News

N1.1trn Anchor Borrowers’ Loan Default: Tinubu Orders Security Agencies To Recover Cash Before Sept 18

Published

2 years ago

September 2, 2023

The ambitious Anchor Borrowers’ Loan Scheme floated by the Central Bank of Nigeria to make cash available for increased agricultural production in Nigeria has run into a glitch due to the inability of beneficiaries to repay the loan on maturity thereby holding up government funds and denying others from tapping into the scheme, Saturday Vanguard, has discovered.

Findings by the newspaper show that out of the N1.1 trillion disbursed by the CBN to the beneficiaries of the ABS since its inception, only a little above N546 billion has been repaid while a whopping balance of N577 billion remains unaccounted for.

The huge amount being held up by the borrowers, which Saturday Vanguard, understands, includes commercial and microfinance banks, state governments, farmers’ associations, individuals and corporate entities, is said to have angered the Presidency, which feels that the aim of the programme might be derailed, if the huge cash is not immediately retrieved from the debtors.

According to competent sources, who spoke to Vanguard, President Bola Tinubu, who had been briefed severally on the situation, is upset that such amount of money, which could give succor to other farmers, is being withheld by some of the beneficiaries.

One of the security agencies told our correspondent that the President had summoned top security agencies in the country to take all necessary measures to recover the huge amount of government money from the defaulters on or before September 18, 2023 so as to make the cash available to genuine farmers who want safe loans for more food production.

Vanguard learnt that at a meeting with security agencies in Abuja, the president was very upset when he was told that one of the CBN’s subsidiaries was among the defaulting banks, holding up vital cash that was meant for farmers to improve their production and ensure food security in the country.

At the meeting, said to have taken place at the Presidential Villa earlier in the day, the president was told that a subsidiary of the CBN and a commercial bank in the country, had diverted N255 million which they were supposed to give out to farmers and others in dire need of loans to improve their production.

At the same time, the apex bank’s subsidiary and a commercial bank in the country which acted as intermediaries between the borrowers and the CBN, are reported to have fraudulently diverted the sum of N255 million, which they secured from the lender but refused to disburse to the borrowers or return to the CBN.

Some of the beneficiaries, Vanguard learnt, refused to refund the loan as and when due, claiming that they did not make serious returns on their investments and needed more time to be able to pay back to the apex bank, not minding the terms of the deal they had earlier signed.

A top security official told Vanguard on condition of anonymity that many banks’ directors and managers had already been interrogated on the huge loans saga and that many of them had admitted to securing the said loans and the alleged breaches regarding the repayment.

“I can tell you authoritatively that we have written to all the defaulters and many bank officials have confessed of their role in the huge loan scandal and they are willing to take necessary steps to pay back the loans,” a source familiar with the development, told Vanguard.

“We have also written to all the debtors and some of the banks, whose top managers we have already summoned and grilled, have assured us that they will refund the cash outstanding in their names on or before the September 18 deadline,” the source added.

Some of the farmers’ groups which took part in the Anchor Borrowers’ Programme, an ambitious CBN programme to promote agricultural production, include Maize Farmers’ Association, Soya beans and Cotton Farmers’ Association.

However, findings showed that while the Maize Producers Association took a loan of N39 billion from the CBN under the ABP, it has been able to refund a total of N23 billion while Cotton farmers took a loan of N14 billion and has been able to refund N5 billion so far.

But contacted most of the spokesmen for the security agencies in Abuja declined to speak on the presidential order for them to recover the money and return it to the CBN.

Although the Spokesman for the DSS, Dr. Peter Afunanya, declined to comment on the matter, he said however that there was nothing unusual for the president to order security agencies to act in national security matters.

News

From ‘Tiro’ to Concord: Inside Doyin Abiola’s Fearless Media Journey

Published

1 hour ago

August 6, 2025

Editor

Dr. Doyin Abiola was a trailblazing figure in Nigerian journalism, breaking new ground as the first woman to edit and lead a national daily newspaper, serving as Managing Director and Editor-in-Chief of National Concord.

Her remarkable career shattered gender barriers and left an enduring legacy in the media industry.

Spanning over three decades, her work championed democratic ideals, challenged societal norms, and inspired generations of journalists.

Through her bold leadership and fearless voice, she transformed Nigerian media and mentored countless professionals.

Below are eight astonishing facts about her.

First Female Editor in Nigeria: Dr. Doyin Abiola became the first Nigerian woman to edit a national daily newspaper, taking on the role at The National Concord in 1980. By 1986, she had become the first woman to serve as Managing Director and Editor-in-Chief of a Nigerian daily.

Fearless Columnist: Starting her career in 1969 at Daily Sketch, Abiola wrote the influential “Tiro” column, addressing critical social and gender issues, establishing herself as a bold voice in Nigerian journalism.

