Emefiele and AGF Malami accused of covering up NIRSAL corruption [Pulse Exclusive]

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Various sources also revealed to Pulse that Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and Attorney General of the Federation (AGF) and Minister of Justice Abubakar Malami, protected Abdulhameed from possible arrests and prosecution.

“The boss keeps bragging about the fact that his godfathers, especially Emefiele, won’t let anyone touch him. He continues to brag about his high-ranking connections.” a NIRSAL staff member told Pulse.

NIRSAL was incorporated by the CBN in 2013 as a $ 500 million public-private initiative that would guarantee loans to farmers; with the aim of strengthening Nigeria’s agricultural value chain.


However, NIRSAL employees and close associates of Abdulhameed claim that he mismanaged NIRSAL and used the company to divert funds to other businesses and businesses run by family members and friends.

“Girlfriend companies”

Some of the companies allegedly used by Abdulhameed to embezzle funds that should have been handed over to farmers are Mainframe Agricole Ltd and Forest Hill Agricole Ltée

In an audit request letter from Keystone Bank made available to Pulse, the bank wrote that: “Please note that we are unable to complete your request to transfer N 543,000,000 from Forest Hill to Mainframe, given the transfer of expenses incurred for the Wheat project on behalf of Mainframe to Forest Hill…

“In addition, we noted that the payments to Woodfarm of Forest Hill (120 million naira) were reimbursements to Mainstreet Capital for the NIRSAL fees and the insurance premium for the Woodfarm project. Why was this sum not returned when refunds were received from NIRSAL and the insurance company? “







A senior NIRSAL member told Pulse that CBN Governor Emefiele and AGF Malami had shielded Abdulhameed from prosecution over widespread corruption allegations.

Management staff who yearn for anonymity for this story say “Not only is there a contract splitting in our business, but most of the contracts awarded were garbage and lack content or meaning.

“In fact, some will pick diet issues and just change the cover page; others will photocopy any document and submit it; while some will just download anything from the Internet. All of these documents have never been usable.

“The CEO boasts that he has regularized all of these approvals through the CBN Board Chairman / Governor. And that the governor of the CBN is in his corner, so nothing can touch him.

“He made overtures to the IPO of the police who are handling the case through his friends and also his mother.

“Also remember that AGF, Malami asked the EFCC to withdraw any investigation into NIRSAL MD, and asked the police to take over.

“Of course we all know the police will do nothing because the daughter of the former police chief, Sekina Adamu, was given a choice job at NIRSAL.

‘Order from above’

In one of the petitions against Abdulhameed addressed to President Buhari and the Chairman of the Independent Commission on Corrupt Practices (ICPC); and which was exclusively made available to Pulse, the CEO of NIRSAL reportedly wrote a letter referenced NIR / MD / GEN / TAPD / 24/20/03 and titled “Request to intervene in unjustified and multiple investigations of NIRSAL PLC by law enforcement agencies.”

The letter was dated January 29, 2020 and addressed to “Honorable Minister of Justice Malami”.

The letter called for intervention to end the ongoing investigation of NIRSAL by security agencies.

A source says: “Based on this petition from NIRSAL, the Attorney General’s Office, through the Federation Public Prosecutor’s Office, wrote to the Nigerian police in a letter referenced DPPA / NIRSAL / 110/20, and dated February 4, , with the following details:



“After careful study of the petition, we found that NIRSAL is under investigation by several agencies: the Nigerian Police, the Economic and Financial Crimes Commission (EFCC), the Independent Commission on Corrupt Practices and other related offenses (ICPC), the State Security Services (SSS) and the Nigerian Financial Intelligence Unit (NFIU) for the same subject, which is not just unhealthy competition between agencies of the same federal government of Nigeria, but a pure waste of government resources. “

In the same letter, the attorney general’s office also stated that: “In view of the foregoing, you are urged to conclude your own investigation into the matter and forward the outcome of your investigation to the Office of the Honorable Federation Attorney General for legal advice and other necessary action.









“All other agencies investigating the matter must stay all further action to allow your office to have full control of the investigation.”

A source says of the letter written to Malami: “Abdulhameed intentionally failed to mention that the investigation carried out by the Nigerian police is that of Imran Aliyu, the son of the director general who engaged in cybercrime.

“This investigation has nothing to do with NIRSAL as an organization.

“Second, the ICPC case is that of money laundering, and the DSS investigation is that of Aliyu and his cronies for alleged involvement in the sponsorship of banditry and terrorism based on the accounts of financial transactions of over 1 billion naira in the name of security by the CFO of NIRSAL in three different banks: GTB, STANBIC and FCMB. “

NIRSAL MD responds

In a previous story, Abdulhameed told Pulse that the allegations regularly made to him were false.

He also denies having integrated his son into the NIRSAL company, in flagrant violation of the ethics of conflicts of interest.

“They claim I put all the capital of CBN in my pocket. Imagine I’m here, going to CBN, and doing magic on them to approve so I can wear? As the CBN says “go inside, wear N72.5 billion and go?”

“We run quarterly board meetings without fail. Everything I do here is controlled by the board. It’s their money, I’m just a servant.



“Everything we do at NIRSAL is for the public good. During its existence so far, NIRSAL has facilitated 100 billion naira in the agricultural sector.

“Honestly, Nigerians should be proud of this baby and not try to bring him down with patently bogus claims”, said Abdulhamed.

On allegations that he appointed a daughter of the country’s former police chief in order to flatter himself with the IGP and protect himself from questioning and possible arrest, Abdulhameed said nothing could to be further from the truth.

“So if your sister, or your son’s or brother’s son qualifies for a job after an interview and I say come and do a job, he knows risk management, he knows finance, he knows the business. agriculture, so it’s a crime to employ this person? ” the boss of NIRSAL had asked incredulously.

He added that, “Without Emefiele we wouldn’t be where we are as an organization. If people attack me, they attack this government’s agricultural policy. People are angry because they are prevented from importing rice. There are sponsors behind all these media attacks.



“How can you write that the director general of NIRSAL put all the capital in his pocket and ran away?”

“They say I stole 75 billion naira or 5.6 billion naira from a wheat project in Jigawa?” They say my son drives a Lamborghini and spills millions of dollars on the streets of Dubai … come on!

Neither CBN Governor Emefiele nor AGF Malami responded to requests for comment for this story.

Pulse will update this story with their answers as soon as we have them.


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