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NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

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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

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North-West Governors Seek UN Support for Troubled Region

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North-West Governors Seek UN Support for Troubled Region

By: Michael Mike

Governors from the Northwest states have approached the United Nations for humanitarian assistance and rehabilitation of their geopolitical zone.

Many states in the Northwest have been adversely affected by banditry and terrorism in recent years, causing untold hardship on the people of the area.

A statement on Friday by the National Information Officer, UN Information Centre (UNIC), Oluseyi Soremekun read that Governors from the Northwest geopolitical zone of Nigeria same day met with the United Nations Country Team led by the Resident and Humanitarian Coordinator, Mohamed Malick Fall, and they have asked the UN to support their states to deal with the numerous developmental challenges they face.

The statement read: “The Chaiman of the Northwest Governors Forum and the Katsina State Governor, Malam Dikko Umaru Radda, led other Governors in the zone, including Governor of Kaduna State, Senator Uba Sani; Governor of Kano State, Engr. Abba Kabir Yusuf; Jigawa State Governor, Mallam Umar Namadi; Sokoto State Deputy Governor, Alhaji Idris Muhammad Gobir; and Zamfara State Governor, Dauda Lawal, to the UN House Abuja,

“The Governors highlighted the major challenges faced by the region, including insecurity, multidimensional poverty, a large population of out-of-school children, increased casesof illicit drug abuse, high child and maternal mortality, and a large youth population that is unemployed.

“They indicated that nearly 80% of the population derive their livelihoods from agriculture, however, they face the challenges of land degradation and climate change which has reduced their yields. The governors also highlighted the high levels of child malnutrition.

“They also committed to providing a strong political support needed to ensure UN interventions in the Northwest are implemented with speed and at scale.”

The Chairman of the Northwest Governors’ Forum was quoted in the statement to have said: “The only way we can surmount the challenges of Northwest is through a regional approach which demands that we work together in a coordinated manner. We need to collectively fight poverty and unemployment being the major root causes of insecurity in the region.”

The UN Resident Coordinator, on his part, expressed his delight at receiving six of the seven Governors in the zone and he assured that the United Nations family would support the Northwest region to address those development challenges.

He noted that with the varied high levels of multidimensional poverty, the sustainable development goals would only be achieved in Nigeria if the northwest got it right, and this in turn would impact positively on the African region.

“The UN in Nigeria is encouraged to see the strong leadership and commitment of Northwest Governors to improving the wellbeing of their people. We will continue to support the government and people of Northwest Nigeria. Together, we will rescue and accelerate the agenda 2030 for sustainable development in the region.” Fall said.

The Resident Coordinator informed the governors that the UN has embarked on acceleration of the achievement of the SDGs through a focus on six key areas including food systems, education, social protection and jobs, energy access, climate change, and digital transformation.
It was agreed at the meeting that a roadmap for action will be developed by technical teams from the UN and the seven states, through a framework of UN support to the region.

North-West Governors Seek UN Support for Troubled Region

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ECOWAS, Private Sector Unveil Strategies to Boost Tourism in West Africa

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ECOWAS, Private Sector Unveil Strategies to Boost Tourism in West Africa

By: Michael Mike

The Economic Community of West African States (ECOWAS), the private tourism sector and other stakeholders have unveiled strategic initiatives aimed at boosting tourism across the region.

The strategies are contained in a communique issued following a 3-day high level strategic dialogue between ECOWAS, West African private sector tourism stakeholders and experts in Abuja on Thursday.

According to the communique, the meeting recommended that the private tourism sector should formulate a request for funding for the activities of ECOTOUR 19-29 Country Operational Units to the ECOWAS Commission.

It was also recommended that the private tourism sector should generate funds from Technical and Financial Partners (TFPs) with a view to implementing a robust and sustainable regional tourism for economic growth.

