From: AgroNature Admin
The Economic and Financial Crimes Commission, Kaduna Zonal Office, has recovered over N100 million for the Bank of Agriculture (BOA).
The recovered fund was part of diverted loans by beneficiaries, meant to support farmers through the BOA Anchor Borrowers Programme (ABP) in Kebbi State.
Following a complaint, investigation into the matter began in 2017 regarding how part of the N12 billion disbursed to some Rice farmers, through the BOA in which Kebbi State acted as uptakes for the purchase of paddy rice, was diverted.
EFCC Head of Operations, Kaduna Zonal Office, Ibrahim Bappa delivered draft for the sum of N102, 295, 900 to representative of the BOA Managing Director, Mohammed Babangida.
He restated commitment of the anti-graft agency to supporting the bank to discharge its statutory duties.
Bappa however urged the BOA to give right orientation to prospective beneficiaries before loans are disbursed. He decried the unpleasant situation where beneficiaries divert the funds for other purposes.
While appreciating efforts of the EFCC in the recovery of the loans, Babangida said the action of the EFCC has restored confidence in the bank.
In the course of Investigations, it was revealed that some Rice Mills in Kebbi State collected bags of rice but failed to remit total agreed sum.
According to the commission, the EFCC Kaduna Zonal Office has so far recovered N297, 980, 000 in favour of BOA’s ABP in Kaduna and Kebbi States.