Phone: (+234) 704 444 9080 Email:

EFCC Probes CBN over Agric Loan Fraud – Report

…CBN Governor Emefiele, Yila Indicted

The Economic and Financial Crimes Commission (EFCC) is said to be investigating the Development Finance Department (DfD) of the Central Bank of Nigeria (CBN) over the fraudulent disbursement of an agricultural loan facility.

The Anti-Graft Agency is consequently probing the Former Managing Director of NISRAL Microfinance Bank (NMFB), Mr Yusuf Philip Yila, who currently serves as Director of the DfD.

According to SaharaReporters ’ findings, Yila who is in charge of agricultural loans at the Apex Bank was accused of committing “some atrocities”, of which included the ownership of “expensive houses and cars in Abuja and in the Lekki part of Lagos State.”

In another twist, CBN Governor, Godwin Emefiele is allegedly hindering the probing by the anti-graft agency and has reached out to the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN) to “wade into the EFCC investigation”.

The ‘corrupt department’ which handles agricultural loans is also said to be the “cash cow of Emefiele”, hence the resistance towards the investigation.

Under the guise of the Agricultural Credit Guarantee Scheme Fund (ACGSF), the CBN had in the past reported that it distributed billions of naira to farmers as loans.

A whistleblower from the CBN told SaharaReporters: “Last week, the EFCC went to CBN DfD, the department that deals with agric loans and more. That is the cash cow of Emefiele and is led by a corrupt director, Yila.

“Since last week, Emefiele has been doing all he can through the Attorney-General, Malami, to ensure Bawa does not investigate the department.

“Changes have also been done in the department by redeployment of staff who Yila and Emefiele assumed were leaking the atrocities in the department.

“The said director was invited to Lagos but the matter has been shut down by Emefiele and Malami. Yila Yusuf is accused of owning expensive houses and cars in Abuja and Lekki part of Abuja”.

Meanwhile, there have been calls from various political groups for the resignation or sacking of Emefiele, who has been accused of ‘superintending the massive looting of funds in the CBN’.

The post EFCC Probes CBN over Agric Loan Fraud – Report appeared first on AgroNigeria.

Sourced from Agro Nigeria

Leave a Reply