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NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital
NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital
*We must reposition BOA to drive Nigeria’s food security- VP Shettima
By: Our Reporter
The National Council on Privatisation (NCP) has received key recommendations from its committee on the Bank of Agriculture (BOA), including a proposed merger with the Central Bank of Nigeria’s NIRSAL Microfinance Ltd and a fresh capital injection to revitalize the bank.
Addressing the second NCP meeting of 2024 at the Presidential Villa on Wednesday, the Vice President, Senator Kashim Shettima reiterated President Bola Ahmed Tinubu’s commitment to repositioning and reforming BOA to drive the administration’s food security agenda.
“Let’s get very sound professionals with integrity to manage the bank. If we use it well, it’s going to be a tool for the transformation of our economy because agriculture is the key,” the Vice President said.
Presenting the committee’s report, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who doubles as NCP Vice-Chairman, said the Council’s decision was informed by the challenges identified and the need for urgent resolution of the issues confronting the Bank.
Edun outlined the major recommendations, including “the immediate reconstitution of the Board of Directors of the Bank to enhance corporate governance” and “a merger of BOA with the CBN’s NIRSAL Microfinance Ltd.”
He also highlighted the proposal to “cede National Agricultural Land Development Authority (NALDA) land titles to BOA so that it reflects in its Balance Sheet, thus increasing its capital adequacy for the purpose of raising funds from institutional investors.”
Acknowledging the need for financial reinforcement, the Minister identified “adequate capital injection into the Bank by the shareholders” as a crucial step forward.
The committee’s report comes after the NCP empanelled an 8-member inter-ministerial body in December 2023 to review the state of affairs at BOA, given agriculture’s critical role in the economy and the Tinubu administration’s commitment to food security under the Renewed Hope Agenda.
In 2016, the NCP had approved the collaboration between the Bureau of Public Enterprises (BPE), the then Federal Ministry of Agriculture and Rural Development, and the Federal Ministry of Finance to restructure and recapitalize BOA.
A consultant, Lead Capital Consortium, was engaged in 2019 to review the bank’s operations and advise on strategies for rebirth and growth. The consultant’s core recommendation was for the government to recapitalize the bank, implement reforms, provide technical assistance, and transform BOA into a sustainable agricultural development bank.
Edun further outlined additional recommendations, including “Provision and upgrade of the Bank’s ICT infrastructure to automate processes, reduce costs and enhance the Bank’s outreach to the grassroots” and “Enhance governance and risk management by appointing qualified Board members and senior management with relevant expertise.”
In a move to bring transparency and efficiency to the nation’s energy sector, the NCP also noted the proposal seeking approval for the establishment of an independent system operator from the Transmission Company of Nigeria (TCN).
NCP Chairman, Vice President Shettima, set up a committee to liaise with the Special Adviser to the President on Energy and the Federal Ministry of Power to provide a roadmap and reach out to stakeholders.
The committee is chaired by Mr. Oye Hassan-Odukale, Technical Committee Chairman of NCP.
On a Strategy Paper for the Optimisation of Oil and Gas Assets, the Council also formed a committee to look into issues concerning oil and gas infrastructure, stressing the strategic importance of investors in the sector.
The committee chaired by the Minister for Budget and Economic Planning includes the Coordinating Minister of Health and Social Welfare, the NCP Secretariat, the Ministers of Power, the Minister of State for Petroleum Resources (Oil) and the Minister of State for Petroleum Resources (Gas),
The committee was given three weeks to come up with its report on optimizing the nation’s oil and gas assets.
End
NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital
Five Dead, 26 Injured in Lagos Building Collapse – Police sources
By Zagazola Makama
Five persons have been confirmed dead while 26 others sustained varying degrees of injuries following the collapse of a two-storey building under construction in the Ojodu area of Lagos State.
The incident occurred at about 9:00 a.m. on Friday at No. 10 Oremeta Street, Ojodu, where the building, owned by Equal Right Company, caved in during ongoing construction work aimed at adding a third floor.
Police at the Lagos state command said that the building, which had remained under construction for several years, was being used as a restaurant on the ground floor, with staff and customers trapped at the time of the collapse.
