Connect with us


NEWS

NIRSAL Debunks Corruption Allegation Over Handling Of ABP, Threatens Litigation

Published

on

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending has debunked reports that the Central Bank of Nigeria has suspended further disbursements to the agency over allegations of corruption in its handling of the Federal Government’s Anchor Borrower’s Programme.
An online newspaper, The Gazette, had claimed that the agency’s “flagship Anchor Borrowers’ Programme” and its Chief Executive, Aliyu Abdulhameed, had been enmeshed in endemic graft, which has all but run down the commercial agriculture scheme.
The publication had cited a March 10, 2021 memo from the CBN, which referred to a February 24 meeting in which the decision was taken to suspend further loans for the scheme.
But NIRSAL says not only are the claims erroneous, the publication also betrayed the writer’s lack of understanding of the relationship between the agency and the CBN, and operations of the Anchor Borrower’s Scheme.
It said: “In their desperation to throw mud, a routine communication between CBN and NIRSAL Plc to activate a workable loan repayment/recovery agreement with Anchor Borrowers’ Programme (ABP) farmers was transformed into a ‘corruption scandal’ allegedly perpetrated by NIRSAL Plc’s leadership.
“The report is not only lacking in credibility but is also totally ridiculous when clear facts and contexts are considered.”
NIRSAL Plc, it says, is a wholly-owned investee company of the CBN, incorporated with the main mandate to de-risk agriculture and facilitate agribusiness.
Being the sole owner of NIRSAL, the CBN has the right to assign to it other tasks that are related to its core mandates such as issuance of credit risk guarantees to banks and investors for agriculture and agribusiness projects, technical assistance to project owners and financiers, rating and incentivising actors in the agricultural value chain and agricultural finance market place, among others.
Apart from its core mandate of credit risk guarantee operations, it can also serve as a Participating Financial Institution in the CBN’s Anchor Borrowers’ Programme through which the CBN provides loans to farmers on very concessional terms.
It debunked as fallacy the assumption that NIRSAL is synonymous with the Anchor Borrower’s Programme, as it is just one of the many Participating Financial Institutions involved in the programme.
It explained: “Contrary to the impression given in these false reports, NIRSAL Plc is one of several Participating Financial Institutions (PFIs), not the only one involved in the ABP. In fact, the scheme was launched in 2015 (two years before NIRSAL Plc’s involvement) by President Muhammadu Buhari to create a linkage between anchor companies involved in the processing of agricultural produce and smallholder farmers of the said produce. The idea that ABP is solely operated by NIRSAL Plc is completely ludicrous and incompatible with the facts.”
“The roles of NIRSAL as an agricultural organization is to organize farmers, register them and present them to the CBN for consideration as borrowers for its agricultural loans after due diligence and credit checks to ensure their creditworthiness. The CBN creates these loans directly in the names of the farmers and the farmers’ bank accounts are credited with the loans accordingly.
“All funds disbursed by the CBN under the ABP are accountable down to the level of the farmer and his farm, including the farmer’s biometrics, home address, telephone number, bank account number, BVN, photograph, farm location, current loan status, and so on.
“NIRSAL Plc, together with field officers (DFOs) of the Development Finance Department (DFD) of the CBN, monitor these farmers to ensure proper loan utilization throughout their growing cycle.
“At harvest, farmers are expected to pay back their loans in cash or kind or both.
“Where farmers cannot pay back over the tenor of their loan facility, the CBN in most cases provides these farmers additional time to enable them to pay back.
“Where farmers refuse to pay back, the CBN rightly suspends further loan disbursements to these farmers, gives them forbearance to pay back in return for re-consideration to re-join the programme through the PFI that organized them in the first place.
“It is this ordinary, internal, day-to-day programme management and administrative communication between two related institutions that these unscrupulous online media platforms have illegally acquired and made an issue of ‘corruption scandal against NIRSAL Plc and its Management’.”
It insisted that in line with global standards in credit management and for the proper management of schemes like the Anchor Borrower’s Programme, the CBN can suspend disbursement of its loans to those farmers, under any PFI window, where they (farmers) prove recalcitrant in repaying their loan obligations.
It said: “The CBN does this via the PFI window that presented these farmers for enrollment into the programme in the first place. This is the right step to protect the scheme and ensure that progress towards the attainment of its objectives is not compromised.
“Therefore, when accumulated loans are not paid, indebted farmers can be suspended from further accessing the facility until they repay their outstanding commitment.”
It said that contrary to the false stories bandied about by “some integrity-challenged journalists and their sponsors,” NIRSAL Plc could not have taken liberties with ABP funds because no such funds are under its absolute control, and NIRSAL itself is owned by the CBN, so its entire corporate accounts are operated in and within sight of the CBN as its own banker.
“Against this backdrop, the notion that a typical CBN internal administrative communication, to its own company, was tantamount to a sanction against NIRSAL PLC for ‘corruption’ is a deliberately misplaced, outright falsehood that is totally lacking in basic credibility,” said the Management.
The agency said it has a positive track record as a Participating Financial Institution in the CBN Anchor Borrowers’ Programme, which is characterised by quality performance and significant milestones, adding: “It is also an unimpeachable fact that our performance in loan management and loan repayment/recovery from farmers under the ABP, a process which is still ongoing as more farmers are harvesting and selling their produce, is a solid one that compares favourably with peers in the scheme.”
It also defended its Chief Executive: “Under the oversight and inspiration of Mr. Godwin Emefiele, the CBN Governor and board chairman of NIRSAL Plc, Mr. Abdulhameed, working with a competent and highly motivated team, has built NIRSAL Plc, from the ground up, into an effective high-profile institution that has facilitated over N120 billion of critical funding into key agricultural projects in the five short years of its corporate existence.
“This success seems to have become his albatross, fueling the anger of a cabal that is determined to rubbish the successes of the Buhari administration’s passionate focus on agriculture and agribusiness in their desperation to hound and destroy Mr. Abdulhameed.
“But we are not intimidated. We are confident that, like previous campaigns of falsehood against NIRSAL Plc’s leadership, this will also fail because our performance speaks for us and the truth will ultimately prevail.
“We will not allow falsehood and other invented distractions to stop us from doing justice to the credible work we are doing to boost Nigeria’s agriculture/agribusiness economy and the overall economy.”
NIRSAL demanded that the newspaper retracts its defamatory publication, failing which a legal process will be initiated against it.

