The presidency has given marching orders to relevant security agencies in the country to recover loans from the Federal Government Anchor Borrowers Programme amounting to over N500 billion, Saturday Sun has gathered. The security agencies, Saturday Sun gathered, have up till September 18, 2023, to recover all the monies said to be owed by mostly banks, farmers, individuals, state governments and other financial institutions among others.

Apart from recovering the monies, the agencies have also been directed to probe the borrowers. Security sources say the recovery of the huge amount has become necessary to enable the government to shore up funds in the face of the harsh economic challenges in the country. Top security sources told Saturday Sun that out of N1.1 trillion of funds sunk into the programme, only about N575 billion have been recovered so far. It was gathered that while the Central Bank of Nigeria(CBN), doles out a total of N1.1 trillion to some banks and other financial institutions, some of them did not only disburse the actual amount to the beneficiaries and refused to return the money to the CBN. Some of the banks were also said to have disbursed lesser amount to the beneficiaries and pocketed the remaining. The source disclosed that many of the banks failed to account for the funds which passed through them to various beneficiaries of the loan. The source who said the security agencies have since contacted the affected banks, financial institutions and cooperatives, said “Most of the banks have not accounted for the funds given to them for the programme. Many of them got money they did not disburse and never returned such money to the Government. So they have to account for those.

“The banks have been contacted and some of them have expressed their willingness to cooperate with the probe. “As it is, the Presidency has given marching orders that the loans be recovered by relevant security agencies for the Federal Government.

“Among those who would be involved in the probe are the farmers, individuals, banks, companies, microfinance banks, credit and thrift services among others.

“The loans which amounted to about N1.1 trillion has about N575 billion paid so far. In the coming days more details would come to light over the matter, but for now it is confirmed that a go ahead has been given for the money to be recovered at all cost.”

When contacted on whether or not the Department of State Service(DSS), was part of the security agencies involved in the recovery of the money, the public relations officer in charge of the Peter Afunaya, who did not confirm the service involvement however said It is not out of place for the Presidency to give such orders to security agencies on issues of national importance.

[Sun]