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Farmers Accuse Banks Of Diverting Agric Funds To Real Estate

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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.

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NDLEA intercepts UK-bound cocaine, arrests Lagos businessman

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Operatives of the National Drug Law Enforcement Agency have arrested a 55-year-old Lagos businessman, Onuigbo Chinedu, over an alleged attempt to export 3.30kg of cocaine concealed in the walls of cartons used to package foodstuffs destined for the United Kingdom.

 

The agency said Chinedu, a clothing trader at the popular Balogun Market on Lagos Island, was arrested on Thursday, July 23, 2026, after NDLEA officers intercepted the cocaine shipment at the export shed of the Murtala Muhammed International Airport, Lagos, a day earlier.

According to a statement issued on Sunday(today)  the NDLEA Director of Media and Advocacy, Femi Babafemi, three cargo agents—Nkwor Onyekachukwu Justina, Adeleke Abiola Taoheed and Ukanwa Grace Pilgrim—were initially arrested for handling the consignment.

The statement said, “A 55-year-old businessman, Onuigbo Ndubisi Chinedu, who deals in clothing at the popular Balogun Market, Lagos Island, has been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) over an attempt to export 3.30 kilograms of cocaine concealed in the walls of cartons used to package foodstuffs going to the United Kingdom.

“Onuigbo was arrested on Thursday, 23rd July 2026, following the interception of his cocaine consignment at the export shed of the Lagos airport the previous day, Wednesday, 22nd July, by NDLEA operatives. In the course of the investigation, three cargo agents: Nkwor Onyekachukwu Justina; Adeleke Abiola Taoheed; and Ukanwa Grace Pilgrim, who handled the shipment, were initially arrested, leading to the arrest of Kenneth Okakpu, who delivered the consignment to the cargo agents for shipment to the UK.

“Okakpu’s arrest provided the lead to identifying Onuigbo as the kingpin behind the syndicate and his eventual arrest while attempting to send another consignment of cocaine to the UK.”

In another operation, NDLEA operatives arrested 31-year-old entrepreneur Emmanuella Chukwu-Edo following the interception of her 2.80kg consignment of Loud, a synthetic strain of cannabis.

“A 31-year-old entrepreneur, Emmanuella Chukwu-Edo, also involved in illicit drug trafficking, was arrested on Tuesday, 21st July, at her Surulere, Lagos, residence by NDLEA operatives following the seizure of her consignment of 2.80kg Loud, a synthetic strain of cannabis, which arrived from the United States aboard a United Airlines flight on Monday, 20th July.

“Also at the Lagos airport, NDLEA operatives recovered 2.24 million pills of Tapentadol 250mg, valued at over N2.2bn on the streets, from a shipment that arrived from India aboard an Air Maroc flight.

“In another interdiction operation at the Lagos airport, a total of 2,240,000 pills of Tapentadol 250mg, worth over N2.2 billion in street value, were recovered from a shipment from India aboard an Air Maroc flight during a joint examination of the cargo on Friday, 24th July.

“The exercise was based on intelligence received and processed by NDLEA. This came on the heels of the seizure of a consignment of tramadol buried in containers of black soap heading to the UK. The shipment was intercepted by NDLEA operatives at a courier firm in Lagos on Wednesday, 22nd July.”

At the Apapa Seaport in Lagos, NDLEA officers uncovered 4,777 sachets of Canadian Loud weighing 2,388.5kg, with an estimated street value of over N7.1bn, hidden inside three vehicles in a shipping container.

“At the Apapa Seaport in Lagos, a container of three vehicles used to conceal a total number of 4,777 sachets of Canadian Loud weighing 2,388.5kg, worth over N7.1 billion in street value, was uncovered during a joint examination of the shipment on Monday, 20th July.

“In Katsina State, NDLEA operatives arrested 30-year-old Mustapha Sani after recovering 323 rounds of military-grade ammunition concealed on him. Another suspect, Abubakar Amadu, 30, was arrested with 73 rounds of 7.62mm ammunition hidden inside kegs of red oil. The NDLEA said both suspects had been handed over to the appropriate security agency for further investigation.

“A suspect, Mustapha Sani, 30, was on Wednesday, 22nd July, nabbed by NDLEA operatives on a patrol operation at Baure, Safana LGA, Katsina State, where he was found with 323 rounds of military-grade ammunition consisting of 200 pieces of 7.62mm and 123 rounds of 7.6mm, neatly concealed.

