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

IPF Holds Annual Ijaw Media Conference December

Published

11 hours ago

November 19, 2025

Editor

The Ijaw Publishers’ Forum has announced the second edition of its annual Ijaw Media Conference.

The conference themed “Safeguarding Oil and Gas Natural Resources for Future Generations in the Niger Delta” will take place on December 11, 2025, at KFT Place, beginning at 12 noon.

In a statement signed by the IPF National President, Comrade Ozobo Austin, the Forum noted that the conference is intended to strengthen public understanding of the dangers of oil theft, unchecked exploitation, and environmental pollution.

The statement highlighted the severe harm these practices inflict on the region, affecting both ecological systems and human communities and hindering long-term development.

The 2025 planning committee, chaired by Arex Akemotubo, has Tare Magbei as Secretary. The committee is charged with the responsibility of a successful programme.

Other members of the committee are:
Francis Abai, Financial Secretary while
Ezekiel Kagbala, Sunday Daniel; Mike Ugedi, Dr Kegbe, Sam Dogitimi,
Tam Okumbiri, serve as members.

The Forum urged leaders, stakeholders, and young people to work with relevant authorities and security groups to support continued public awareness efforts aimed at protecting the region’s natural resources and the wellbeing of its inhabitants.

The IPF also called for sponsorship and invites all stakeholders and the wider public to attend the conference on December 11, 2025

News

2027: Era Of ‘Ghost’ Voters Over, Says INEC Chairman

Published

18 hours ago

November 18, 2025

Editor

The Chairman of the Independent National Electoral Commission, Prof. Joash Ojo Amupitan, SAN, has declared that identity theft and multiple voting, which have plagued Nigeria’s elections for decades, have been effectively eliminated following the deployment of the Bimodal Voter Accreditation System, BVAS.

Amupitan made the declaration in Abuja at the 2025 Digital Nigeria International Conference and Exhibitions organised by the National Information Technology Development Agency, NITDA.

In a statement issued on Tuesday by his Chief Press Secretary, Dayo Oketola, the INEC Chairman said BVAS had now become a decisive tool in protecting the integrity of votes ahead of the 2027 general elections.

Represented by a National Commissioner, May Agbamuche Mbu, the INEC Chairman said the era of identity fraud in Nigeria’s elections is over, noting that BVAS has evolved into a foolproof verification mechanism at polling units across the country.

“The BVAS device has become our frontline defence against identity fraud, ensuring that only the rightful and eligible voter can be accredited at the polling unit..

“With the biometric safeguards now in place, voter impersonation has been effectively eliminated from our electoral system,” he stated.

He backed the claim with data from the recently concluded Anambra Governorship Election, where 6,879 BVAS devices deployed for the exercise recorded what he described as a highly commendable performance.

According to him, more than 99 percent of polling unit results were uploaded to the INEC Result Viewing portal on the same day as voting.

“These outcomes confirm that the deployment of BVAS and IReV is no longer experimental but an entrenched part of Nigeria’s electoral architecture. The figure announced at the polling units is the same figure visible to the public. Technology has safeguarded the vote,” he said.

Amupitan also stressed the importance of the legal backing now enjoyed by the Commission’s technological tools.

He explained that while earlier innovations lacked statutory enforcement, the Electoral Act 2022, particularly Section 47 subsection 2, transformed digital devices from administrative guidelines into what he described as statutorily protected pillars of the electoral system.

“This legislative foundation ensures that our digital tools have both operational and legal legitimacy. It has strengthened public trust and enabled the Commission to innovate with confidence,” he added.

Despite the progress, the INEC Chairman admitted that connectivity gaps remain a major challenge.

He said the country’s 176,846 polling units, many of which are located in swamps, mountains, and remote communities, make real-time transmission of results one of the most difficult tasks during elections.

He, however, ruled out any possibility of returning to manual accreditation, which he described as vulnerable to human interference and a threat to electoral credibility.

Amupitan maintained that the era of ghost voters in Nigeria is over, insisting that the Commission is committed to transparent, verifiable, and credible elections.

“The gains we have recorded are too significant to reverse. The Commission will continue to strengthen the system and upgrade to more seamless solutions in future elections,” he said.

“Our mission is simple. Every eligible voter must be accurately verified. Every vote must be properly counted. Every result must be transparently shared. Technology has helped us to secure these foundations of democracy.”

News

JUST IN: Wike, Govs Makinde, Bala Mohammed Clash At PDP Secretariat

Published

19 hours ago

November 18, 2025

Editor

Chaos erupted at Peoples Democratic Party, PDP, National Secretariat in Abuja on Tuesday as rival factions, led by Governors Seyi Makinde of Oyo State and Bala Mohammed of Bauchi State on one side, and FCT Minister Nyesom Wike on the other, clashed over control of the party’s headquarters amid the ongoing leadership dispute.

According to ARISE, security operatives aligned with both the FCT minister and governors Seyi Makinde and Bala Mohammed engaged in a chaotic standoff over control of the complex, with teargas reportedly deployed around the premises by both sides.

Governor Makinde stormed the venue alongside the newly elected National Secretary, Taofeek Arapaja, while Nyesom Wike remained with Samuel Anyanwu, the embattled National Secretary who maintains that his tenure remains valid until December 8, 2025.

Party leaders have expressed deep concern over the incident, accusing the police of failing to maintain neutrality amid the ongoing leadership crisis within the opposition party.