The Home of Representatives Committee on Diet and Meals Safety has begun investigations into the insurance coverage cowl for the N1.12 trillion Anchor-Debtors’ Scheme.
The Chike Okafor-led committee is investigating how the N1.12 trillion meant for the execution of the Anchor Debtors Programme was allegedly diverted by Ministries, Departments and Companies, as nicely the disbursement of the funds as carried out by Collaborating {Financial} Establishments (PFIs).
Talking on the resumed listening to Friday in Abuja, the consultant of the Managing Director of the Nigerian Agricultural Insurance coverage Company (NAIC), Dayo Babaronti, mentioned the Company solely offered cowl for 207,514 farmers to the tune of N109 billion below the scheme.
He disclosed that opposite to the scheme’s preliminary coverage below which NAIC was appointed as the only real insurance coverage firm to cowl individuals, the Central {Bank} of Nigeria (CBN) contracted two different insurance coverage companies, Veritas Kapital Insurance coverage and Leadway Insurance coverage.
Nonetheless, Veritas Kapital Insurance coverage and Leadway Insurance coverage didn’t ship representatives to the listening to, at the same time as Babaronti famous that total, NAIC solely offered 12 per cent protection for the scheme.
He mentioned for Nigeria Incentive-Based mostly Danger Sharing System for Agricultural Lending (NIRSAL) Plc’s agricultural financing of ₦250 billion facility to help small-holder farmers throughout the nation, NAIC solely offered cowl to the tune of N8.254 billion.
The Committee chair, Okafor, earlier reiterated that the Home would uncover all the problems that hampered the profitable implementation of the scheme.
“Why we’re right here is as a result of the programmes didn’t succeed 100 per cent. If that they had succeeded, we wouldn’t be right here,” he mentioned.