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

Atiku Slams Tinubu Over U-turn On Pardon For Convicts

Published

10 hours ago

October 29, 2025

Editor

The former Vice President, Atiku Abubakar, on Wednesday berated President Bola Tinubu’s administration’s reversal of the presidential pardon list, describing the move as “an act of shame, not wisdom.”

In a statement signed by his aide, Phrank Shaibu, Atiku accused the administration of lacking foresight and moral consistency, following Tinubu’s decision to revoke the earlier pardon granted to Sanda and several other convicts.

“Once again, Nigerians have witnessed a government that doesn’t lead — it reacts,” Atiku said.

“President Bola Tinubu has ‘cancelled’ his own pardon for drug traffickers, kidnappers, and other hardened criminals — but only after Nigerians shouted loud enough to wake him from his moral slumber.

“Let’s be clear: this U-turn is not an act of wisdom, it’s an act of shame.”

He questioned the process that led to the initial inclusion of many convicts on the list, demanding transparency from the presidency.

“Who compiled the list of beneficiaries? What criteria justified freeing kidnappers and drug offenders? Where was the Attorney-General when this absurdity was cooked up? And why does this government only ‘discover its conscience’ after Nigerians express outrage?” Atiku asked.

Describing the pardon saga as “a national embarrassment,” he added that the presidency’s frequent reversals on policy decisions showed Nigeria was being “governed without foresight, without empathy, and without shame.”

“If the President truly means well, let him publish the list of all those who were meant to benefit from this scandal. Until then, this cancellation is nothing but damage control — too little, too late,” he said.

The remarks came amid widespread reactions trailing Tinubu’s revocation of the earlier pardon granted to Sanda, who was sentenced to death in 2020 for murdering her husband, Bilyaminu Bello.

While the Labour Party commended the president for bowing to public pressure, the New Nigerian Peoples Party faulted the administration’s inconsistency.

NNPP spokesperson, Ladipo Johnson, said, “It is disgraceful that the President of the Federal Republic of Nigeria will announce pardons and then the presidency will say they want to vet and go over the things again.

“Given public opinion, it’s not a surprise that they have reversed it, but it just shows that the presidency needs to get its act together.”

However, Labour Party interim National Publicity Secretary, Tony Akeni, commended Tinubu’s decision to listen to public sentiment, saying, “What Tinubu has demonstrated is that he listened to the people of Nigeria. We commend him for that.”

He urged the president to extend such responsiveness to “issues that affect Nigerians,” including the nation’s debt profile and policies that “promote hunger and hardship.”

Tinubu’s reversal, announced through an official gazette by his Special Adviser on Information and Strategy, Bayo Onanuga, commuted Sanda’s death sentence to 12 years imprisonment, factoring in the six years and eight months already served.

The U-turn followed a wave of public outrage that trailed the initial pardon.

News

Edo Deputy Gov Raises Concern Over Documentation On Radisson Hotel

Published

12 hours ago

October 29, 2025

Editor

Edo State deputy governor, Hon. Dennis Idahosa, on Wednesday expressed worry over the clarity of documentation surrounding Radisson Hotel, Benin City,
project’s acquisition and the roles of previous vendors and consultants.

In a statement, his Chief Press Secretary, Chief Press Secretary, Mr Friday Aghedo said the deputy governor spoke when he led a government delegation on an inspection tour of the five-storey luxury hotel.

Idahosa, who expressed dismay over certain lapses observed during the visit, however, appealed for calm among stakeholders and residents, urging patience as the state awaits the outcome of the legislative probe.

The governor said that Governor Monday Okpebholo had forwarded relevant documents to the Edo State House of Assembly for investigation into the acquisition process.

“Once the House concludes its findings, we will act accordingly to ensure transparency and accountability,” he assured.

Frustrated by what he described as “vague answers” from contractors about the project’s completion timeline, Idahosa pressed for clarity on when the hotel would finally be
opened to the public.

“Edo people deserve to know when this investment will start yielding value,” he stated.

He, nonetheless, tasked workers at the construction site to ensure strict adherence to safety and environmental standards.

He said the warning became necessary in order to avoid casualties at the site of the flagship hospitality project expected to redefine the state’s tourism and entertainment landscape.

He also challenged the contractors to ensure the best standard and quality materials are used for the project.

He emphasized that the state government’s intention was not to witch-hunt the contractors but to ensure the project meets both Radisson’s global benchmarks and the Edo State Government’s quality standards.

He reaffirmed that government agencies would maintain close oversight to ensure full compliance with building, safety, and environmental regulations.

“We will not compromise on standards. Radisson Benin must meet the expectations of the brand and the people of Edo State.

“Our goal is simple, Edo State deserves the best,” Idahosa declared. “We want a facility that will attract visitors from around the world and make our state the hospitality hub of Nigeria,” he stated.

During the visit, the deputy governor conducted an on-the-spot SWOT analysis of the project, examining facilities such as the water reservoir, power plant, and sample rooms.

Also speaking during the inspection, Mr. Igabali Darlington Imoesili, Managing Director of the Edo State Development and Building Control Agency, flagged inconsistencies in the facility’s documentation, including conflicting figures on the number of rooms and deviations from approved plans.

“We have records indicating 170 rooms, the site engineer says 169, and the project manager says 178. These discrepancies raise serious concerns,” Imoesili noted.

He added that his office would demand all approved documents for verification.

