The House of Representatives has threatened the managing directors of 25 deposit money banks with sanctions for failing to honour its investigation into the disbursement of N3 billion to farmers under National Agriculture Development Fund and additional N54.9 billion.

Chairman of the House Committee on Nutrition and Food Security, Chike Okafor, issued the threat at the rescheduled investigative hearing organised by the House Committee on the Anchor Borrowers Scheme by the Central Bank of Nigeria (CBN) in Abuja yesterday.

He explained that the investigation is centred on the alleged misuse of intervention funds of the Central Bank of Nigeria on the Anchor Borrowers Scheme by Ministries, Departments and Agencies and 25 deposit money banks.

He said that the investigation is to unravel how the Bank of Industry (BOI) disbursed the N3 billion to small holder farmers through the CBN intervention funds adding that the House is determined to ensure full disclosure on all allocated funds to government agencies and other institution.

The committee chairman and his members vowed to unravel the identities of the beneficiaries of these funds demanded for the criteria used in selection of the farmers.