CBN Group Suspends All Loans To NIRSAL As Corruptio

 

The Central Bank of Nigeria has halted all further disbursements to the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Peoples Gazette can report, amidst widespread allegations of corruption.

The agency’s flagship Anchor Borrowers’ Programme and its chief executive Aliyu Abdulhameed have been rocked by charges of endemic graft in recent months, with multiple officials plugged-in about the crisis telling The Gazette that Mr Abdulhameed has all but run down the flagship commercial agriculture scheme.

The CBN’s suspension of further loans to NIRSAL below Mr Abdulhameed changed into contained in a March 10 correspondence that referenced a February 24 meeting wherein the choice turned into taken for an immediate pause on all loans. The memo stated the selection might simplest be rescinded in the end first-rate loans out of NIRSAL had been resolved.

NIRSAL became also asked to publish month-to-month reviews on its activities to CBN, a selection that indicated a retraction of CBN’s self belief lengthy enjoyed via the credit risk managers.

Officials stated the action became a prime blow to Mr Abdulhameed, even though it would additionally go away a few farmers stranded due to the fact that NIRSAL would not have any mortgage to disburse or plunder.

“We know it's far awful for the Anchor Borrowers’ Programme, however as a minimum we know that there could be no money to scouse borrow similarly,” an reliable stated beneath anonymity because of his contemporary appointment under the Buhari administration. “The CBN’s action is a welcomed development due to the fact NIRSAL has been exposed to loads of awful debts due to its focus on corruption instead of productiveness and improvement of the agric value chain.”