Agribank takes farms to auction

24 Jul 2018

Two Agribank-financed farms will be auctioned on Friday, 27 July 2018. Both farms are in Otjozondjupa region and have already been advertised in local newspapers. The auctions follow hot on the heels of an announcement by the Bank that it had moved from a soft to a hard collections approach. Commented Sakaria Nghikembua, Agribank's chief executive officer "This is a last resort for us. There is no other option but to execute on the auction. The only thing that can stop the process now is payment of the arrears by the clients before the auction date. In the absence of that, the process will go through to the end".

Nghikembua added that these two auctions should not be seen in isolation but as part of an ongoing series. He emphasised that if clients persistently fail to honour their loan repayment commitments, the Bank will dutifully follow the same route. He added that the Bank had not only geared its internal structures to implement recovery strategies much faster than in the past but has also bolstered its collections efforts by recently adding new law firms to its legal collections panel.

Nghikembua once again appealed to clients to act before it is too late, saying "if a client waits until they are listed or until we have a judgement against them, it is too late. The best is to avoid these two situations by making repayment commitments and making every effort to honour such commitments".

Issued by:
Mr Sakaria Nghikembua
Chief Executive Officer

For enquiries, kindly contact the Marketing and Communication Division at:
Tel.: 061 2074332
Fax.: 061 2074206

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