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

Published

2 years ago

September 2, 2023

Editor

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

Nigeria Faces Breakup Without True Federalism, Nwodo Warns

Published

6 hours ago

August 7, 2025

Editor

A former Minister of Information and past President-General of Ohanaeze Ndigbo, John Nwodo

A former Minister of Information and past President-General of Ohanaeze Ndigbo, John Nwodo, has raised fresh concerns over Nigeria’s future, warning that the country could break apart before the 2027 general elections if sweeping constitutional reforms are not urgently implemented.

Delivering a keynote address at the launch of two books authored by veteran journalist Ike Abonyi in Abuja, Nwodo said Nigeria’s current system of governance was deeply flawed.

“What we practice today is not federalism but a unitary constitution in disguise,” he said.

Nwodo emphasised that the structure of power must be revisited to allow regions greater control over their resources and internal affairs.

“Let each region manage its resources and development, while contributing taxes to fund essential federal responsibilities like external defence, foreign affairs, customs, and immigration.”

He warned that failing to restructure before the next national election could have grave consequences.

“If we head into 2027 without addressing these structural imbalances, there may be no election—and worse still, no country.”

Citing Nigeria’s economic woes, Nwodo highlighted the alarming state of public infrastructure and declining quality of life.

“We are bleeding billions annually due to poor infrastructure. Life expectancy is now one of the lowest globally. Our youth are unemployed and frustrated. Something must give.”

Calling for bold reforms, he stressed the need to prioritise education, digital skills, and agricultural development as tools for economic revival.

“The future lies in education that meets today’s realities. Every Nigerian child should be digitally literate. We must return to agriculture and vocational training.”

The event drew political figures, scholars, and civil society actors, many of whom echoed the call for urgent restructuring as a path to national stability and growth.

News

FG Shortlists Candidates For Civil Service Jobs

Published

8 hours ago

August 7, 2025

Editor

The Federal Government has shortlisted candidates for the ongoing recruitment into the Federal Civil Service.

In January 2025, the Federal Civil Service Commission announced vacancies for over 70 positions across various government agencies.

The announcement, contained in a newspaper advertorial signed by the Director of Recruitment and Appointment, Ogaba Ede, listed several roles.

Some of the listed positions include: Administrative Officer, Planning Officer, Programme Analyst, Procurement Officer, Senior Computer Engineer, Dentist/Dental Officer, Population Programme Officer, Medical Laboratory Scientist, Education Officer, and Senior Youth Development Officer.

Also on the list of positions are Psychologist, Biomedical Engineer, Surveyor, Aerodrome Engineer, Computer Engineer, Geologist, Programme Analyst, Statistician, and Foreign Affairs Officer.

Applications were submitted through the official recruitment portal, which many applicants reported was difficult to access during the registration period.

The deadline, initially fixed for March 10, was later extended to March 17.

The Head of Press and Public Relations at the FCSC, Taiwo Hassan, in an interview with our correspondent, denied insinuations that the process had been abandoned.

He stated that the screening process had progressed, with some applicants already shortlisted.

“We have not been quiet and we have not abandoned the exercise. As a matter of fact, work has been ongoing on the recruitment exercise.

“Candidates have been shortlisted. Those shortlisted have been sent an email on their preferred location for their Computer-Based Test among other details.

“It is not correct to say those who applied have not been contacted. We have picked from those who submitted their applications. These are the ones that will sit for the CBT,” he said.

Although he did not provide specific figures, it was previously reported that applicants were vying for 2,130 available positions in the federal civil service.

News

WAEC Under Fire As Results Portal Goes Down

Published

8 hours ago

August 7, 2025

Editor

The West African Examinations Council has come under renewed fire following the temporary shutdown of its result checker portal on Wednesday evening, a move it attributed to “technical issues.”

The announcement, posted via WAEC’s official X handle, @waecnigeria, sparked fresh criticism as many Nigerians continue to express outrage over the poor performance recorded in the 2025 West African Senior School Certificate Examination, particularly in English Language.

“WAEC hereby informs the general public that the result checker portal @waecdirect.org is temporarily shut down due to technical issues.

“However, the Council is working assiduously to ensure that candidates are able to access their results in the next 24 hours. We apologise for any inconvenience this might have caused you,” the notice read.

Wednesday’s notice has further fuelled speculation and public discontent over the examination body’s credibility, especially after Monday’s announcement that only 38.32 per cent of the 1,969,313 candidates who sat the 2025 WASSCE obtained credits and above in five subjects, including English Language and Mathematics, the worst performance recorded in a decade.

Across social media platforms, many candidates and concerned Nigerians pointed fingers at WAEC’s logistics failures, especially the delayed conduct of the English Language paper, which reportedly held late into the night at many centres on May 28.

On X (formerly Twitter), several users shared screenshots of results showing credit passes in other subjects but failure in English, calling for a comprehensive review of the English Language scripts.

Tweeting at @sikimark, Mark Imohi wrote, “It is concerning that the English exam, which was delayed at centres nationwide, is now resulting in widespread failures. If JAMB could make amends, we hope you (WAEC) will take steps to rectify the situation. It was a national disgrace.”

Another user, @_samad1, lamented, “We wrote exams at 8 pm. We were given one hour or 30 minutes to answer questions that should last two and a half hours. There was no light, and everyone was in a hurry to leave. Please rethink.”

Some candidates expressed optimism that once the portal is reopened, there could be changes in the scores.

“When the portal is reopened, you will see magic,” tweeted Daniel Ebitimi (@ebitimi_da15726).

Others alleged deliberate manipulation and revenue generation motives behind the poor grading.

“Just like JAMB, WAEC is gambling with the future of Nigerians. If the majority of the D’s, E’s and F8’s awarded in English are rechecked, WAEC will pay dearly,” @JayTrezy posted.

Parents also joined the chorus of displeasure, expressing confusion over how students who excelled in other subjects could have failed English.

“My daughter got five A1 and two B2, only to get D7 in English and Physics (withheld),” tweeted a parent, @Johnway11145073.

Another user, @DEYHOT_official, pleaded, “WAEC, please I am begging, help us check the English Language exam again. I can’t accept this result. I struggled so hard to get money and pay for this exam, and now you failed me. This result is affecting my future.”

Some went as far as demanding a total recall of the 2025 results.

“We reject this year’s results, particularly the English and Maths. WAEC, please do the needful to avoid mass protests,” @pastorbtdaniels posted.

The Teacher, @MarquizDejavex wrote, “Students wrote English paper in the mid night and yet WAEC failed them.”

King Jeporphs, @e_okwori tweeted, “The students who were robbed and given abysmal grades in English should tag presidency, Minister of education to have an external body revise the whole exam process.”

WAEC has yet to issue any further clarification on the English Language grading or respond to the growing demands for a review of the affected scripts.