Former NIRSAL Managing Director Arrested for Alleged N5.6bn Wheat Project Scam

Aliyu Abdulhameed, previously ousted as Managing Director of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), has recently been apprehended on allegations tied to a substantial N5.6bn Wheat Project Scam.

NIRSAL, an influential $500 million non-bank financial institution, established by the Central Bank of Nigeria (CBN), was entrusted with overseeing credit risks within Nigeria’s agricultural sector.

Abdulhameed’s dismissal from office stemmed from grave accusations of corruption, notably linked to a 2018 N5.6 billion wheat project earmarked for farmers in Kano and Jigawa States.

His removal received formal endorsement from the CBN Board, subsequently approved by the Presidency in December of the previous year.

Last week, he was taken into custody while at the premises of a federal government revenue-generating agency in Abuja. Reports suggest his presence was aimed at lobbying for a potential reappointment.