Former NIRSAL Chief Abdulhameed Arrested In Connection To N5.6 Billion Wheat Project Scandal

NIRSAL, a non-bank financial institution with a capitalization of $500 million, was established by the Central Bank of Nigeria (CBN) to oversee credit risks associated with agribusiness in the country…CONTINUE READING

Allegations of corruption, particularly related to a 2018 N5.6 billion wheat project intended for farmers in Kano and Jigawa States, led to the removal of Abdulhameed from his position.

The CBN Board, with approval from the Presidency in December of the previous year, sanctioned his dismissal.

An investigative report by Daily Trust in January of that year delved into the diversion of a multi-billion-naira loan, guaranteed by NIRSAL for three investor companies tasked with cultivating 20,000 hectares of dry season wheat in Kano and Jigawa States. The report revealed collusion between the companies and NIRSAL officials.

The investigation, which included visits to affected communities in the two states, exposed the deception of local farmers who were initially told the project aimed to improve the lives of 20,000 smallholder farmers.

Despite making their farms available, these farmers alleged that they were promised fertilizers and other inputs for the wheat plantation, which were never delivered.

Both Abdulhameed and the three investor companies denied any wrongdoing. However, with the commencement of a special investigation in September of the current year, led by a team appointed by President Bola Tinubu to scrutinize the activities of the apex bank and associated entities.

there was evident unease and apprehension within the upper echelons of the CBN and NIRSAL.

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