-yr Athletic Bilbao Deal

Police Arrest 17, Kill 3 Suspected Kidnappers In Abuja

Ex-Arsenal Midfielder Partey Charged With Rape

NGE Suspends Senior Editor Over Ethical Infraction

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.