A former Chairman of the Agriculture and Non-Oil Group of the Lagos Chamber of Commerce and Industry, Prince Wale Oyekoya, opened a can of worms on the financial institution in Nigeria, Thursday, when he accused them of diverting funds meant for agricultural development into the real estate sector. 

Oyekoya, who is also the Managing Director and Chief Executive Officer of Bama Farms Limited, said the action has worsened the financing crisis farmers across the country are facing.

He made the accusation at a panel session during the 2026 Agriculture and Agro-Allied Summit organised by the Nigerian-British Chamber of Commerce in Lagos. The theme of the summit was: “Ensuring Food Security in Nigeria: Innovations, Investments and Policy for a Resilient Future” .

Fielding questions on whether Nigeria has adequate data to identify genuine smallholder farmers at the point of loan disbursement, Oyekoya insisted that such information already exists within government structures through cooperatives and farmer clusters.

“Yes, there’s always data when you go to the ministries. When you go to any government establishment, that is why they say they deal with cooperatives and clusters. So every farmer, every stakeholder in farming in any state must be registered,” he said.

According to him, poor implementation and weak financial commitment remain major obstacles to sustainable agricultural development.

“I believe financial institutions are mostly the problem farmers have. I’m a living witness and I have so many experiences with them that when some of these funds are being given to the banks to be given to the farmers, most of them divert the funds to real estate,” he alleged.

He added that government, banks and private sector players all have roles to play in ensuring food security and sustainable growth in the sector.

However, Manager, Agribusiness and Non-Oil Export, Union Bank, Mr. Utomi Ezinwa, slightly disagreed with Oyekoya. He said that access to finance remained difficult for smallholder farmers because of the risks associated with fragmented production systems.

According to him, lenders are more willing to finance farmers when they operate in groups and have guaranteed markets through anchor arrangements.

“Some smallholder farmers can’t work alone. It is important that they work in association and link up to an anchor. When the market is guaranteed, we check the anchor himself, does he have capacity, does he have track record? There’s nothing stopping us from funding smallholder farmers,” he said.

Ezinwa noted that financing costs also remain a major burden on agricultural production.

“One of the major challenges apart from financing itself is the cost of the financing and we need to talk about it,” he added.

In his presentation, Guest speaker, Founder And Managing Director of Babban Gona , Mr. Kola Masha warned that Nigeria’s food security crisis could worsen if investment in agriculture and rural youth empowerment is not urgently scaled up.

The Idanre Development Assembly (IDA) has appealed to Ondo State Governor, Lucky Orimisan Aiyedatiwa, to urgently approve the resumption and conclusion of the selection process for a new Owa of Idanre Kingdom.

In a letter dated May 7, 2026, and addressed to the governor at the Government House in Alagbaka, Akure, the socio-cultural body expressed concern over the prolonged vacancy on the throne following the transition of the former Owa on July 31, 2024.

The letter, jointly signed by the President-General of IDA, Chief Dr. Anthony A. Omolola, and the Secretary-General, Prof. Oluropo E. Akinfala, noted that the situation had been worsened by the recent death of the Regent and Lisa of Idanre Kingdom, High Chief Christopher Oluwole Akindolire, on May 1, 2026.

According to the group, the absence of a substantive monarch has created social and economic hardships across Idanreland, particularly affecting traders and market women whose trading locations were allegedly relocated to unsafe and unconducive areas pending the installation of a new king.

“The market women and men are worst hit in the hardships with the cultural relocations of their marketplaces to areas that are not conducive and dangerous for their merchandise,” the letter stated.

The group further claimed that several motor and motorcycle accidents, including incidents involving loss of lives and limbs, had occurred in the affected areas.

The Assembly said the selection process for a new Owa had already advanced to the stage where kingmakers were expected to convene publicly under the supervision of local government officials to elect a new monarch before the process was halted by the state government.

The group argued that the suspension of the process had deprived the kingmakers of the experience and guidance of the late High Chief Akindolire, whose passing, it said, had heightened tension and debate within the kingdom.

Appealing to the governor to intervene in the interest of peace and stability, the IDA urged the state government to approve a date — preferably within May 2026 — for the completion of the selection process.

“A stitch in time saves nine,” the group stated, expressing confidence in the governor’s commitment to peace and development in Ondo State.

Sporting Lagos will battle local rivals Inter Lagos for the Nigeria National League, NNL, title in Ikenne on Friday.

Jeffrey Buter’s Sporting Lagos moved top of the Super Four playoff log following a comprehensive 4-0 victory over Doma United on Wednesday.

Sporting Lagos have so far garnered six points from two matches, having opened up their campaign with a 1-0 victory over Ranchers Bees.

They need just one point from the clash with Inter Lagos to be crowned champions.

Inter Lagos bounced back into reckoning after a 2-0 victory over Ranchers Bees on Wednesday.

Doma United and Inter Lagos have three points each, while Ranchers Bees have zero point.