Business
How Sterling Bank, Eatrich Farms Sting People Through CBN Scheme
Several people who bought into the attractive presentation of Sterling Bank Plc and Eatrich Farms and Food Limited, on the Agricultural Credit Guarantee Scheme Fund (ACGSF) are counting their losses.
The Central Bank of Nigeria (CBN) has it on its website that the ACGSF “was established by the Federal Military Government under the Agricultural Credit Guarantee Scheme Fund Decree 1977 (Decree No. 20) and as amended on 13th June 1988, and 26th June 2019.”
The apex bank further avers that “The Fund is under the management of the Agricultural Credit Guarantee Scheme Fund Board and the Central Bank of Nigeria is the Managing Agent for the administration of the Scheme.
“The work relating to the Scheme is handled by the Development Finance Department of the Bank headed by the Director.”
Unsuspecting members of the people would have been swayed by such copious institutional and legal backing for the ACGSF, which it now appears that Sterling Bank and Eatrich Farms rode on to develop a bait to hook some.
Biztellers gathered that as much as N20 billion would have been involved with up to 20 members of the public, in one WhatsApp Group, having fallen prey to the theatricals of the duo of Sterling Bank and Eatrich Farms, who spiced their presentations with Nollywood actors and social media influencers.
In addition, the CBN explained that “The purpose of the Fund is to provide guarantee in respect of loans granted by lending banks for agricultural purposes under the scheme with the aim of increasing the level of bank credit to the agricultural sector.”
The drive to increase food production, prevailing unemployment and under-employment as well as harsh economic environment would have added to weaponising the ACGSF in the hands of some corporate actors.
Many of those who signed-up with Sterling Bank and Eatrich Farms, mostly young Nigerians, are now aggrieved that facility packaged for fish farming has turned out to resemble loan racketeering.
One of the victims, an entrepreneur, Sogbesan Oluwayemisi told Biztellers that the bank and farm packaged and marketed the loan as an high yielding agro-entrepreneurship deal with zero risk since it was guaranteed by the CBN.
The promoters, she added, made it clear that any portion of the loan the CBN’s guarantee did not cover had been taken care of by the secured collaterals provided by the Eatrich Farms, already verified and well documented by Sterling Bank.
The whole scheme was also 100 percent insured for which insurance premium was debited against each applicant at disbursement.
These, among other factors, she explained, made the offer easy for people like her to accept.
According to her, they were told that the bank and the farm had to take professional control, for which each applicant signed-off for a new account with the bank, over which the account holder had no control.
The average loan disbursement to the participant stood at N2.5m.
The loan was packaged to be a short-term one, running for 120 days. It was supposed to be used for cart fish farming, an area Eatrich Farms went to great lengths to showcase competence to convince the prospects that nothing would go wrong.
However, those who accepted this offer were first jolted with the discover that Eatrich Farms folded up abruptly, after using the scheme to rake-in huge sums of money suspected to be well over N20bn.
Oluwayemisi further averred that when they contacted Sterling Bank, they were told not to panic because the bank had the loan fully secured and covered with collaterals provided by Eatrich Farms in addition to the fully paid insurance policy.
But much to their embarrassment the bank had gone ahead to debit their individual accounts for the loans.
She laments thus, “when the bank first debited my individual account with the sum of almost N80,000.00 in February 2022, I quickly reached out to Sterling Bank and it was promptly reversed.
“However, another head of the hydra, this time a more sinister one, has reared up in April 2023 with a debit of a similar amount, which efforts to get the bank to reverse are proving abortive.
“When I first noticed the second debit, I reached out to my account officer, Mrs Bunmi at Sterling Bank, but she was not as cooperative as she was over the first debit.”
Still on reactions from Sterling Bank, Oluwayemisi stated, “My accounts officer counselled me to make a physical appearance to lay my complaint at the bank, which I did. The customer service officer, I met, asked for the number of my account officer and I rang her up for them to speak. Their conversation didn’t go well, from what I overheard.
“Thereafter, they referred me to the supervisor, Michael Ifaluyi, who informed me that he was on vacation but would look into the matter. My gut-feeling is that once he looked-in and discovered that there was a racket, he opted to steer-clear because he has been making excuses since that day.”
Efforts to get Eatrich Farms’ side of the story proved abortive as calls to Tobi Dada did not connect, as her telephone line could not be reached as at the time of filing this report.
However, Ifaluyi told Biztellers that he just assumed responsibility at the branch where the transaction took place and would need time to study it properly before offering a proper update.
He, expressed empathy with those who took the loan, whom he described as ‘young Nigerians.’ He assured that he would resume in a matter of weeks and would try to resolve the matter.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Renaissance Africa Energy Company Limited, has launched a specialised 12-month capacity development programme to prepare 300 young Nigerian graduates for careers in the nation’s oil and gas industry
The NCDMB–Renaissance Oil and Gas Field Readiness Training Programme will provide participants with industry-relevant expertise in mechanical, electrical and instrumentation engineering, combining three months of intensive classroom instruction with nine months of structured on-the-job training at partner oil and gas service companies.