“Another suspect, Abubakar Amadu, 30, was arrested by NDLEA officers on a stop-and-search operation at Jere, along the Abuja-Kaduna Expressway, where he was found with 73 RLA, 7.62mm ammunition hidden in kegs of red oil. Both suspects have been handed over to the relevant security agency for further investigation,” NDLEA added.

Meanwhile, in Edo State, operatives raided a warehouse, recovering 1,286kg of cannabis and 86kg of cannabis seeds. The agency also arrested Ojore Onweze, 45, with 60kg of skunk, and George Agwumede, 30, with 13kg of the same substance.

“In Edo State, raid operations at Ilushi community, Esan South East LGA, on Sunday, 19th July, led to the seizure of 1,286kg of cannabis and 86kg of cannabis seeds from a warehouse, while Ojore Onweze, 45, was caught with 60kg of skunk and George Agwumede, 30, was nabbed with 13kg of the same substance,” NDLEA added.

 

 

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Aiyedatiwa Gets 72- Hour Ultimatum Over ASUU Strike

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The Students’ Union of Adekunle Ajasin University, Akungba-Akoko, AAUA, has issued a 72-hour ultimatum to the Ondo State government to resolve the ongoing strike by the Academic Staff Union of Universities, ASUU, warning that failure to act could trigger mass action by students.

 

In a statement signed by President Falagbade Greatness and General Secretary Amos Oluwatimileyin, the union said the industrial action, now in its 14th day, has paralysed academic activities and left thousands of students stranded.

“This prolonged strike has brought academic activities to a complete standstill, further disrupting the university’s academic calendar and creating an atmosphere of uncertainty, anxiety, and frustration among thousands of students,” the statement said.

The union lamented that the shutdown has delayed graduation timelines and subjected students to emotional, psychological and financial hardship.

“Many students have been compelled to vacate the university environment due to the absence of a clear timeline for the resolution of the dispute. Others who remain on campus continue to endure hardship while awaiting resumption,” it added.

The union called on Governor Lucky Aiyedatiwa and relevant authorities to immediately engage ASUU-AAUA leadership to ensure a prompt resolution.

“We have exhausted the two Cs of Aluta and we are left with no other option than to invoke the last C of Aluta,” the union said, issuing a 72-hour ultimatum for a “clear, practical, and satisfactory response.”

It warned that failure to demonstrate genuine commitment would force the union to mobilise students for “all lawful, peaceful, and democratic actions necessary to protect the educational rights and collective interests of AAUA students.”
The union, however, said the statement was “a sincere appeal born out of frustration, uncertainty, and hardship” and not a threat.

Reacting, the university management said the strike “is receiving the attention of the Ondo State Government and will be resolved soon.”

Deputy Registrar, Information, Protocol and Public Relations, Mr. Sola Imoru, urged students to avoid actions capable of escalating tensions, noting that efforts were underway to end the industrial action.

Imoru said the ultimatum was unnecessary because the governor had already approved a special intervention fund to enable the institution to meet its financial obligations. He added that the development had earlier been communicated to the Students’ Union leadership.

He appealed to students to remain patient while the payment process was concluded, expressing optimism that normal academic activities would soon resume.

Imoru also advised the union to seek clarification on issues affecting the institution before making public statements, stressing that regular consultation would prevent misunderstandings.

The management reaffirmed its commitment to dialogue, transparency and constructive engagement with all stakeholders.

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PSG Pulls Out Of Yan DiomandeTransfer Race For Real Madrid

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Paris Saint-Germain have pulled out of the race to sign RB Leipzig forward Yan Diomande, with Real Madrid now increasingly confident of landing the Ivory Coast international.

“PSG has this evening formally withdrawn its interest in, and bids for, Yan Diomande,” said a statement from the Ligue 1 and European champions given to Sky in Germany last night.

“The asking transfer fee and salary demands were completely disproportionate and distortive – and PSG will not break its principles of rational financial management and squad balance.”

Madrid, who have already had a £85.4m (€100m) bid rejected for the 19-year-old, with Leipzig wanting significantly more to let him go, are understood to be pushing hard to finalise a deal for the player.

Real have also agreed personal terms with Diomande.

Diomande had previously indicated a preference to join PSG earlier this summer and agreed a contract with them until 2031.

Jose Mourinho’s side have been active in this window as Bernardo Silva, Ibrahima Konate, Denzel Dumfries and Marc Cucurella have all been snapped up.

Liverpool have also expressed an interest in Diomande, but aren’t willing to pay more than £85m.

Premier League clubs Arsenal and Manchester City also remain keen on the Ivorian.

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