RE: N150B CORRUPTION IS ABSOLUTELY FALSE, IT IS A TALE OF FAKE NEWS- NIRSAL REFUTES PURPORTED STORY
Globaltimes Nigeria incentive-based risk Sharing system for Agriculture lending (NIRSAL) has described a story of N150B corruption by the Managing Director and Chief Executive Officer (MD/CEO), Alhaji Aliyu Abdulheed as absolutely false and a tale story of fake news by online media.
NIRSAL whose attention was drawn to a story published by First News Online titled “EXPOSED: Alleged N150bn fraud rocks NIRSAL”, asked a question of demanding clarity to know whose N150 billion is missing?
The described the report as ridiculous and mischievous by a conscienceless forces who have been running a campaign of falsehood against NIRSAL Plc are obviously getting more frustrated by the day.
NIRSAL in a statement made available to TGNEWS said the evil schemes of its frustrated enemies are failing to bear the desired fruit. And as the level of their frustration edges higher, their desperation is producing ever more ridiculous and hilarious results if one will put their latest gambit into consideration.
The statement in an effort to make false claims straight and clarification, had to contend with the publication of outright lies by those they described “willful blackmailers and detractors” will like to enlighten the general public that NIRSAL Plc has imbibed the strategy of having to intermittently make clarifications about public misconceptions regarding its mandate.
According to the statement that NIRSAL has in its mandate the status of a non-loan granting financial institution, it’s Chiefly what it doing to many Nigerians.
The statement which read in parts says:
“Over the past weeks, they have been peddling an invented tale on dodgy media platforms declaring that “N150b has gone missing” in the organisation, swallowed up by “corruption” and “fraud”, an allegation which, as usual, is not supported by any credible evidence nor articulable explanation. Because their previous lies have not achieved whatever goal they are aiming for, they have contrived a fictitious N150 billion, declared that it is missing, then inexplicably claim that this fictitious sum was taken away by real people within NIRSAL Plc. These shoddy scriptwriters attempt to link fiction with reality by forging documents to back up their claims.
“For the umpteenth time, it is worth educating stakeholders and well-meaning Nigerians (again and again) on what NIRSAL Plc is, what it is not, and the unique, peerless, and smart way the Central Bank of Nigeria (CBN) set it up as an organization.
“To clarify again, NIRSAL Plc is a wholly-owned investee company of the CBN, incorporated with the main mandate to de-risk agriculture and facilitate agribusiness along the following pillars:
1. Risk Sharing: De-Risk Agriculture and Facilitate Agribusiness by sharing credit risks with lenders and borrowers across the agricultural value chain.
2. Insurance: Bring about an increase in innovative agricultural insurance products available to smallholder farmers and boost the uptake of same.
3. Technical Assistance: Provide technical assistance to players across agricultural value chains, supporting them through the transition from agriculture as a way of life to agriculture as a business.
4. Incentives: Incentivize institutions – especially commercial banks – that are responsive to Nigeria’s new agricultural paradigm, and
5. Rating: Rate these institutions according to their responsiveness.
“Being the sole owner of NIRSAL Plc, the CBN does have the right to assign to NIRSAL Plc other tasks that are related to the above. And, just as its mandate may be too technical for the layman, so may be its results. A few of them include the below:
” From inception to date, NIRSAL Plc has provided its Credit Risk Guarantee (CRG) cover on over N124 billion in commercial loans and investments to agriculture and agribusiness, keeping loan crystallization below 1%.
” NIRSAL has worked with the insurance industry to develop five (5) NIACOM-approved index-based agricultural insurance products which are currently being marketed by 9 private insurance companies. In the last 5 years, over 1.4 million new policies have been sold to farmers as the innovative products truly compensate them to the tune of their average expected return in the event of losses arising from pests, adverse weather conditions, and diseases.
” NIRSAL Plc’s mandate activities have created and sustained over 590,000 direct and indirect jobs across agricultural value chains and positively impacted over 3.5 million lives.