The programme has enrolled 300 beneficiaries, comprising 240 trainees in Lagos and 60 in Port Harcourt.
During the inauguration of the programme, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, said the initiative underscores the Board’s commitment to developing indigenous technical capacity, increasing Nigerian participation in the petroleum industry and supporting the country’s economic growth.
Represented by the Board’s Assistant Manager, Human Capacity Development, Tari Bufazi, Ogbe said the training would equip participants with practical experience and internationally recognised certifications needed to compete in the global energy industry.
“This is more than the commencement of a training programme. It is the beginning of a journey for young Nigerians who will acquire world-class skills in mechanical, instrumentation and electrical disciplines,” he said.
According to him, specialised competencies in automation, instrumentation and engineering operations have become increasingly critical as Nigeria prepares for a new wave of investments in the oil and gas sector.
“Instrumentation, electrical and mechanical engineering are foundational to the survival, profitability and safety of the Nigerian oil and gas industry. This training is designed to close existing gaps and prepare participants for industry demands,” he added.
Ogbe urged the beneficiaries to seize the opportunity to develop themselves into innovators, problem-solvers and future leaders capable of driving the industry’s growth.
In the same vein, the General Manager, Nigerian Content Development at Renaissance Africa Energy Company Limited, Olarenwaju Lanre Olawuyi, reaffirmed the company’s commitment to building indigenous capabilities through sustained investments in human capital.
Represented by Funso Alabi, Olawuyi said the programme was deliberately structured to expose participants to both classroom learning and practical field experience across mechanical systems, electrical operations, instrumentation and control, software development, networking and cybersecurity.
He noted that the practical component would bridge the gap between academic knowledge and workplace expectations, enabling participants to acquire competencies increasingly sought after by employers.
“At Renaissance, we believe local content development must create real capability, strengthen indigenous expertise and empower Nigerians to lead,” he said.
He also reminded the trainees that technical competence alone would not guarantee success, stressing that professionalism, integrity, teamwork and a strong safety culture remain essential qualities in the oil and gas industry.
The Chief Executive Officer of Radial Circle, the programme’s lead training provider, Ranti Omole, disclosed that the beneficiaries emerged from a highly competitive selection process involving thousands of applicants drawn from the NCDMB database.
He said the objective of the initiative extends beyond issuing certificates, noting that the programme is designed to produce industry-ready professionals capable of making immediate contributions in operational environments.
“We are building competence and skills. By the time you complete this programme, you should be field-ready and able to fit seamlessly into industry operations,” Omole said.
He encouraged participants to remain disciplined, embrace continuous learning and leverage the opportunity to collaborate with colleagues from different parts of the country.
The operational successes of the Nigerian Navy’s sustained offensive against oil theft, illegal refining, pipeline vandalism, and militancy in the second quarter of 2026 have aided Nigeria’s crude oil production to reach 1,735 million barrels per day in June.
Recall that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the 1.735 million barrels per day represented 104 per cent of Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) quota.
However, the Director of Naval Information, Capt. Abiodun Folorunsho, in a statement over the weekend, in Abuja, noted that the feat was the highest crude oil output recorded since April 2020.
According to Folorunsho, the offensive against crude oil theft, illegal refining, pipeline vandalism, militancy, and other forms of economic sabotage in the Niger Delta under Operation DELTA SENTINEL was intensified to consolidate first-quarter gains.
“Since April 2026, the Nigerian Navy has conducted over 580 intelligence-driven operations across Rivers, Bayelsa, Delta, Cross River, and Lagos State.
“These operations have resulted in the recovery of over 4.7 million litres of stolen crude oil and illegally refined petroleum products, as well as the arrest of over 91 suspects involved in crude oil theft, pipeline vandalism, militancy and related crimes.
“It also led to the dismantling of over 48 illegal refining sites, interception of multiple vessels engaged in crude oil theft, and the destruction of criminal logistics networks supporting economic sabotage.”
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Folorunsho said that one of the major operational successes recorded was the arrest of the motor tankers – MKPODU, WESTAF, and STELIOS K, which were linked to the theft of more than 900 metric tonnes of suspected stolen crude oil.
He said it resulted in the recovery of over 708,000 litres of illegally refined products and 310,000 litres of stolen crude oil from a single illegal refining site in Ndoni, Rivers.
“It also facilitated numerous intelligence-led operations that dismantled reactivated refining sites, intercepted illicit fuel consignments and prevented criminal syndicates from restoring illegal production capacity across the Niger Delta,” he said.
