The Nigerian risk management system for agricultural lending (NIRSAL Plc) refused to withhold funds from farmers issued by the Central Bank of Nigeria (CBN) in the Government's Anchor Loan Program (AB).
The Risk Assessment Agency stated: "Some individuals and groups who claim to be stakeholders or participants in various agricultural projects are currently organizing a vicious and well-funded campaign of misinformation and blackmail against NIRSAL."
NIRSAL primarily referred to Flour Mills Nigeria (FMN), which is the anchor and investment cooperative Hope Concept, which are parties to the loan agreement from CBN for corn production, which should be canceled by FMN. published that members of the farm cooperative on Monday held a peaceful protest against the delay of funds provided by CBN through NIRSAL.
Farmers claimed that CBN paid NIRSAL about N289 million on July 19, 2018. The notice of payment, they are asid, was given to them by the CBN. But NIRSAL, in a press release from its head of corporate communications, Ann Ihugba said: "Some of them even reached the organization of protests against the press and press conferences referring to documents that are still being processed, and the funds have not yet been released by CBN" .
NIRSAL added that some "aggregators" fraudulently collect funds from farmers, promising to provide loans through CBN ABP and other windows of financing NIRSAL. " He said that the "media campaign" was to intimidate the corporation in releasing funds for unqualified and untested organizations under the NIRSAL ABP CBN window.