Upon receipt of a distress call, the police said rescue efforts were swiftly activated as a combined team of conventional policemen, Police Tactical Teams, firefighters, National Emergency Management Agency (NEMA), Lagos State Emergency Management Agency (LASEMA), Lagos State Ambulance Service, Red Cross, Federal Road Safety Corps (FRSC), and Lagos State Building Control Agency (LASBCA) were mobilized to the scene.
“So far, 26 victims who sustained varying degrees of injuries have been rescued and taken to the hospital for treatment, while five persons were recovered dead,” the statement read.
Police said search and rescue operations are ongoing, as more victims may still be trapped under the debris.
aFive Dead, 26 Injured in Lagos Building Collapse – Police sources
INTERNATIONAL GOLFERS ARRIVE DELTA STATE
· LATE OLARE-AJA OF KOKO GOLF TOURNAMENT BEGINS IN KOKO
· AKOGATE, COUNTRY CLUB UNVEIL ACTIVITIES FOR AGANBI MEMORIAL
By: Our Reporter
The Late Olare-Aja of Koko Golf Classic is due to begin on Friday, April 25, 2025 in Delta State.
The tournament scheduled from April 25-27 will be held at Country Club, Canaan Land.
‘’The invitational event is to celebrate the life and legacy of Deacon S. E. Aganbi, Second Republic Politician, Bible Interpreter and Revered Founder of Canaan Land, who served his people with unwavering dedication until his passing. It is also to honour his enduring values of leadership, integrity, love and cultural stewardship’’ a statement by the Chief Executive Officer of Akogate Group, Felix Aganbi said.
The statement issued in Koko, headquarters of Warri North Local Government Area, expressed excitement about the tournament’s potential success.
‘’ ‘’There is a huge amount at stake. We are looking forward to the top talent from across the world competing at the Late Olare-Aja of Koko Golf Classic. We are also looking forward to a memorable weekend filled with friendship, competition and community spirit.
The statement highlighted Akogate’s role in the advancement of sports and inspiration of sportspersons in Nigeria and abroad.
‘’We are excited by the overall enthusiasm of amateur and professional golfers towards the history making Late Olare-Aja of Koko Golf Classic’’
The statement unveiled badminton, table tennis, darts, Ayo, Ludo, cocktail night and award presentation party as activities lined up for the celebration of the life of the renowned lawyer and politician’’.
It further highlighted the exceptional opportunity for rising stars to compete against world-class players.
‘There are a lot of players who will be playing. There are also many players on the waiting list hoping to gain entry. It will be a star-studded field’’ the statement added.
INTERNATIONAL GOLFERS ARRIVE DELTA STATE
Council Durbar inaugurated to revive cultural heritage—Committee Secretary
By: Yahaya Wakili
The Bade emirate council durbar committee was inaugurated three years ago by His Royal Highness, the Mai of Bade, Alhaji Abubakar Umar Suleiman, with sole responsibility to revive and improve the cultural heritage of the emirate.
The secretary of the committee, Alhaji Sale Garba Suleiman, disclosed this to newsmen in Gashua, the headquarters of the emirate. He said, By reviving our cultural heritage, our younger generation will grow up with their own culture.
He revealed that the committee will solicit advice and cooperation from the Yobe State Art and Culture Board to improve and boost our cultural heritage and also advise other emirates to emulate what the Bade Emirate Council is doing.
Sale maintained that his royal father was the first person who put his contribution into the committee account; therefore, he appealed to all sons and Bade emirate lovers to contribute generously to this committee.
The Secretary thanks and deeply appreciates the leadership of His Royal Highness, the Mai of Bade, Alhaji Abubakar Umar Suleiman, for his dedication to preserving the rich cultural heritage of Bade.
He also commended the effort of Hon. Yau Usman Dachia, Deputy Speaker of the Yobe House of Assembly, for his support, encouragement, and contribution to rendering this committee able to execute its function successfully.
Council Durbar inaugurated to revive cultural heritage—Committee Secretary
Five Dead, 26 Injured in Lagos Building Collapse – Police sources
INTERNATIONAL GOLFERS ARRIVE DELTA STATE
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