According to him, coordinated riverine operations led to the deactivation of scores of illegal refining sites, reservoirs, dugout pits, storage facilities, warehouses, concealed fuel caches, pipeline connections and militant hideouts.
The director of naval information also said that the operations exposed a growing trend of criminal syndicates attempting to reactivate previously dismantled refining camps, prompting sustained follow-up operations.
He said the follow-ups prevented the regeneration of illegal refining ecosystems and progressively disrupted the economic viability of crude oil theft networks.
“The Nigerian Navy notes that these sustained operational gains coincide with the recent announcement by the NUPRC of increased crude oil production, exceeding the OPEC production quota.
“This indicates improved security around critical oil and gas infrastructure and the collective efforts of security agencies in fighting crude oil theft.
“Persistent naval presence across the Niger Delta waterways has denied economic saboteurs the freedom of action, disrupted illicit petroleum supply chains, and enhanced the integrity of critical oil and gas infrastructure,” he said.
The naval spokesperson reaffirmed the Navy’s commitment to safeguarding Nigeria’s maritime domain, protecting vital national assets, and enhancing oil production to support the Federal Government’s goal of reaching 2.5 million barrels per day by 2027.
He added that the service would continue to conduct intelligence-led operations and strengthen inter-agency cooperation to further degrade oil theft networks within the Nigerian maritime environment in line with the vision of the Chief of the Naval Staff, Vice Admiral Idi Abbas.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured investors that Nigeria will continue to strengthen its legal and regulatory framework to provide certainty for investments in the country’s energy sector, building on the Petroleum Industry Act (PIA).
Lokpobiri gave the assurance at the just-concluded Lawyers in Energy International Conference 2026 organised by the Lawyers in Energy Network in Lagos.
He added that the Federal Government was committed to building a transparent, predictable and enforceable legal environment to support the country’s energy transition and sustain investor confidence.
Lokpobiri, represented by the Director of Legal Services in the Ministry of Petroleum Resources, Terlumun Tyendezwa, said Nigeria’s energy transition must be driven by laws and regulations that provide certainty for investors while supporting the country’s climate commitments.
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He said the Federal Government was determined to shape Nigeria’s energy transition on its own terms by ensuring that the sector operates within a transparent, predictable and enforceable legal framework.
According to him, the Petroleum Industry Act (PIA) has laid a solid legal foundation for the sector, while regulators have continued to develop rules that provide greater clarity for both upstream and downstream operators.
Lokpobiri stressed that legal certainty was indispensable to investment decisions, noting that sound policies alone would not attract capital unless they were backed by effective implementation.
“The energy sector must be governed by a framework that is transparent, predictable and enforceable. What this means in practice is that there is clarity in our legal framework,” he said.
He added that investor confidence depends on certainty created by law and regulation.
The minister noted that Nigeria had already demonstrated its commitment to climate action through the Climate Change Act and the establishment of a carbon credit framework.
According to him, these initiatives provide incentives for investors and assure businesses that Nigeria remains a stable destination for long-term investments.
He warned that decisions taken today by lawmakers, regulators and legal practitioners would shape Nigeria’s energy future for generations.
Lokpobiri reaffirmed the ministry’s commitment to strengthening regulatory institutions, deepening stakeholder engagement and improving the country’s legal framework to protect investors, host communities and the public.
He urged participants at the conference to use the gathering to address difficult issues confronting the sector and contribute practical solutions for Nigeria’s energy future.
In his keynote address delivered virtually, the Secretary-General of the African Petroleum Producers’ Organisation, Farid Ghezali, said regulatory stability, fiscal clarity, contract sanctity, environmental standards and policy consistency had become as important as resource potential in attracting investment.
“The global energy transition has fundamentally changed how investors evaluate destinations, with regulatory stability, fiscal clarity, contract sanctity, environmental standards and policy consistency becoming as important as resource potential.
“In this new reality, geology is no longer enough,” said Ghezali, who described regulatory uncertainty as Africa’s biggest hidden tax and harmonisation as its biggest untapped incentive.
He said investors currently faced more than 50 different legal and regulatory systems across Africa’s petroleum industry, increasing transaction costs, delaying projects and diverting capital to regions with more predictable legal environments.
“Harmonisation does not remove sovereignty; it multiplies it. It turns individual efforts into continental strength,” he added.
The Chairman of the Board of Trustees of the Lawyers in Energy Network, George Etomi, said lawyers would play a decisive role in helping countries achieve their 2060 net-zero targets through stronger legal and regulatory frameworks.
“As lawyers and energy professionals, we have a vital role to play in shaping the legal and regulatory architecture that will support sustainable investment, encourage innovation, manage disputes and promote responsible energy development,” Etomi said.
Founder and Executive Secretary of the Lawyers in Energy Network, Raqueebah Oloko, said the conference examined the legal and regulatory reforms required to help African countries navigate the global energy transition without sacrificing their development priorities.
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