Thursday, October 29, 2020

RIFAN Suspends Anchor Borrower Scheme in Kano Over Alleged N10-Billion Fraud

The Kano State chapter of the Rice Farmers Association of Nigeria  (RIFAN) has announced a suspension of the Anchor Borrowers’ Programme  for rice production in the state as a result of an alleged N10-billion fraud under the Anchor  Borrowers’ loan scheme.

The Kano State chapter of the Rice Farmers Association of Nigeria  (RIFAN) has announced a suspension of the Anchor Borrowers’ Programme  for rice production in the state as a result of an alleged N10-billion fraud under the Anchor  Borrowers’ loan scheme.

Announcing this development, Abubakar Haruna Aliyu, the state chairman of RIFAN, disclosed that the decision was made to leave room for  a proper investigation of the fund’s  alleged misappropriation by association leadership.

The Kano State Public Complaints and Anti-Corruption Commission is investigating state RIFAN officials, including Chairman, Abubakar Haruna, and Deputy Secretary, Ado Yakasai.

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The investigation follows complaints surrounding the 2018 anchor borrowers’ scheme handled by the state chapter of RIFAN in which N10 billion  was alleged to have been expended with little more than 5 percent recovery.

“The association hereby regrets to announce the suspension of rice anchor borrower scheme in Kano state until further notice as directed by the RIFAN national body based on the allegation labelled against the Kano chapter of the association,.” Aliyu said.

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“We are aware that suspension of the scheme at this critical point is not the best option, but we are left with no option than to take this step as directed”.

He added that those who have already made 20 percent equity deposits with their banks can come forward to redeem their inputs as stipulated.

According to Aliyu, the association will ensure that all who made deposits are attended to as a matter of fairness and justice.

 

 

 

 

 

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