News in brief:
– Former NIRSAL Managing Director Aliyu Abdlhameed has been arrested on scam allegations related to a â¦5.6 billion wheat project in Kano and Jigawa States.
-Â His arrest follows accusations of funds misappropriation and diversion in collusion with three investor companies, triggering a broader investigation into the CBN and related entities’ activities in the agricultural sector.
Former Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Managing Director Aliyu Abdlhameed has been reportedly arrested nearly a year after his dismissal.
The arrest stems from allegations of corruption surrounding a 2018 â¦5.6 billion wheat project intended for farmers in Kano and Jigawa States.
NIRSAL is a $500 million non-bank financial institution established by the Central Bank of Nigeria (CBN) and it is tasked with managing agribusiness-related credit risks in the country.
Abdlhameed’s removal from office followed accusations of misappropriating funds meant for the wheat project. Investigations revealed that a multi-billion-naira loan guaranteed by the institution for three investor companies tasked with cultivating 20,000 hectares of dry season wheat in Kano and Jigawa States, was allegedly diverted by the companies in collusion with NIRSAL officials.
Farmers in the affected communities expressed their disappointment and stated that they were promised fertiliser and other inputs but never received them. Despite the allegations, both Abdlhameed and the three investor companies denied any wrongdoing.
President Bola Tinubu in September 2023, appointed a special investigator to probe the activities of the CBN and related entities, which triggered a renewed focus on the NIRSAL and the CBN’s Anchor Borrowers’ Programme. They had been the subject of investigations over the years.
Subsequently, Abdlhameed’s arrest followed a five-month manhunt by a joint team of the Department of State Services, the Nigeria Police Force, and the special investigator. He was apprehended last week at the premises of a federal government’s revenue-generating agency in Abuja. He was allegedly lobbying for a reappointment.
Overall, Abdlhameed’s arrest marks a significant step in addressing allegations of corruption and mismanagement within the agricultural sector. The special investigator’s ongoing probe is expected to shed further light on the extent of the irregularities and hold those responsible accountable.
