The Central Bank of Nigeria (CBN) has honoured the management of LAPO Microfinance Bank Limited for financing the two best farmers that won the Apex Bank’s 2020 Best Farmers of the Year Award in Edo State.

The two best farmers, Osagie John, and Obamwonyi Franklin were financed by LAPO Microfinance Bank Limited through the CBN’s N50 Billion Agricultural Credit Guarantee Scheme Fund (ACGSF) to financial institutions in the country.

While Osagie John received the first prize of N100,000 and a certificate of excellence from the management of CBN, Osamwonyi Franklin was given the sum of N75,000 being the prize for the runner-up.

Jumbo Renner Davis, Branch Controller, CBN Benin, said the Agricultural Credit Guarantee Scheme Fund (ACGSF) was established by Decree No 20 of 1997 and started operation in April 1998.

Its original share capital, according to the branch controller, was N100 million but following the ACGSF Amendment Act of June 24, 2019, the share capital was increased from N3 billion to N50 billion.

The Federal Government and the central bank of Nigeria hold a 60:40% share ratios of the fund respectively to intensify food security of the country, he said, adding that CBN Best farmer of the year would now be annual event henceforth.

While imploring all eligible participating financial institutions in Edo state to embrace the scheme as a viable channel to boost food security in the country, Davis also urged them to support the revenue diversification drive of the Federal Government of Nigeria.

“For the Awardees Financial institutions, we congratulate you for boosting credit in the Agricultural sector and your relentless efforts in supporting the CBN drive to ensure growth in our national food production.