Defaulters of the Anchor Borrowers Program loan have been issued a notice to pay up.

In a statement, the Nirsal Microfinance Bank says seven defaulters are owing about N5.7bn in unpaid facilities and have been issued final demand notice.

The Anchor Borrowers Program is an Agric financing and support scheme initiated by the Central Bank of Nigeria to boost local production of commodities such as rice, maize, cocoa, and 20 other commodities.

The Anchor Borrowers’ Program was introduced in 2016 to increase food production, and reverse forex loss from importation with over one trillion naira disbursed so far.