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Former Managing Director, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Aliyu Abdulhameed |
In a significant development almost a year after his removal as the Managing Director of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Aliyu Abdulhameed is now in custody, implicated in a corruption investigation linked to a N5.6 billion wheat project. This project was designed to benefit farmers in Kano and Jigawa States but raised suspicions of fund diversion.
NIRSAL, a $500 million non-bank financial institution created by the Central Bank of Nigeria (CBN), focuses on managing agribusiness-related credit risks in the country. Abdulhameed's dismissal, approved by the CBN Board and the Presidency in December of the preceding year, was a consequence of corruption allegations, notably concerning the misappropriation of funds meant for the 2018 wheat project.
Daily Trust's January investigation exposed the alleged diversion of a multi-billion-naira loan, guaranteed by NIRSAL, intended for three investor companies involved in cultivating 20,000 hectares of dry-season wheat in Kano and Jigawa States. Local farmers claimed they were misled, promised support that never materialized, and community leaders denounced the project for not benefiting smallholder farmers as intended.
The recent arrest of Abdulhameed was the culmination of a five-month joint effort by the Department State Services, the Nigeria Police Force, and a Special Investigator appointed by President Bola Tinubu. Sources revealed that he was apprehended on the premises of a federal government revenue-generating agency in Abuja while allegedly lobbying for a reappointment.
As investigations unfold, startling revelations include the misuse of 32 official vehicles during Abdulhameed's tenure, with only two recovered so far. It was discovered that 21 vehicles were purchased using official funds but converted to personal use without staff knowledge. Additionally, Abdulhameed is accused of taking away nine exotic vehicles, including two bulletproof jeeps, and household items from official guest houses in Lagos, Abuja, and Yola.
Daily Trust's findings indicate that the former NIRSAL boss is being questioned on multiple corruption allegations during his term. A CBN interim report, obtained exclusively by Daily Trust, cited breaches of internal policies, procurement violations, and requested explanations for observed irregularities. The investigation also revealed Abdulhameed's alleged involvement in diverting official resources for personal benefit.
Despite attempts to reach Abdulhameed for a response, his mobile phone remains inaccessible. Both the Department State Services and the Nigeria Police Force declined to comment, while a top security source confirmed the arrest and current detention of the former NIRSAL boss.