Fall from Grace: Ex-NIRSAL Boss Arrested Over Alleged N5.6bn Wheat Project Fraud!

In a startling turn of events, Aliyu Abdlhameed, previously dismissed as the Managing Director of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), has been apprehended in connection to an alleged N5.6 billion Wheat Project Scam. This arrest, nearly a year after his dismissal, adds a dramatic twist to the unfolding saga.

NIRSAL, a substantial $500 million non-bank financial institution, operates under the mandate of the Central Bank of Nigeria (CBN) and holds responsibility for managing credit risks associated with agribusiness ventures across the nation.

Abdulhameed’s ousting from his managerial position stemmed from grave corruption allegations, prominently featuring the mismanagement of funds related to a significant 2018 N5.6 billion wheat project initially intended for farmers in Kano and Jigawa States. This contentious issue led to his removal from office, a decision backed by the CBN Board and sanctioned by the Presidency in December of the preceding year.

The recent arrest of Abdulhameed took place on the premises of a federal government’s revenue-generating agency in Abuja. His presence at the agency was allegedly tied to efforts to lobby for a reinstatement, marking a dramatic turn of events in this unfolding narrative of alleged financial impropriety within the realm of agricultural financing.