By Gloria Ikibah
The House of Representatives has intensified its investigation into the troubled Anchor Borrowers Programme, turning its spotlight on insurance providers linked to the scheme amid concerns over weak coverage and alleged fund mismanagement.
At a hearing convened by the House Committee on Nutrition and Food Security, lawmakers began scrutinising the role of the Nigerian Agricultural Insurance Corporation alongside private insurers in a programme valued at over N1.12 trillion. 
The session forms part of a broader inquiry into how funds earmarked for agricultural support were handled, including allegations of diversion by government agencies and questions surrounding disbursement by participating financial institutions.
Representing the Managing Director of the Nigerian Agricultural Insurance Corporation, Dayo Babaronti told the committee that the agency insured just over 200,000 farmers, covering about N109 billion under the scheme.
He revealed that the Central Bank deviated from the original framework, which designated the corporation as the sole insurer, by bringing in additional firms, including Veritas Kapital Insurance and Leadway Insurance. Neither company was present at the hearing.
According to him, the corporation’s involvement amounted to only a small fraction of the overall programme, leaving significant gaps in coverage.
He also outlined the corporation’s limited role in other agricultural financing initiatives, including support for smallholder farmers and specific crop programmes, where insurance backing fell far short of funding allocations. In some cases, he noted, the corporation was excluded entirely despite policy provisions.
Tge Committee Chairman, Rep. Chike Okafor, signalled that further hearings would follow, noting that the panel had received numerous complaints from farmers and industry groups regarding inadequate insurance protection.
He explained that the committee will recall the agency for additional questioning, particularly as its submission arrived late, leaving little time for proper review.
Rep. Okafor maintained that the investigation is aimed at uncovering the root causes behind the programme’s shortcomings and ensuring accountability across all institutions involved.
He pointed to early findings suggesting that key stakeholders, especially farmers and commodity associations, were largely excluded from the design and implementation of the intervention, a factor believed to have contributed to its underperformance.
He stressed the committee’s determination to get to the bottom of the issues, stating, “The reason why we are here is because the programmes did not succeed 100%. If they had succeeded 100%, we will not be here.”