“NIRSAL Plc’s total capital structure is N72.5billion. Perhaps more importantly, this capital is technical, not physical and is held by the CBN who has permanently invested it in FGN Bonds, Treasury Bills and other money market investments. It is proceeds therefrom that the Board approves, through budget processes, for the Management to pay salaries, pay out guarantees given to farmers and other Agribusiness investors when their loans are unpaid, train farmers, bankers, insurance industry players, and to rate and incentives good borrowing and repayment behaviours by borrowers when they use NIRSAL Plc’s guarantees.
“All the foregoing are monies prudently spent for the public good by NIRSAL Plc from its conservative earnings. Yet, the organization continues to declare profits, pay dividends, amortize/pay back its defective loans and remain a going concern like any other company incorporated by the Corporate Affairs Commission (CAC).
“The uncontroversial reality is that NIRSAL Plc reports its finances in full compliance with the International Financial Reporting Standards (IFRS). Additionally, as a fully compliant public liability company, it has been filing its annual returns with the CAC and Financial Reporting Council (FRC) and holding its AGMs regularly throughout the 5 short years of its corporate existence. Anyone interested in the truth of NIRSAL PLC’s financial status can find reliable information at the Corporate Affairs Commission (CAC).
“From the foregoing clarification, the fabricators of the N150 billion fraud story may wish to explain the suction point from which that humongous sum was taken out from the system.
“Accordingly, the claim of an “alleged fraud involving a whopping sum of N150billion is currently rocking the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending” and “EXPOSED: N150bn Farmers Fund Fraud Scandal Rocks NIRSAL, Emefiele, Malami Fingered” by a few unscrupulous online platforms is baseless.
“Indeed, it is the height of ridiculousness to make such allegations about a company that is not only under the rigorous oversight of the Central Bank of Nigeria but whose funds are domiciled in the apex bank. It is also a fact that NIRSAL PLC, by its mandate, is not a lender that grants loans to SMEs or MFBs and does not keep farmers funds. How can the leadership of an organization steal funds that it never had, funds that simply didn’t exist in the first place? Since these funds doesn’t exist what funds did the created culprits in these ridiculous stories spewed?
“This news fabrication is untenable, is illogical, the accusation has, for obvious reasons, not found vent in any responsible, mainstream media – online or offline. Instead, it is fringe platforms who are out to earn their bread from blackmail, that have been carrying these ridiculous tales handed to them by individuals with a shady agenda in the last two years. These individuals are financing the emergence of more and more purveyors of fake news, a plague that is perilously tugging at the fabrics of our nationhood.
“This statement has been made to address the lingering untruths in the public. In a business climate made precariously fragile by the COVID-19 pandemic, these lies could disconcert our partners, clients, and all well-meaning Nigerians if not promptly addressed. While this has been done, legal proceedings against platforms like First News Online who peddle these baseless allegations are well on course.
“The High Court of the Federal Capital Territory in suit No: FCT/HC/BW/M/108/2021 between Mr. Aliyu Abbati Abdulhameed Vs. Mr. Adekunle Tom, Thomas, Town Crier Newspaper Limited and Unknown Persons, gave an Interlocutory Order restraining the defendant whether by themselves, their executives, agents, servants, privies, representatives, nominees, or any other person or persons however described from publishing any article, petition, or complaint related or similar to the article published by the defendants about the claimant in the manner of the publication dated 2nd day of February 2021 on any online platform or on any other regular media platform pending the hearing and determination of the suit.
“Undoubtedly, the publication by First News Online points to a possible contempt of court, given the high likelihood that the individuals behind this vicious campaign of calumny are behind it.
“It bears repeating to these detractors and their ilk that NIRSAL Plc will not be deterred by their unethical and evil antics. We will continue to work with relevant ministries, agencies, private sector partners and other stakeholders to move agribusiness many notches higher in the interest of the Nigerian people. In the interim, the long arm of the law will continue to trail all those behind these defamatory publications until they account fully for their crimes.” The statement read.
