The Hope Concept Cooperative Union (HCCU) called on the Commission on Economic and Financial Crimes (EFCC) to conduct an investigation of the Risk Distribution System for Agricultural Credit in Nigeria (NIRSAL).
A group of farmers in the states of Lagos and Ogun said that since July 19, 2018, NIRSAL has postponed the release of about N298 million loans from the Central Bank of Nigeria (CBN).
It is reported that NIRSAL is hiding under additional testing, training and, recently, costing to deprive interested farmers of their loan.
The group stated that the supporter of Flour Mills of Nigeria (FMN) expressed a desire to withdraw from the tripartite contract, since NIRSAL stated that the cost of costs expressed in the production economy (EOP), the three sides signed, was too high.
Unlike the pact letters, NIRSAL is looking for alternative material suppliers, while FMN will remain a supporter.
This is not consistent with the cooperative, FMN and CBN, who provided the facility after signing the pact.
Therefore, farmers raised the alarm that interest is accrued on them, while NIRSAL is held in funds, fueling the suspicion that the derivative agency left the fund on a fixed deposit account.
President of the cooperative Akin Agbula said that all participants paid 5% of shares in accordance with the agreement, and that members become impatient, because agriculture with rainwater is unpredictable.
Through various posters, farmers appealed to the EFCC, the government and the CBN to come to their aid, investigating NIRSAL transactions.
Some members of the cooperative argued that this year no farmer used the Scheme of borrowers of anchors in the south-west, adding that it was a calculated attempt to stop the sale of the current administration of President Muhammad Bukhari.