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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.
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NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital
News
Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect
Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect
By: Michael Mike
The European Union (EU) Ambassador to Nigeria and ECOWAS, Gautier Mignot has described the ties between the continents of Europe and Africa as destined and rest on long-term impact, sustainability and mutual respect.
Speaking at a reception organized for African Union and European Union in Abuja, Mignot said “the ties between both continents as a “community of destiny,” adding that Africa’s and Europe’s wellbeing are deeply interconnected.
He emphasized that the partnership rests on long-term impact, sustainability and mutual respect—principles he believes will continue to guide cooperation in the coming years.
The reception which marked the successful conclusion of the 7th African Union–European Union Summit and the 25th anniversary of the AU–EU partnership hosted by the European Union Delegation to Nigeria and ECOWAS, in collaboration with the Embassy of Angola, had in attendance envoys from both European and African countries.
The reception was jointly led by the EU Ambassador and the Ambassador of Angola, José Bamóquina Zau, whose country hosted the summit in Luanda at the end of November.
In his remarks, the EU Ambassador praised Angola for its hospitality, noting that the summit’s success was anchored largely on the commitment and support of the host government and people. He extended the appreciation of all participating delegations to Ambassador Zau and commended Angola for facilitating what he described as “a real sense of community” among nations.
Although President Bola Ahmed Tinubu was unable to attend the summit in Angola due to domestic engagements, Nigeria was represented by Vice-President Kashim Shettima.
The ambassador noted that the strong representation from both African and European sides underscored the significance attached to the partnership. According to him, the joint statement endorsed in Luanda by countries representing about 40 percent of the global community demonstrated unity and shared resolve.
He said the summit reaffirmed a shared commitment to a more inclusive global order and a fairer international financial system capable of addressing the needs of citizens across the two regions. Over the past 25 years, he added, the AU–EU partnership has matured into a platform that drives concrete results across critical areas including peace and security, economic transformation, green and digital transitions, education and regional integration.
Highlighting the Global Gateway Investment Strategy, Mignot noted that more than half of its 264 flagship projects are focused on Africa, with investment commitments of at least €150 billion.
He also cited major initiatives aligned with the AU Agenda 2063, including the €1.2 billion Team Europe programme supporting the African Continental Free Trade Area, and the Africa-Europe Green Energy Initiative targeting the delivery of 50 GW of renewable energy and electricity access for 100 million Africans by 2030.
He noted that despite occasional misconceptions about the strength of the relationship, but stressed that the EU remains Africa’s largest trading partner, leading investor, top provider of development and humanitarian assistance, and the biggest contributor to the African Peace and Security Architecture.
He highlighted youth mobility and women’s empowerment as areas of particular pride for the partnership.
On his part, Ambassador of Angola, José Bamóquina Zau on the event hosted in Angola, said: “Luanda stood up as a platform of hope and a symbol of the African desire to establish continuous relations with Europe in search of benefits of both sides.”
He said hope must be anchored on building channels of dialogue and cooperation in the areas of peace and security, trade and investment, governance, education and health, climate action, and digital transformation.
The envoy said: “We must guide our actions with a spirit of pragmatism, free from the prejudice and bureaucracy that so often hinder the implementation of important decisions taken together.”
He however stated that Africa cannot continue to be dominated by poverty while remaining a major supplier of essential raw materials to the world.
He added that: “We must to build a new, solid, and effective vision between Africa and European financial institutions, with investments in development. This is the most assertive way to avoid the suffocation caused by excessive debt burdens.”
He however said: “Our strategic partnership will only be strong and resilient if it aligns with the African Union’s Agenda 2063, and capable of responding to current global and local geopolitical challenges.”
Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect
News
Syrian national dies in suspected suicide in Sokoto
Syrian national dies in suspected suicide in Sokoto
By: Zagazola Makama
A Syrian national resident in Sokoto for more than 40 years has died in a suspected case of suicide after allegedly consuming insecticide, the Sokoto State Police Command has confirmed.
Zagazola report that the incident occurred on Wednesday at about 9:30 p.m. at Gawon Nama Zaga Road.
Police said the Divisional Police Officer (DPO) received a distress call from one Tukur Registrer, who reported that a 16-year-old boy, Ahmad Aliyu of Gagi area, rushed into a nearby mosque to alert worshippers that his employer, identified as Abdulrahman Badenjki, had been found ingesting mosquito insecticide.
Upon receiving the information, the DPO and operatives immediately mobilised to the residence. The victim was found unconscious, lying on his bed. A container of Executor mosquito insecticide was reportedly found on a blue plastic chair beside him.
Police said the scene was photographed and secured for further investigation, while the victim was rushed to the Usmanu Danfodiyo University Teaching Hospital (UDUTH), Sokoto, where a medical doctor confirmed him dead on arrival.
The corpse has since been deposited at the hospital mortuary for autopsy.
According to a source from the Command, the Deputy Commissioner of Police, Criminal Investigation Department (DC CID), has visited the scene and taken over the case for discreet investigation to determine the circumstances surrounding the incident.
End
News
Vigilante rescue attempt turns fatal in Yobe, one killed, another injured
Vigilante rescue attempt turns fatal in Yobe, one killed, another injured
By: Zagazola Makama
A rescue attempt by vigilante operatives in the early hours of Thursday turned tragic in Sandi Village, Gulani Local Government Area of Yobe State, leaving one person dead and another injured.
According to local sources, a group of vigilante members from Damaturu, led by Danshuwa and Umar Birnigadam, arrived in Sandi Village at about 4:30 a.m. to rescue alleged kidnapped victims. The team, acting independently, reportedly proceeded straight to the scene of the suspected abduction.
During the operation, the vigilantes allegedly shot Ahmed Shuwa, 37, and Muhammad Bello, 27, both residents of the area. The operatives also arrested one Alhaji Lawan and took away a motorcycle and a bicycle.
Community members rushed the injured victims to the hospital in Bara for medical attention. However, Ahmed Shuwa later died from the gunshot wounds sustained during the incident.
Reacting to the incident, the Police in Yobe Command said that the vigilantes proceeded to the scene without notifying police operatives in Bara Division. During which they allegedly shot Ahmed Shuwa and Muhammad Bello.
Upon receiving the report, a police team visited the scene and evacuated the victims to Bara Hospital for treatment.
Sources from the Command confirmed that an investigation has commenced to determine the circumstances leading to the shooting and to ensure that the persons responsible are identified and apprehended.
The Police assured residents that decisive action will be taken to address the incident and prevent a recurrence.
Vigilante rescue attempt turns fatal in Yobe, one killed, another injured
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