“We Are Probing How N1.12 Trillion Was Allegedly Diverted By MDAs”: House Committee Chairman

The House of Representatives Committee on Nutrition and Food Security has launched a sweeping investigation into the alleged diversion of over ₦1.12 trillion meant for the Central Bank’s Anchor Borrowers Programme (ABP) and related agricultural initiatives.

Chairman Chike Okafor, speaking at an investigative hearing on Tuesday, said the probe targets how the CBN disbursed the massive sum to 4.67 million farmers via 24 financial institutions, but records exist for only nine.

Also under scrutiny is the ₦215 billion disbursed by NIRSAL Microfinance Bank to agrobusinesses and ₦3 billion disbursed by the Bank of Industry to 22,120 smallholder farmers under an agriculture value chain programme.

NIRSAL’s representative, Charles Bassey, blamed insecurity, flooding, and drought for the repayment problems, while some beneficiaries requested loan restructuring.

Sterling Bank’s Olushola Obikanye stated the bank had returned ₦113.49 billion to the CBN and currently owed nothing under the scheme.

The committee vowed to uncover how these funds were managed, citing food security as a critical national priority.