Academic Excellence: She graduated from the University of Ibadan in 1969 with a degree in English and Drama, later earning a master’s in Journalism and a PhD in Communications and Political Science from New York University in 1979.

Three-Decade Media Career: Abiola’s over 30-year tenure at National Concord saw her rise from editor to Managing Director, guiding the newspaper through challenging times and cementing its status as a leading Nigerian media outlet.

Advocate for Democracy: As the widow of Chief Moshood Abiola, the winner of the annulled 1993 presidential election, she used her platform at National Concord to champion democratic ideals and resist political oppression.

Prestigious Awards: Abiola received the Diamond Award for Media Excellence Lifetime Achievement Award, becoming only the second woman to earn this honor, and was granted an Eisenhower Fellowship in 1986 for her journalism contributions.

Media Industry Leadership: She shaped Nigeria’s media landscape as Chairperson of the inaugural Nigerian Media Merit Award’s Nominating Panel and as a member of the Advisory Council for Ogun State University’s Faculty of Social and Management Sciences.

Mentorship Legacy: Working with journalism icons like Stanley Macebuh, Dele Giwa, and Amma Ogan at Daily Times, Abiola mentored numerous journalists, leaving a lasting impact through her editorial leadership and commitment to excellence.
(PUNCH)

News

Falana Slams South-West Governors, Criticises Makinde’s N63bn Renovation

Published

1 hour ago

August 6, 2025

Editor

The popular human rights lawyer, Femi Falana, SAN, on Wednesday, decried failed governance and sheer infrastructural decay in the South-West saying that the governors has not done enough to tackle the challenge of poverty fail to prioritise selfless service.

Falana regretted that unlike in the days of the late sage, Chief Obafemi Awolowo when the politics was in the hand of the intellectuals, “politics is now in the hands of criminals and touts who bother less about investing in the economic prosperity of the country and the well-being of the citizens.”

The legal luminary also faulted Oyo State governor, Seyi Makinde’s decision to spend N63bn on the rehabilitation of the government house, describing it as unnecessary and reckless spending of public funds that should have been put into better use to uplift infrastructural development in the state.

Falana disclosed this on Wednesday, while making his submission as member of panels during the 2025 National Conference of Egbe Amofin Odua held in Abeokuta with the theme “Regional Justice, Security and Sustainable Development”.

Other members of the panel were Dr Wahab Shittu, SAN, Mrs Titilayo Akinlawon, SAN, Chief Olumuyiwa Akinboro, SAN and Mr Kayode Akinremi, Chairman, Nigeria Bar Association, Abeokuta branch.

The human rights lawyer noted that the South-West region may continue in its journey of retrogression except the the political leaders both at the state and the local government stay honest to the people and make good governance and service to the people their focus.

Falana explained that, “We are always quick to shout about the misappropriation and reckless spending of public funds in Abuja but in Lagos after spending N45bn to procure Jeeps (utility vehicles) in the first four years, the state House of Assembly is planning to spend another N20bn on purchase of jeeps yet the people are wallowing in poverty.

“Ikorodu has been submerged in the last three days, if it were to be abroad, they will be using the helicopter to go and drop food for the victims but what is being done for the people? Nothing.

“Similarly, the governor of Oyo State who comes to work from his house now want to rehabilitate the government house with N63bn, the amount that is enough to provide good roads and electricity for the state.

“The education is in bad shape, there is no South-West states today that is up to date in accessing the UBEC fund. There are 18.3m out of school children including children from the South-West.

“Today, the roads in the Southwest are terrible, infrastructurally we are not there unfortunately when they now want to flag off road that they will not even complete, you will see them making so much noise, doing ceremony, there is need for a rethink.”

The lawyer also lamented that touts have now taken over South-West states due to growing poverty saying that the sad narrative is the Same from Lagos to Ogun, Oyo to Osun and Ondo to Ekiti, warning that there is need for the government to begin to make judicious use of the resources at their disposal to make life more comfortable and rewarding for the populace.

He explained that, “Area boys, touts have taken over the South-West states. The area boys in Ekiti seem to be wild than the ones in Lagos, they are there from Lagos to Abeokuta and everywhere, even in the rural areas.

“Our children are no longer going to school. You can’t buy a piece of land now and enjoy peaceful possession. As you are laying foundation, you will see them, when you want to roof the building, you will see them again Go and look at the results of WAEC now, two years ago, Ekiti came 28, one year Oyo and Oshun came 28 and 27, what is happening to us in the Southwest.

“Our children now run to miracles center, the children are not going to schools again, only children of the privileged few are going to school because of poverty yet the common wealth of our region is being privatized right before our very eyes”

Falana urged lawyers to stand up to making our political leaders accountable to the people even if they will have to drag them before the court of law

He disclosed that “For the 2025 budget, Senators and members of House of Representatives inserted 11000 constituency projects valued at N6.9trn, as lawyers you must do more than sitting and watching, ask these lawmakers where the projects are cited and if they are not giving any satisfactory answers, take them to court”.

