EFCC recovers N297m diverted BOA funds

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    The Economic and Financial Crimes Commission (EFCC), Kaduna zonal office, said it has so far recovered a total of N297 million allegedly diverted from the Bank of Agriculture in Kaduna and kebbi states.

    Spokesman of the EFCC, Wilson Uwujaren disclosed this o Friday in a statement. He said the funds were diverted by beneficiaries of the Central Bank of Nigeria (CBN) Anchor Borrowers Programme, disbursed by BOA.

    Giving a breakdown of the recovered funds, Uwujaren said N102 million was allegedly diverted from the Bank of Agriculture (BOA) in Kebbi, while another N195 was recovered in Kaduna.

    Ibrahim Bappa, head of operations of the Kaduna office, presented a bank draft for the N102 million to one Mohammed Babangida, who represented the BOA Managing Director.

    Bappa assured the bank that the EFCC would continue to assist it in the discharge of its statutory duties.

    He, however, decried the worrisome trend in which beneficiaries of the scheme diverted the funds, and urged the BOA to ensure proper orientation before loans were disbursed.

    Responding, Babangida lauded the efforts of the EFCC in the recovery, saying the action had restored confidence in the bank.

    The EFCC spokesman said investigations into the matter began in 2017 following a complaint.

    According to him, the complaint bordered on the diversion of part of the N12 billion disbursed to some rice farmers through BOA.

    “In the course of investigations, it was revealed that some rice mills in Kebbi collected bags of rice but failed to remit the total agreed sum,” he said.

    “So far, the Kaduna zonal office of the EFCC has been able recover N297 million in favour of the Anchor Borrowers Programme in Kaduna and Kebbi states.”

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