BIG STORY

Speaker Obasa Celebrates Nigeria-China Strategic Partnership At China’s 76th Anniversary [PHOTOS]

Published

on

Speaker of the Lagos State House of Assembly, Rt. Hon. Dr. Mudashiru Ajayi Obasa, joined dignitaries across the Diplomatic Corps, Government, Corporate Nigeria, and Industries to celebrate the People’s Republic of China’s 76th anniversary at a colourful celebration held in the Grand Ballroom of the Oriental Hotel, Victoria Island, Lagos, on Monday, September 22.

In his keynote speech on the ‘Nigeria-China Comprehensive Strategic Partnership’, Speaker Obasa extended heartfelt congratulations to the government and people of China on the historic milestone and toasted to stronger ties between the two nations, which share October 1st as their Independence Day.

He traced Nigeria and China’s strong and enduring partnership to the establishment of diplomatic ties in 1971, and commended their treatment of each other as equals and with mutual respect. According to him, the relationship between the two countries has withstood the tumults of international changes, but mutual trust has been enhanced continuously while practical cooperation has yielded fruitful outcomes.

He cited a recent media report credited to the Consul General of China in Lagos, Yan Yuqing, who said that bilateral trade between China and Nigeria reached $15.48 billion between January and July 2025. The Speaker also referenced the renewal of a 15 billion Yuan ($2 billion) currency swap agreement, which is expected to strengthen cooperation and promote bilateral trade and investment between both countries, and streamline trade transactions by eliminating the need for US dollars as an intermediary currency.

Not forgetting also, the Speaker continued, the upgraded military partnership between the two countries, with China focusing on local arms production and military training as part of efforts to improve security in Nigeria and across Africa, which he said is already bearing fruit.

He linked these significant outcomes to the resolutions reached during President Bola Ahmed Tinubu’s State Visit in September 2024, to China and to attend the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC), principal of which is a Comprehensive Strategic Partnership which primary focus is to build a high-level China-Nigeria Community with a shared future, underpinned by strategic mutual trust and support for core interests, including sovereignty and territorial integrity.

“During the visit, President Xi Jinping and President Tinubu had a cordial and in-depth exchange on China-Nigeria relations as well as international and regional issues of mutual interest, Obasa recalled, adding, “The two Presidents agreed that both countries stood at a new historical starting point as significant representatives of major developing countries and emerging economies. And they resolved that their strengthened strategic cooperation will propel a new dynamic for China-Africa relations in the new era.”

Particularly, Speaker Obasa praised China’s support for the Renewed Hope Agenda of President Tinubu, which promotes economic development and improves people’s welfare, while maintaining national unity, social stability, security, and peace.

He also highlighted China’s contributions to infrastructure projects in Lagos, saying, “Lagos has witnessed remarkable growth through significant Chinese investments in the development of critical infrastructure such as roads, bridges, and rail systems, which have enhanced our economic landscape and enriched our societies.”

