CBN Suspends Loans To NIRSAL: Anchor Borrower & AGMEASIS Affected
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CBN Suspends All Loans To NIRSAL MFB: Anchor Borrowers & AGMEASIS Affected
CBN Suspends Loans To NIRSAL: Anchor Borrower & AGMEASIS Affected: The Central Bank of Nigeria stopped dishing out Federal Government loans to NIRSAL Agricultural Lending on Account of gross misconduct, mismanagement, and corruption
• The memo said the decision would only be rescinded after all outstanding loans out of NIRSAL have been resolved.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 CBN, 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 Mr. Abdulhameed, although it would also leave some farmers stranded since NIRSAL would no longer have any loan to disburse or plunder.
• 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
• Mr. Abdulhameed has all but run down the flagship commercial agriculture scheme.
• The CBN’s suspension of further loans to NIRSAL under Mr. 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.
“We realize it is bad for the Anchor Borrowers’ Programme, but a minimum of we all know that there’ll be no money to steal further,” a politician said under anonymity because of his current appointment under the Buhari administration.
“The CBN’s action may be a welcomed development because NIRSAL has been exposed to tons of bad debts thanks to its specialize in corruption instead of productivity and development of the agric value chain.