The management of the Rivers State Microfinance Agency (RIMA) has given loan defaulters a one-month ultimatum to repay their debts or face legal action.
Managing Director of RIMA, Onene Osila Obele-Oshoko, disclosed this in an exclusive interview with our correspondent, Monica Ogwa. She lamented that many beneficiaries are still holding on to over one billion naira of taxpayers’ money despite being given a six-month grace period.
Mrs. Obele-Oshoko warned that the agency would be left with no choice but to deploy all legal means to recover the funds in order to recycle them for other business operators. She further condemned misconceptions in some quarters that the loans were social grants not meant to be repaid.
Our correspondent reports that RIMA disbursed a total of 1.4 billion naira to more than 2,000 business operators in Rivers State, out of which about 500 million naira has so far been recovered.
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