The communique also advised the private tourism sector to identify and seek the support of technical and financial partners (TFPs) to support the private tourism sector, practitioners were also asked to initiate and
sign a partnership agreement among themselves and the ECOWAS Commission.

The communique also recommended that ECOWAS Member States should provide national classification commissions and structures in charge of resource regulation.

It also urged them to organize awareness-raising sessions for industry stakeholders on the new regulations.

Also recommended is the organisation of capacity building sessions for national classification commissions and regulatory structures. by the ECOWAS Commission.

It also recommended that Member States should establish harmonized tourism satellite accounts, as well as transmit and make available the new regulations for their individual countries.

The communique also recommended that the ECOWAS Commission should conduct a mid-term evaluation of ECOTOUR 19-29.

The communique was signed by the Director, Hospitality and Travel Trade, Nigerian Tourism Development Authority.
Mrs Ruth Ndam, President, Hotel Ranking Commission of Côte d’Ivoire, Mr Boka Georges, and Director General of Tourism of Guinea Bissau, Mr Massa Cande.

ECOWAS, Private Sector Unveil Strategies to Boost Tourism in West Africa

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FG to Collaborate with Traditional Institutions to Protect and Preserve Environment

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FG to Collaborate with Traditional Institutions to Protect and Preserve Environment

By: Michael Mike

The Minister of Environment, Balarabe Lawal has stated that the Federal Government will continue to collaborate with the traditional institutions in the country, especially in protection and preservation of the environment through discouraging tree felling and promoting clean cooking.

The Minister disclosed this when the Emir of Nasarawa and former Minister of Environment, His Royal Highness, Alh. Ibrahim Usman Jibrin paid a courtesy visit to the Ministry on Thursday.

Balarabe stated that the Ministry is doing alot in tackling environmental challenges such as plastic waste, erosion and flood, desertification, drought control and other climate change challenges.

He assured the visiting monarch that being the former Minister of Environment, he would build on his legacy and achieve the mandate of the Ministry in line with the President Bola Ahmed Tinubu’s Renewed Hope Agenda on environment.

Earlier, the Emir of Nasarawa and former Minister of Environment, his Royal Highness, Alh. Ibrahim Usman Jibrin commended the staff of the Ministry for tackling environmental challenges in the country and assured the Minister of the Traditional institutions unalloyed support to achieve the mandate of the Ministry.

The Emir enjoined the Ministry to work as a team to promote environmental sustainability, emphasizing that “environment is the only one we have, so let us make it conducive”

In another development, the Honourable Minister received in audience the United Arab Emirates Ambassador to Nigeria, H. E Salem Saeed on an official working visit to the Federal Ministry of Environment where important bilateral discussions where centred on Environmental issues such as the Just concluded COP28 held in Dubai, UAE last year, plastic pollution challenges, desertification control, tree planting, erosion and flood control among others.

The Minister commended the UAE for hosting the event and also appreciated the President of COP28, Sultan al-Jabar who provided the outcome of the discussions with an agreement that signal the ” beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition, unpinned by deep emissions cuts and scale up finance.

Balarabe further revealed that there are alot of areas of collaborations between Nigeria and UAE, most especially on the outcome of decisions reached during COP28.

He also commended President of UAE for resuming flight tickets to the County and the starting issuance of visa to Nigerians starting from 1st October, 2024.

Earlier, the Ambassador of UAE to Nigeria, H. E Salem Saeed congratulated the Honourable Minister of Environment on his well deserved appointment and disclosed that the Ministry is doing very well most especially the participation of Nigeria in Conference of Parties (COP28) In Dubai last year.

Saeed stated that Nigeria and UAE would continue to collaborate and partner on areas of mutual interest on environmental sustainability.

It would be recalled that United Arab Emirates (UAE), last year hosted the COP28 in Dubai with the slogan:UNITE, ACT, DELIVER.”

FG to Collaborate with Traditional Institutions to Protect and Preserve Environment

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