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

Okpebholo, Idahosa Bag UNIBEN Distinguished Service, Leadership Awards

Published

4 hours ago

October 7, 2025

Editor

Governor Monday Okpebholo of Edo and his deputy, Hon Dennis Idahosa have been awarded the University of Benin Distinguished Service and Leadership Awards, respectively, for their exemplary leadership styles since assumption of office on November 12, 2024.

The awards, which were conferred on them by the university’s Vice Chairman, Prof. Edoba Omoregie, is part of the activities lined up for the institution’s Faculty of Social Sciences golden jubilee celebration.

The deputy governor who received the awards said expressed delight for the recognition by the university as an alumnus.

“It is an honour to be part of this historic occasion marking the 50th anniversary of the Faculty of Social Sciences.

“For five decades, this faculty has produced outstanding scholars and change-makers who have contributed immensely to national and global development,” he said.

The deputy governor commended the faculty’s legacy of excellence, describing it as “a beacon of research, critical thinking, and civic engagement.”

He praised the university for its role in shaping generations of leaders who continue to influence public policy and nation-building.

Reflecting on the governor Okpebholo-led administration’s priorities, Idahosa reiterated the governor’s commitment to revitalising education in the state.

“The administration of Senator Monday Okpebholo is committed to strengthening the education sector, with a particular focus on inclusivity and infrastructure.

“We are determined to guarantee access to quality education for all, including children with special needs,” he stated.

Idahosa concluded with an appeal to students to steer clear of vices, particularly cultism, stressing that the government would deal decisively with anyone found engaging in such acts.

“You are our most precious assets and the hope of a prosperous Nigeria. Shun all forms of vices and violence. Focus on your studies and become agents of positive change,” he pleaded.

Speaking on a lecture titled: ‘We Will all Be Consumed Unless,’ Prof. Brownwell Amadasun, sparked lively reactions among attendees as the academic delved into Nigeria’s foundational challenges and their lingering impact on national development.

Amadasun critiqued the ideological roots of the Nigerian state, asserting that the nation’s founding fathers laid a framework deeply entrenched in ethnic and religious divisions.

“Our national leaders were ethnic leaders. They laid the foundation we are struggling with today. Ethnicity and religious allegiance continue to hinder national growth. We must move away from it or we will all be consumed,” he said.

He called for a fundamental shift in leadership philosophy and collective mindset to foster unity and sustainable progress.

The Faculty’s 50th anniversary celebrations continue throughout the week with lectures, exhibitions, and alumni engagements celebrating five decades of scholarship, service, and societal impact.

News

Reps Move To Regulate Cryptocurrency, POS Operations

Published

15 hours ago

October 6, 2025

Editor

Concerned about the growing cases of cybercrime, money laundering, and terrorism financing linked to digital finance platforms, the House of Representatives has set up an ad hoc committee to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria.

Speaker of the House, Abbas Tajudeen, who inaugurated the committee on Monday in Abuja, said the move became necessary amid increasing concerns over fraud and consumer exploitation in the country’s rapidly expanding digital finance ecosystem.

He noted that while Nigeria’s resilient economy has the potential to support cryptocurrency growth, the risks associated with its unregulated operations, including its use for illicit financial flows, cannot be overlooked.

Abbas explained that the absence of clear regulatory guidelines, coupled with the volatility and complexity of digital assets, compelled the House to intervene and establish a regulatory and consumer protection framework for Virtual Asset Service Providers (VASPs), including cryptocurrencies and crypto-assets.

He said Nigeria’s economy has consistently demonstrated resilience, often recovering from recessions and recording growth in non-oil sectors, making it a potentially strong environment for cryptocurrency trade. However, he cautioned that the vulnerabilities inherent in digital currency operations must not be underestimated.

“It is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets,” Abbas said.

He added that the committee’s mandate includes conducting public hearings to gather input from stakeholders that would guide the House in developing legislation for a comprehensive regulatory framework governing cryptocurrency and other digital finance platforms.

The Speaker urged members of the committee to discharge their duties with patriotism and integrity, ensuring that the best interests of the nation guide their work.

In his remarks, the Chairman of the Committee, Olufemi Bamisile (APC–Ekiti), described the assignment as one of national importance aimed at striking a balance between financial innovation and national security.

“We have been entrusted with a task of national significance — to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale operations in Nigeria,” Bamisile said.

He added that the committee would work closely with key regulatory and security agencies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Police Force.

News

World Habitat Day: Okpebholo Commends Building Control Agency For Developmental Milestones

Published

15 hours ago

October 6, 2025

Editor

Governor Monday Okpebholo of Edo State has commended the management and staff of the Edo State Development and Building Control Agency (ESDBCA) for their significant contributions to urban growth and infrastructural development across the state.

The governor gave the commendation on Monday when he played host to the delegation of the agency in his office as part of programme to mark this year’s World Habitat Day celebration.

The deputy governor, Hon. Dennis Idahosa who received the team on his behalf, commended the agency led by the Managing Director, Mr. Imoisili Igabali, for its “selfless contributions” to the development of our dear state.

In a statement by his Chief Press Secretary, Mr Friday Aghedo, Idahosa noted that the agency had played a pivotal role in driving urban renewal and enforcing modern building standards in the State, describing their efforts as vital to the government’s vision of sustainable city planning.

“We want to thank you for being part of the growth and development of our dear state. Your work has not gone unnoticed.

“What is most important to us is that we have the political will to ensure that this agency continues to fulfill its mandate effectively,” he stated.

He expressed optimism on the future of urban development in Edo State and pledged continued government support for the agency’s initiatives.

“On behalf of His Excellency, Senator Monday Okpebholo, I want to thank you for this wonderful day.

“We congratulate you as a state, and we thank God for giving us a capable leader in Mr. Igabali, whose dedication and teamwork continue to yield results,” he said.

Earlier in his remarks, the Managing Director of the agency expressed appreciation to the Governor and his deputy for their support and for taking the time to receive the agency’s delegation during the World Habitat Day observance.

The 2025 World Habitat Day celebration in Edo State was marked with renewed calls for sustainable housing, improved infrastructure, and enhanced urban management — key pillars of the Okpebholo administration’s development agenda.