The board of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has instructed its Managing Director, Aliyu Abdulhameed, to step aside over alleged fraudulent activities.
Mr Abdulhameed and several top officials of the organisation are being questioned by the Economic and Financial Crimes Commission for their roles in the wheat project scandal.
According to sources in NIRSAL, the matter is about how the multi-billion naira loan guaranteed by NIRSAL for three companies for the cultivation-to-harvest of 20,000 hectares of dry season wheat the two states was allegedly diverted for other purposes by the investor companies in connivance with NIRSAL officials.
“Aliyu Abdulhameed of NIRSAL asked to step aside yesterday. The Board of NIRSAL will name an Ag. MD today,” one of our sources said.
The MD had before now denied wrongdoing, saying the allegations were masterminded by faceless individuals to tarnish the image of the organisation.
NIRSAL’s spokesperson, Anne Ihugba, could not be reached for comments as of the time of filing this report.
NIRSAL is a $500m non-bank financial institution, a creation of the Central Bank of Nigeria mandated to manage agribusiness-related credit risks in Nigeria.
More to follow…