Giving his keynote address, former Minister of Justice and Attorney General of the federation, Chief Akin Olujinmi, SAN, urged the lawyers to continue to uphold rule of law and advance the course of justice, fairness and equity in the region.

Olujinmi said that the association must constantly in all its engagements and activities draw attention of the governments to the obligation on them to observe the rule of law and the constitution because obeisance to the rule of law is key to regional justice, security and sustainable development.

As way out of the trouble of insecurity in the region, the former Minister hailed the late governor of Ondo State, Arakunrin Rotimi Akeredolu, who against all odds and opposition established the Amotekun Corps that has helped to curb the growing insecurity in the Southwest

Olujinmi has therefore identified the need for an effective collaboration among the six Southwestern

States to increase the empowerment and capacity of the Amotekun Corps across the region to further deal decisive blow to those hurting the region’s security architecture

The former Minister added that, “The governments of the region should regularly engage closely with the people to appreciate their specific needs and provide for them instead of embarking on programmes of development that are not of any immediate relevance to the needs of the communities.

“The region is blessed with fertile land and active

human capital which can be harnessed for the development of the region. The governments of the six States need to tackle youth

unemployment with a robust commitment. All these are necessary for sustainable development in the region.”

The President of the association, Mr Isiaka Olagunju SAN, urged the members of the association to help in protecting the heritage which purely belongs to the Yoruba people.

Olagunju said that it is unfortunate and regrettable that some section of the country will be describing Lagos as no man’s land saying that there is need for the members of the association who are only Yoruba to always stand up and be counted to defend wrong narratives and twisting of the cherished Yoruba rich history.

Also speaking at the programme, the leader of Oodua Peoples Congress, Chief Gani Adams explained that only restructuring and practice of true federalism can help to resolve lots of issues especially around insecurity and economic prosperity of not only the Southwest region but the entire country.

The Chairman, Planning Committee of the annual conference, Mr Olusegun Fabunmi, SAN, said that the association will critically examine all that have been discussed at the conference and then set up committee to ensure that the recommendations especially those that bother on insecurity and economic integration are pushed to the government for implementation.

News

Credicorp: NYSC Unveils N200,000 Loan Scheme For Corps Members

Published

2 hours ago

August 6, 2025

Editor

The Nigerian Consumer Credit Corporation has unveiled a new initiative to empower corps members with access to single-digit interest loans of up to N200,000 under a programme dubbed “YouthCred.”

The scheme officially kicked off on Wednesday in Abuja with the signing of a Memorandum of Understanding between Credicorp and the National Youth Service Corps.

Speaking at the ceremony, the Managing Director/CEO of Credicorp, Uzoma Nwagba, disclosed that N9bn has been earmarked for the first phase of the programme, targeting NYSC members nationwide.

He explained that the initiative goes beyond credit access, aiming to instill responsible borrowing habits and financial planning among young Nigerians.

He said the programme is part of President Bola Tinubu’s consumer credit drive announced during his Democracy Day address on June 12.

“The heart of YouthCred is actually not just credit, but credit orientation that is teaching young Nigerians, especially as they are coming into the workforce, teaching them good credit habits, teaching them how to build a credit history, teaching them how to plan financially and borrow responsibly, and then ultimately also giving them credits that enables them to access goods and services,” he said.

Eligible corps members will be required to complete a brief digital credit education course before they can access the loans.

Those who repay promptly can gradually qualify for higher amounts, up to the N200,000 cap.

The loans are expected to support a variety of needs including relocation, acquisition of work tools and devices, skills training or small-scale business funding.

Nwagba emphasised the strategic importance of the NYSC scheme to national development, describing it as a “national gold mine for credit reorientation.”

“Our first target for this is N9 billion. But like I said in the signing ceremony, the loans will grow, and the amounts will grow as the programme continues to gain adoption,” he added.

He urged beneficiaries to embrace the opportunity with discipline, stressing that repayment is vital to sustaining and expanding the scheme.

In his remarks, the Director-General of the NYSC, Brigadier General Yusha’u Ahmed, who was represented by Brigadier General Olakunle Nafiu, hailed the initiative as “epoch-making,” praising Tinubu for prioritising Nigerian youths.

The DG assured Credicorp of NYSC’s full cooperation, including the integration of credit education modules into orientation and training programmes.

He added that the programme would not only empower corps members during service but also prepare them for life afterward, creating a generation of financially literate, credit-worthy, and business-minded Nigerians.

He stated, “I am glad and I want to thank the MD/CEO of CrediCorps and his staff for this initiative and partnership. I particularly would like to appreciate His Excellency, Mr President, for having the Nigerian youths at heart and driving this initiative.

“It shows that Mr President is committed to this, and he’s passionate about this. We are glad that we are recognised at that level.”