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Farmers Accuse Banks Of Diverting Agric Funds To Real Estate
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.
News
Lagos Govt Bans Permanent Use Of Dealer Number Plates
The Lagos State Government has reiterated its prohibition on the permanent or everyday use of dealer number plates by motorists and vehicle dealers.
The Director, Public Affairs, Ministry of Transportation, Mrs Bolanle Ogunlola, said this in a statement on Sunday in Lagos.
Ogunlola warned motorists and vehicle dealers against using dealer number plates for purposes outside those permitted by law.
She said the Lagos State Transport Sector Reform Law, 2018, restricted dealer plates to specific, time-limited activities.
According to her, permitted uses include authorised test drives, vehicle inspections, vehicle delivery or collection, and movement of unregistered vehicles.
She said such movement must be directly from ports or authorised dealer premises to designated locations.
“Their use for private daily commuting, continuous operation on public roads, or on vehicles already sold is prohibited,” Ogunlola said.
She noted that the Vehicle Inspection Service (VIS) had apprehended 175 vehicles for violating regulations governing dealer number plates.
Ogunlola said the dealer plates recovered from the affected vehicles would be confiscated, while the vehicles would undergo further investigation.
She warned that vehicles operating with unauthorised, fake, obscured or improperly used registration numbers would face enforcement action.
According to her, sanctions include impoundment and prosecution under relevant traffic laws.
News
Over 4,000 Abandoned Mine Pits In Plateau – Alake
The Minister of Solid Minerals Development, Dele Alake, has said that more than 4,000 abandoned mine pits exist across Plateau State.
Alake said the pits, many of which were dug by former mining companies, posed environmental and safety challenges but could be converted into productive ventures through proper rehabilitation.
He stated this in a statement issued on Sunday by his Special Assistant on Media, Lara Owoeye-Wise, following the death of seven people in a collapsed mine pit at Kassa, Barkin Ladi Local Government Area of the state.
The minister described the incident as tragic and avoidable, warning artisanal miners against entering abandoned pits without the required licences and permits.
He urged miners to organise themselves into cooperatives and obtain necessary approvals to operate legally.
Alake said the large number of abandoned pits in Plateau was a legacy of the activities of the former Amalgamated Tin Mines Limited and its successor companies, Consolidated Tin Mines Limited and Nigerian Tin and Allied Products Limited.
He said the Federal Government had rehabilitated 59 abandoned mine pits, while introducing technology-driven measures to identify and assess thousands of others.
According to him, the ministry has entered into a public-private partnership to deploy Geographic Information System satellite mapping and Artificial Intelligence to locate and characterise the abandoned pits.
He said Plateau would be the pilot beneficiary of the initiative, which would also develop plans for the eventual reclamation of the sites.
Alake urged private investors to partner with the government to convert abandoned mine sites into productive ventures, including energy, tourism and fisheries projects.
He described public-private partnership as the “most proactive and fastest approach” to turning the abandoned pits into productive assets.
“The challenge before the state and the Federal Government is how to turn these potential pits of death into centres of joyful prosperity,” he said.
News
Tinubu: No Leader Has Impacted Nigeria like Babangida
President Bola Ahmed Tinubu has congratulated elder statesman and former military President, General Ibrahim Badamosi Babangida (rtd), on his 85th birthday, saying the ex Military leader has impacted Nigeria in ways no other leader has done.
President Tinubu disclosed this in a statement by Bayo Onanuga, his Special Adviser on Information and Strategy.
He also described General Babangida as an outstanding leader whose remarkable military career culminated in his leadership of the nation following the 1985 coup.
The President said “Like him or not, former President Babangida impacted Nigeria in ways no other leader has. His eight-year reign left enduring marks on our political, economic, and geographic landscape.
“He expanded the nation’s economy, established lasting infrastructure, and created several agencies and institutions that continue to serve the national interest. But for his foresight, wisdom, and sense of equity and fairness, many states in the federation might not exist today.”
The President noted that General Babangida’s name and legacy would remain indelible in Nigeria’s history because of his many contributions to national development.
“Even in retirement, living a quiet life at his Minna Hilltop residence in Niger State, General Babangida continues to offer valuable counsel and guidance to the nation. His advice and wise counsel remain an inspiration to younger generations”, the President said.
” I wish you continued grace, good health, and renewed strength. May Almighty Allah keep you with us for many more years to come,” the President added.
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