The House of Representatives Committee on Food Security has threatened to issue warrants of arrest for the Managing Director of the Bank of Agriculture (BOA), Ayo Sontinrin, and the Director-General of the Agricultural Research Council of Nigeria (ARCN), Abubakar Dabban, after the two officials repeatedly failed to honour summonses over an ongoing probe into the alleged mismanagement of N1.2 trillion in agricultural intervention funds.
The investigation—launched in July 2025—focuses on how multiple federal agencies and financial institutions deployed intervention programmes financed by the Central Bank of Nigeria (CBN) and other government channels, including the controversial Anchor Borrowers’ Programme (ABP).
At Tuesday’s hearing held at the National Assembly Complex, Abuja, Committee Chairman Chike Okafor expressed frustration over the continued absence of BOA, ARCN, and the National Agricultural Land Development Authority (NALDA), despite several invitations.
Okafor recalled the timeline of the probe:
- The maiden investigative hearing was held on April 8, 2025, with the CBN in attendance.
- A follow-up session on June 16, 2025, included the CBN and participating financial institutions indebted under the ABP.
He noted that some institutions, such as Sterling Bank, were cleared of liability:
“Sterling Bank’s representative absolved the bank from any indebtedness, which the CBN confirmed in a letter dated June 25, 2025,” he said.
Okafor commended financial institutions and agencies that appeared before the panel, describing their transparency as worthy of recognition in the Committee’s final report. But he condemned others for deliberately evading accountability:
“We were met with either no response or very flimsy excuses for non-attendance. This is totally unacceptable.”
He dismissed BOA’s claim that a change of leadership prevented the institution from honouring invitations:
“The bank is an ongoing concern. Having a new MD is not enough reason not to appear before this panel,” he insisted.
The Chairman warned that if the absentees fail to appear at Wednesday’s session, the Committee will invoke its constitutional powers to compel compliance.
“We are not the police, but this is a quasi-judicial institution. If we don’t see them tomorrow, we will have to invoke all the powers of parliament,” he declared.
Discrepancies in Microfinance Bank Records
The Committee also queried Prospect Microfinance Bank over conflicting reports regarding ABP funds.
Managing Director of the bank, Isaac Inwang, told lawmakers that N14.6 million was received for 30 poultry farmers, of which N6 million had been recovered and held pending CBN instruction.
However, the CBN’s representative, Deputy Director Hassan Tom, disputed the bank’s account, saying N15.5 million was disbursed and accusing the bank of violating guidelines requiring timely return of recovered funds.
The Committee directed the bank to provide all requested documentation by Wednesday, November 19.
Seeds Council Cleared
The National Agricultural Seeds Council was discharged from the investigation after its Director-General, Alhaji Fatuhu Muhammed, reaffirmed that the agency had no role in the implementation of the Anchor Borrowers’ Programme—a claim the Committee verified.
Probe Seeks Accountability Amid Food Crisis
The N1.2 trillion intervention funds under investigation cover several CBN-backed credit schemes implemented through commercial banks, microfinance institutions, and specialised agencies such as BOA and NALDA.
The Anchor Borrowers’ Programme alone disbursed hundreds of billions of naira to farming groups across the country but has faced long-standing allegations of diversion, poor recovery, and political manipulation.
Lawmakers say the probe is critical to improving transparency, recovering misapplied funds, and strengthening future agricultural interventions—especially as food inflation, insecurity, and supply chain failures deepen Nigeria’s hunger crisis.