The hotel’s resident architect, Olumide Taiwo, who conducted the team around the site, assured the delegation that the firm was working closely with the Radisson brand to maintain its global quality and safety standards.

News

Reviewed List Of Presidential Pardon Recipients

Published

12 hours ago

October 29, 2025

Editor

President Bola Tinubu has approved a revised list of convicts granted clemency under the Instrument of Presidential Prerogative of Mercy, 2025.

This is as the Presidency announced a review of the pardon list following widespread criticism.

The list, dated October 21, 2025 and personally signed by the President, contains 86 names of inmates across various correctional facilities nationwide, whose sentences were reduced or commuted under Section 175 of the 1999 Constitution (as amended).

The document, sighted by PUNCH Online, titled “Reduced Terms of Imprisonment and Sentence, 2025,” shows that several inmates convicted for offences ranging from manslaughter, culpable homicide, drug trafficking, illegal possession of firearms, conspiracy, and unlawful mining were granted reduced sentences.

They include:

Homicide and Manslaughter Cases

•Yusuf Owolabi (36) – Convicted of manslaughter in 2015 and sentenced to life imprisonment at the Maximum Security Custodial Centre, Kirikiri. Now to serve 15 years based on “educational improvement, remorsefulness and acquisition of vocational skills.”
•Ifeanyi Eze (33) – Life sentence for manslaughter (2021), now to serve 15 years.
•Maryam Sanda (37) – Convicted for culpable homicide (2020) and sentenced to death by hanging. Her sentence commuted to 12 years based on “compassionate grounds, the best interest of her children, good conduct and remorsefulness.”
•Markus Yusuf (41) – Culpable homicide (2023), 13-year sentence reduced to 8 years due to ill health.
•Alhaji Abubakar Tanko (61) – Culpable homicide (2018), 30-year term reduced to 20 years.

Drug and Narcotics Offences

•Patrick Mensah (40) – Drugs (2015), 17 years reduced to 13 years.
•Obi Edwin Chukwu (43), Tunde Balogun (32), Lima Pereira Erick Diego (27), Uchegbu Emeka Michael (37), Salawu Adebayo Samsudeen (46), and Napolo (61) were all convicted for drug trafficking between 2015–2017.

“Sentences of 15 years reduced to 12 years each based on “remorsefulness and vocational skill acquisition.”

Financial and Fraud-related Offences

•Mustapha Ahmed (46) – Criminal breach of trust; 7-year sentence cut to 5 years.
•Innocent Brown Idiong (60) – Possession of Indian hemp; 10-year term reduced to 6 years.
•Inibong Imayen Nuikidem (46) – Obtaining money by false pretence; 7 years cut to 5 years.
•Buka Adamu (40) – Advance fee fraud; 20 years reduced to 9 years.
•Ada Audu (72) – Fraud; 7-year mandatory imprisonment cut to 4 years.
•Chief Jonathan Alatoru (66), Umannah Ekatte (70), Utom Thompson Udoaka (60) – Granted reduced terms for age, remorsefulness and good conduct.

Firearms and Related Offences

•Abubakar Mamman (38) – Possession of AK-47 rifle (2020); 10-year sentence cut to 7 years.
•Muhammed Bello Musa (35) – Possession of firearms; 10 years reduced to 7 years.
•Nnamdi Anene (67) – Illegal dealing in firearms; life sentence commuted to 20 years.
•Alhaji Ibrahim Hameed (71) – Illegal property possession; 7 years reduced to 5 years.

Maritime and Conspiracy Offences

•Bright Agbedeyi (46), Babangida Saliu (35), Jude Saka Ebaragha (44), Frank Insort Abaka (46), Sluna Alolo (42), David Akinseye (39), Ahmed Toyin (46), Shobajo Saheed (57), Adamole Philip (52), and Mathew Masi (39) were all convicted for conspiracy to hijack fishing vessels in 2020. Their 12-year sentences were reduced to eight years with N1m fines waived “based on remorsefulness and impecuniosity.”

Unlawful Mining Offenders

A total of at least 45 inmates across the Medium Security Custodial Centre, Agodi, Oyo State, were convicted in January 2024 for unlawful mining.

Each was sentenced to three years, now reduced to two years, “based on remorsefulness, good conduct and a letter of undertaking dated April 22, 2025,” reportedly facilitated by Senator Ikra Aliyu Bilbis for their rehabilitation and empowerment after release.

The list includes:
Yusuf Alhassan, Abdullahi Isah, Zayanu Bello, Habeeb Suleman, Jubria Sahabi, Shefiu Umar, Seidu Abubakar, Haruna Abubakar, Rabiu Seidu, Macha Kuru, Zahradeen Aminu, Nazipi Musa, Abdullahi Musa, Habibu Safiu, Husseni Sani, Musa Lawali, Suleiman Lawale, Yusuf Iliyasu, Sabiyu Aliyu, Halliru Sani, Shittu Aliyu, Sanusi Aminu, Isaaka Adamu, Mamman Ibrahim, Shaibu Abdullahi, Sanusi Adamu, Sadi Musa, and Haruna Isah, among others.

Presidential Approval and Legal Backing

The document cites Section 175 of the 1999 Constitution, which empowers the President to “grant any person concerned with or convicted of any offence in Nigeria a pardon, either free or subject to lawful conditions.”

It was formally titled: “S.I. No. 79 of 2025: Instrument of Presidential Prerogative of Mercy (Reduced Terms of Imprisonment and Sentence).”
(PUNCH)