THE Agricultural Bank of Namibia has cancelled the sale of two farms that was scheduled for today.
The cancellation follows the Agribank’s announcement on Tuesday that it was auctioning two farms it had financed in the Otjozondjupa region after adopting a ‘hard’ debt collecting approach against defaulters who owe the institution N$500 million collectively.
The bank’s chief executive officer, Sakaria Nghikembua, confirmed to The Namibian today that both clients have settled their arrears, which means it was no longer necessary to proceed with the auctions. “We thank the two clients for acting swiftly,” he said.
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