When General Muhammadu Buhari-led administration came into power, his focus on economic diversification and inclusive growth programs targeted towards the Agricultural revolution has been the golden Egg of his administration.
What many do not know is that these initiatives which are aimed towards developing subsistence farmers to commercial farmers may be nothing short of a sham as reports garnered by our news medium has shown how the majority of the beneficiaries of the various government intervention scheme are allegedly friends and allies of the present administration.
Findings revealed that the Commercial Agriculture Credit Scheme (CACS) loan established by the Central Bank of Nigeria in collaboration with the Federal Ministry of Agriculture and Water Resources in 2009 in which N700 Million was granted to a corporative society known as Nigeria Farmers group corporative Society, owned and coordinated by one Mr. Reston Tedheke which according to reports was just a business which started with a loan of N1.5million in 2017 irrespective of the order by CACS specifically stating that the loan was not for startups with less than 2 business cycles.
In a clear case of favouritism, the Ex-Niger Delta Milita’s Agricultural pet project came to limelight after his audio defence on President Buhari in 2017 went viral. This was made known through a tweet made by him, stating
“In 2017, I released the audio in defence of @Mbuhari and when @Laurestar heard the audio…. So she invited me to Abuja for meetings on the way forward…That meeting was the Catalyst that started @NGFarmersGroup’’.
With the president’s backing and full support, the farm business which according to Prof. Yemi Osibanjo was to worth over N1billion over two years applied for the N1.5 billion CAC loan with the sum of N720, 000Million approved for them.
Also, SecretReporters search through the Corporate Affairs Commission (CAC) website revealed that the NFGCS Farm limited which was claimed to have started in 2017 was duly registered on September 4, 2018, with an address located at Apartment A2, Icon City Building along Keffi-Akwanga Express Road.
Questions such as the rule considered for CACS loan, whether collateral is required in line with banking policy and what banking policies were used for this particular loan are still left unanswered as regards this loan.