According to BU$I₦£$$ DIG£$T this morning, April 13, 2021
CBN SUSPENDS LOANS TO NIRSAL FOR ANCHOR BORROWERS SCHEME
The Central Bank of Nigeria (CBN) has suspended all loans to the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) amidst widespread allegations of corruption. This announcement was made last week.
The agency’s flagship Anchor Borrowers’ Programme and its Chief Executive, Aliyu Abdulhameed, have been rocked by charges of endemic graft in recent months.
The CBN’s suspension of further loans to NIRSAL under Abdulhameed was contained in a March 10 correspondence that referenced a February 24 meeting in which the decision was taken for an immediate pause on all loans.
The memo said the decision would only be rescinded after all outstanding loans out of NIRSAL have been resolved.
NIRSAL was also asked to submit monthly reports on its activities to the apex bank, a decision that indicated a retraction of CBN’s confidence long enjoyed by the credit risk managers.
Officials said the action was a major blow to Abdulhameed, although it would also leave some farmers stranded since NIRSAL would no longer have any loan to disburse or plunder.
“We know it is bad for the Anchor Borrowers’ Programme, but at least we know that there will be no money to steal further. The CBN’s action is a welcome development because NIRSAL has been exposed to a lot of bad debts due to its focus on corruption rather than productivity and development of the agric value chain,” an official said under anonymity.
Another insider sources said, this action by the CBN should have come more than a year before now as there have been alot of fraudulent allegations against NIRSAL Management of the Anchor Borrowers Scheme.
These and many more are part of what will further worsen the state of the Economy.
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Dr. Emmanuel Idenyi Shaibu
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The Millennium Entrepreneur
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