Obasa called for continued collaboration to address global challenges like climate change and economic inequality and expressed confidence in a shared prosperous future.

In her welcome address, Yuqing, the Chinese Consul General, said that the increase in trade volume reflected the growing strength of China-Nigeria relations, describing Nigeria as China’s second-largest trading partner in Africa. Yuqing corroborated Obasa’s declaration that the elevation of relations between both countries to a comprehensive strategic partnership at the 2024 Forum on China-Africa Cooperation (FOCAC) summit had created broader prospects for cooperation.

According to her, collaborations in infrastructure, energy resources, trade, culture, and education continue to deepen while bringing tangible benefits to the citizens of both nations. “Nigeria and China, guided by the principles of mutual respect and mutual benefit, and all-round cooperation, have yielded remarkable results,” she said.

Yuqing also commended the Chinese community in Nigeria for contributing to cultural exchanges, local development, and charity initiatives, urging them to remain bridge-builders in strengthening China-Nigeria friendship.

Continue Reading

BIG STORY

National Assembly Unseals Natasha’s Office

Published

on

The office of Senator Natasha Akpoti-Uduaghan, representing Kogi Central, has been reopened by the National Assembly after being sealed for over six months. The unlocking occurred on Tuesday morning, with the Sergeant-at-Arms of the National Assembly, supported by security operatives, officially removing the seal from her office located in Suite 2.05 of the Senate Wing. Sealed Since March Over Suspension The office had been sealed since March 6, 2025, following the senator’s suspension from the Red Chamber. A video shared on Tuesday captured the moment the Deputy Director of the Sergeant-at-Arms, Alabi Adedeji, removed the red tape from the door. “I, Alabi Adedeji, Deputy Director, Sergeant-at-Arms, hereby unseal the office. The office is hereby unsealed. Thank you,” he announced during the process. Senator Faced Senate Suspension Over Protest Senator Akpoti-Uduaghan had been suspended for six months in March after staging a protest against the reassignment of her seat by Senate President Godswill Akpabio during a plenary session on February 20. The Senate cited misconduct as grounds for the disciplinary action, barring her from all legislative activities Court Deems Suspension Unconstitutional Although the senator’s suspension officially lapsed in September 2025, she had yet to resume her legislative duties due to resistance from the Senate leadership and pending legal matters. On July 4, the Federal High Court in Abuja ruled the suspension as excessive and unconstitutional, providing a legal boost to her efforts to return to the chamber. Return to Office Still Uncertain Despite writing to the Senate to inform them of her readiness to resume, her request was reportedly turned down by the National Assembly. While the unsealing of her office suggests progress, it remains unclear whether she will be granted full access to the facility or allowed to participate in Senate proceedings. Plenary Resumption on October 7 May Bring Clarity As the Senate prepares to reconvene on October 7, it is still uncertain whether Senator Akpoti-Uduaghan will be able to return to her seat alongside her colleagues. A formal Senate resolution on her status is still pending.

Continue Reading

BIG STORY

K1 De Ultimate Inspires Wasiu Haruna Ishola L1’s Upcoming Album Masterpiece

Published

on

Fuji and Apala fans are in for a treat as contemporary Apala-Fuji star, Wasiu Haruna Ishola L1, prepares to release his highly anticipated double album, Masterpiece, in Lagos this November. Supported by Big Bodeyy Promotions, the launch is scheduled for the second week of the month.

The album offers two distinct listening experiences — one side rooted in Fuji rhythms and the other in pure, original Apala music — giving audiences a fresh yet authentic take on indigenous Nigerian sounds.

Popularly known as Lagunja 1, Wasiu Haruna Ishola is the son of late Apala legend Haruna Ishola Bello and brother to renowned musician Musiliu Babatunde Haruna Ishola. With Masterpiece, he both honours his lineage and recognises the influence of his mentor, Alhaji Wasiu Ayinde K1 De Ultimate, whose artistry helped shape his approach to music.

“This album is both a tribute to tradition and a bold step into the future,” Lagunja 1 said. “It is dedicated to my late father and to my mentor, Alhaji Wasiu Ayinde K1 De Ultimate, while embracing digital innovation.”

He stressed that Nigerian musicians must embrace global advancements to rejuvenate audience tastes:

“We have to explore more, acquire new knowledge and take advantage of the ever-evolving digital world,” he added.

With its seamless blend of heritage and modern artistry — and inspired by K1 De Ultimate’s groundbreaking style — Masterpiece is positioned to be one of the standout Nigerian music releases of the year.

Continue Reading


 

 


 

 

 

Join Us On Facebook

Most Popular