{"id":85105,"date":"2021-08-23T06:57:02","date_gmt":"2021-08-23T05:57:02","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=85105"},"modified":"2021-08-23T14:08:26","modified_gmt":"2021-08-23T13:08:26","slug":"nirsal-debunks-alleged-n150bn-missing-funds-threatens-legal-action","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nirsal-debunks-alleged-n150bn-missing-funds-threatens-legal-action\/","title":{"rendered":"NIRSAL Debunks Alleged N150bn Missing Funds, Threatens Legal Action"},"content":{"rendered":"<div id=\"m#msg-f:1708860875504382938\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">The management of Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has debunked a story by an online platform alleging N150 billion missing funds in the agency, describing it as \u201ca ridiculous invention\u201d.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div id=\"m_-4737473195902580367yiv3727270714\">\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667641451\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667611043\">In a statement, NIRSAL, wondered a whopping N150 billion could be missing when its total capital base is N75 billion.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667653115\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667660364\">The statement says NIRSAL Plc is neither funded by Government appropriation nor does it draw its operational subventions from the CBN.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667662672\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667672330\">By its mandate, NIRSAL PLC, does not directly provides loans to SMEs or MFBs or any other business for that matter and does not keep farmers or anybody\u2019s funds hence, cannot steal funds that it never had.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667679862\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667688225\">Clarifying further, NIRSAL Plc said it is a wholly-owned investee company of the Central Bank of Nigeria, CBN, operating on a debenture loan as a capital base and incorporated with the mandate to de-risk agriculture and facilitate agribusiness.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667705031\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667683430\">\u201cNIRSAL Plc\u2019s total capital base is N72.5billion. Perhaps more importantly, this capital is technical, not physical and is held within the CBN system, permanently invested in FGN Bonds, Treasury Bills and other money market investments.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667712278\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667717963\">\u201cFrom the foregoing clarification, the fabricators of the N150 billion fraud story may wish to explain the suction point at which that humongous sum, which, by the way, is exactly double the company\u2019s capital base, was taken out from the system. Which business will have double its capital base \u201cfraudulently\u201d removed, yet remain a very successful going concern? Incredible!\u201d<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667720827\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667730120\">While challenging those behind the \u2018sponsored\u2019 publication to approach the Nigerian Legal system or investigative agencies to substantiate and defend their \u201cfacts\u201d if any, NIRSAL Plc says it will institute \u201clegal proceedings against platforms like First News Online who peddle these baseless allegations.\u201d<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667734780\"><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">The full statement issued by NIRSAL Plc is reproduced below:<\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">ABSOLUTELY FALSE: THE TALE OF A \u201cN150B MISSING FUNDS\u201d IN NIRSAL PLC IS A RIDICULOUS INVENTION<\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">WHOSE N150 BILLION IS MISSING ANYWAY?<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696457725\">Once again, our attention has been drawn to a story published by a certain First News Online titled \u201cEXPOSED: Alleged N150bn fraud rocks NIRSAL\u201d.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696459170\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696463772\">Whilst NIRSAL Plc has adopted the strategy of having to intermittently make clarifications about public misconceptions regarding its mandate, chiefly, its status as a non-bank and therefore a not-funds-disbursing financial institution, it has also had to contend with the publication of outright lies by willful blackmailers and detractors, ad-nauseum.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696465096\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696471337\">These conscienceless forces, who have been running a campaign of falsehood against NIRSAL Plc are obviously getting more frustrated by the day as their evil schemes 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.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696472699\"><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">Consider their latest gambit.<\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">A TALE OF MISSING MONEY THAT NEVER EXISTED<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696482253\">Over the past weeks, they have been peddling an invented tale on dodgy media platforms declaring that a certain \u201cN150Billion fund has gone missing\u201d in the organisation, swallowed up by \u201ccorruption\u201d and \u201cfraud\u201d, 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 now contrived a new fictitious N150 billion fund, declared that it is missing, then inexplicably claim that this fictitious sum was taken away by real people within NIRSAL Plc.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696486089\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696488122\">\u00a0Next, their shoddy scriptwriters then attempted to link this contrived fiction with forged documents to give some sense of credence to their claims.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696491528\"><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">REMINDER: WHO WE ARE, WHAT WE DO<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696494775\">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.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696496233\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696499637\">To clarify again, NIRSAL Plc is a wholly-owned investee company of the CBN, operating on a debenture loan as a capital base and incorporated with the mandate to de-risk agriculture and facilitate agribusiness along the following pillars:<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696501057\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696502803\">Risk Sharing: De-Risk Agriculture and Facilitate Agribusiness by sharing credit risks with lenders and borrowers across the agricultural value chain.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696503899\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696505468\">Insurance: Bring about an increase in innovative agricultural insurance products available to smallholder farmers and boost the uptake of same.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696506608\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696509370\">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.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696510494\"><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">Incentives: Incentivize institutions \u2013 especially commercial banks \u2013 that are responsive to Nigeria\u2019s new agricultural paradigm, and<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629667746846\">Rating: Rate these institutions according to their responsiveness.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696513162\"><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">SOME HIGHLIGHTS OF WHAT WE HAVE ACHIEVED FOR THE AGRIC SECTOR AND NIGERIA<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696516059\">Though our mandate may appear too technical for the layman, the results and benefits are clear and measurable, some of which include the below:<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696517544\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696519260\">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%. A further N40 Billion has been facilitated from non-commercial sources.