{"id":125417,"date":"2026-02-05T00:19:22","date_gmt":"2026-02-04T23:19:22","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=125417"},"modified":"2026-02-05T00:19:22","modified_gmt":"2026-02-04T23:19:22","slug":"reps-threaten-cbn-banks-over-agric-intervention-funds","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/reps-threaten-cbn-banks-over-agric-intervention-funds\/","title":{"rendered":"Reps Threaten CBN, Banks Over Agric Intervention Funds"},"content":{"rendered":"<div style=\"text-align: justify;\">By Tracy Moses<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The House of Representatives\u2019 Ad-hoc Committee investigating agricultural subsidies, intervention funds, and grants from 2015 to 2025 has threatened to invoke its constitutional powers against key government agencies and financial institutions that repeatedly ignore parliamentary invitations.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">At a hearing on Wednesday at the National Assembly Complex, the committee directed the Central Bank of Nigeria (CBN), NIRSAL Microfinance Bank, SunTrust Bank, Stanbic IBTC Bank, and the National Bureau of Statistics (NBS) to appear before it without fail. The panel warned that continued non-compliance would compel the House to take legal measures to enforce their appearance.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The probe follows concerns over the management, utilization, and impact of government spending in Nigeria\u2019s agricultural sector over the past decade. Between 2015 and 2025, the Federal Government, in collaboration with the CBN and various financial institutions, implemented intervention programmes such as the Anchor Borrowers\u2019 Programme (ABP), the Agribusiness\/Small and Medium Enterprise Investment Scheme (AGSMEIS), the Accelerated Agricultural Development Scheme (AADS), and the Nigerian Electricity Stabilisation Fund (NESF), among others.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThese programmes collectively involved the disbursement of trillions of naira through banks, microfinance institutions, and federal agencies,\u201d the committee chairman, Hon. Jamo Aminu, said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cIt is disheartening that despite repeated invitations, some agencies have refused to appear or have ignored this investigative process.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The panel expressed disappointment over the absence of several institutions and criticised the quality of submissions from Jaiz Bank, Unity Bank, Sterling Bank, and Access Bank. While representatives attended, they failed to provide comprehensive documentation as required.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Aminu warned that the heads of all concerned institutions must personally appear before the committee, giving affected banks one week to submit detailed records in strict compliance with the committee\u2019s guidelines. \u201cThis committee will not accept half-truths, cosmetic compliance, or administrative evasions,\u201d he stressed.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cAny misleading or falsified records will attract sanctions under Sections 88 and 89 of the 1999 Constitution (as amended).\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The chairman emphasised that the investigation is not a witch-hunt but a constitutional duty aimed at promoting transparency, accountability, and value for money in public agricultural spending. \u201cOur focus is not merely on how much was released, but on how the funds were applied, who benefited, what was achieved, and the value that accrued to the Nigerian people,\u201d Aminu said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The committee also plans to conduct forensic reviews and on-site inspections of ministries, agencies, banks, and project locations to verify submissions and confirm the physical existence and impact of funded projects.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">During the inauguration of the committee last week, the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, represented by Hon. Sunday Umeha, pledged the full support of the House to the probe.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThere can be no national security without food security,\u201d the Speaker said, noting that despite massive agricultural spending over the past decade, food prices remain high and food insecurity persists.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cIt is unacceptable that trillions of naira were committed to agriculture with little impact on food security, rural livelihoods, or import dependence,\u201d he added.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Speaker further warned that any Ministry, Department, Agency, or participating financial institution that fails to honour invitations, withholds information, or provides false records would face summons, contempt proceedings, or warrants in line with constitutional provisions and the Legislative Houses (Powers and Privileges) Act. \u201cNo institution is above the law. No agency is immune from oversight,\u201d he said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The committee was set up following a House resolution on July 23, 2025, and is probing trillions of naira expended on agricultural programmes by the Federal Government and the CBN between 2015 and September 2025.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Tracy Moses The House of Representatives\u2019 Ad-hoc Committee investigating agricultural subsidies, intervention funds, and grants from 2015 to 2025 has threatened to invoke its constitutional powers against key government&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":118814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-125417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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