Minji-Se Micro-Finance Bank operating in the capital city of Port Harcourt, Rivers State has allegedly duped some farmers in the state to the tune of over one billion naira (N1bn).
The chairman of the state chapter of All Farmers Association of Nigeria (AFAN), Prince Alpheaus D. S. Ibanichuka made this known while speaking to journalists shortly after the inauguration of the new executive officers of the association in Port Harcourt at the weekend. He condemned the attitude of the management of the bank towards the recovery of the money.
Prince Ibanichuka alleged that the management of the said Micro Finance Bank tricked the Rivers farmers and collected huge amount of money from them under the pretence of clearing all hurdles that would enable them to have unhindered access to bank loans, that would help to boost their farming activities in their respective localities.
According to the AFAN chairman no fewer than five hundred and one (501) farmers were entangled in the tricks of the said Micro-Finance Bank. Prince Ibanichuka hinted the newsmen that some of the farmers who were lured into the 419 business by the management of the Micro Finance Bank were demanded to pay N1.5m, and while others paid between N2.5m and N3.5m.
The Rivers AFAN chairman noted with dismay that all steps taken to recover the said amount of money from the Minji-se MFN failed.
In a petition entitled, “CBN HELP US RECOVER OUR AGRICULTURAL LOAN EQUITY DEPOSITS FROM MINJI-SE CHURCHILL MICRO FINANCE BANK LTD, PORT HARCOURT”, the Rivers farmers sent to the Governor Central Bank of Nigeria, Abuja, it was stated that the Rivers chapter of AFAN received a letter date 15th December, 2008 from Minji-se Churchill Micro Finance Bank Ltd, introducing $420 million micro agricultural programme to the rural farmers in Rivers State through AFAN. According to the petitions, subsequently a meeting to explain the details of the agricultural loan deal was scheduled for the 17th December, 2008, between Minji-se Micro Finance Bank and AFAN executive, where the details and acceptance were ratified.
The petition which was jointly signed by Prince A.D. S. Ibanichuka, Rev. Dr. David E. Eighmhenrio, Mr. Innocent Standfast, Mr. Igwe James, Mr. Bob-Manuel Darline and Mrs. Love Adams, reads in part: “Consequently we introduced our farmers to the programme and the bank. The farmers deposited 10% of the amount of loan each sought for as equity funding.
These equity funding ranged between N50,000 and N1,000,000 excluding N2,000 account opening charge.”
The farmers further stated in the said petition that: “Since then series of meetings have been held between the bank and the farmers about the loan, without concrete statement about time of disbursement of the loan.
This meeting came to climax in the one held on the 26th October, 2009 at the Anglican Bishop’s Court, Old GRA, Port Harcourt, where the manager of the bank, Mrs. Dialaba Isokariari, promised to refund the deposited with the accruing interest to the farmers in December, 2009 should the loan fail. Ever since, we have not heard from the bank despite all moves to get the bank to act as it promised. Apparently, frustrated, we wrote to the bank on the 9th April 2013 to refund the depositors their deposits with the accruing interest, yet without response. From the foregoing we deem the actions of the bank a clear fraudulent enterprise and a calculated arrangement to dupe the poor farmers in the state.”
Another letter sent to the management of the bank, entitled, RE: MINJI-SE CHURCHILL MICRO FINANCE BANK AND AFAN FARMERS AGRICULTURAL LOAN DIAL: REFUND FARMERS DEPOSITS AND THE ACCRUING INTERESTS” by farmers, they vowed to give the manageress sleepless nights until their deposits with interest is refunded to them irrespective of the cost.
The AFAN chairman, who had earlier indicted one of his former principal officers for conniving with the management of the bank, vowed that he would stop at nothing to ensure that the Micro-Finance Bank refunds the money collected from his members.
“We are in court with the management of the Micro Finance Bank. They must surely pay for it. Nothing will stop us from getting our money back from them” Prince Ibanichuka said.
The Rivers farmers chairman assured his members that his tenure would put smile on their faces. He promised to initiate programmes that would help the farmers to improve on their methods of farming. Prince Ibanichuka further assured the members of the Rivers State chapter of the All Farmers Association of Nigeria (AFAN) that he would liaise with the relevant authorities and agencies that would enable them to have access to fertilizers, loans and other farming equipment that will expose them to modern system of agriculture.
He however, told newsmen that Rivers AFAN is not divided, saying that his leadership is the only one that has the legal mandate to pilot the affairs of farmers in the state.
When The Newswriter contacted the office of the Miniji-se MFN to confirm the information, the Manageress, Mrs. Isokariari, is said to have been out of office for over six months on health related matter. However, a staff of the bank who pleaded anonymity told our reporter that the matter is in case, therefore he would not comment on the issue.###