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696520468\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696522094\">NIRSAL has worked with the insurance industry to develop five (5) NAICOM-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.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696523201\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696525887\">NIRSAL Plc\u2019s mandate activities have created and sustained over 590,000 direct and indirect jobs across agricultural value chains and positively impacted over 3.5 million Nigerian lives.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696527074\"><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">REMINDER: WE NEITHER KEEP PHYSICAL CAPITAL NOR GIVE OUT LOANS<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696528708\">NIRSAL Plc is neither funded by Government appropriation nor does it draw its operational subventions from the CBN.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696529815\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696539220\">NIRSAL Plc\u2019s total capital base is N72.5billion. Perhaps more importantly, this capital is technical, not physical and is held within the CBN system, permanently invested in FGN Bonds, Treasury Bills and other money market investments. It is the proceeds from these that the company\u2019s Board of Directors approves, through budget processes, for the Management to pay salaries, pay out on crystallized guarantees given to farmers and other Agribusiness investors when their loans are unpaid, fix the Agricultural value chain through its Technical Assistance services, train farmers, bankers, insurance industry players, and rate and incentivize good borrowing and repayment behaviour by borrowers when they use NIRSAL Plc\u2019s guarantees. The CBN is also NIRSAL\u2019s banker, supporting its day-to-day operations.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696540366\"><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">WE ARE PRUDENT, RIGOROUS AND WE COMPLY WITH STRINGENT RULES<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696543846\">All the foregoing are monies prudently spent for the public good by NIRSAL Plc from its very modest earnings. Yet, it is within this modest financial provisioning that the organization continues to declare profits, pay dividends, amortize\/pay back its own debenture loans and remain a going concern like any other company incorporated under CAMA and regulated by the Corporate Affairs Commission (CAC).<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696544889\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696548438\">More. 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 these 6 short years of its operational existence. NIRSAL PLC\u2019s financial reports are regularly filed at the Corporate Affairs Commission (CAC) as required by law and are publicly available.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696549717\"><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">AN OVERDOSE OF RIDICULOUSNESS<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696551535\">From the foregoing clarification, the fabricators of the N150 billion fraud story may wish to explain the suction point at which that humongous sum, which, by the way, is exactly double the company\u2019s capital base, was taken out from the system. Which business will have double its capital base \u201cfraudulently\u201d removed, yet remain a very successful going concern. Incredible!<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696552644\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696554382\">Accordingly, the claim of an \u201calleged fraud involving a whopping sum of N150billion is currently rocking the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending\u201d and \u201cEXPOSED: N150bn Farmers Fund Fraud Scandal Rocks NIRSAL, Emefiele, Malami Fingered\u201d by a few unscrupulous online platforms is baseless and a click-bait online media propaganda.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696555465\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696559464\">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 directly provides loans to SMEs or MFBs or any other business for that matter and does not keep farmers or anybody\u2019s funds. How can the leadership of an organization steal funds that it never had, funds that simply didn\u2019t exist in the first place? And since these funds did not exist, pray, what funds did the \u201ccreated culprits\u201d in these ridiculous stories steal? A classical chicken and egg situation arises here.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696560340\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696565309\">This bewildering fabrication, untenable calculus, illogical accusation has, for obvious reasons, not found vent in any responsible, mainstream media \u2013 online or offline. Instead, it is fringe platforms who are out to earn their daily bread from blackmail, that, for the preceding 2 years, have been carrying these ridiculous tales handed to them by individuals with a shady agenda. These individuals are financing the emergence of more and more purveyors of fake news, a plague that is perilously tugging at the fabric of our nationhood.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696566415\"><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">EXPLORING LEGAL OPTIONS AGAINST BLATANT FALSEHOODS<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696570024\">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, for a company that operates in a trust-based industry (Financial Services) could disconcert our partners, clients, and all well-meaning Nigerians if not promptly addressed. While this is being done, legal proceedings against platforms like First News Online who peddle these baseless allegations are well on course.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696571140\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696580218\">On this same subject matter, 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 any other regular media platform pending the hearing and determination of the suit. We\u2019ve thrown down the gauntlet. Anyone of these sponsored agents of reputational and institutional destruction can approach the Nigerian Legal system or investigative agencies to substantiate and defend their \u201cfacts\u201d if any. We are patiently waiting.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696581593\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696586161\">Undoubtedly, the publication by First News Online and others of their ilk point to a possible contempt of court, given the high likelihood that the individuals behind this vicious campaign of calumny sponsored it.<\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696587464\"><\/div>\n<div id=\"m_-4737473195902580367yMail_cursorElementTracker_1629696590021\">OUR COMMITMENT TO LIFTING AGRIBUSINESS IN NIGERIA REMAINS INVIOLABLE<\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645129851\">It bears repeating to these detractors and their sponsors that NIRSAL Plc will not be deterred by their unethical and evil antics. We will continue to work with relevant ministries, agencies of Government, private sector partners and other stakeholders to move Nigerian agriculture and 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.<\/div>\n<div id=\"m_-4737473195902580367yiv3727270714yMail_cursorElementTracker_1629645130944\"><\/div>\n<\/div>\n<div><\/div>\n<div id=\"m_-4737473195902580367yiv3727270714ymail_android_signature\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/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>The management of Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has debunked a story by an online platform alleging N150 billion missing funds in the agency, describing&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":85106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-85105","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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