Connect with us

News

NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Troops repel kidnapping attempt on Makurdi–Kura road, driver killed in crossfire

Published

on

Troops repel kidnapping attempt on Makurdi–Kura road, driver killed in crossfire

By: Zagazola Makama

Troops have repelled an attempted kidnapping along the Makurdi–Kura road in Benue State, but a driver was killed during a crossfire between soldiers and suspected bandits on Wednesday evening.

Zagazola gathered that the incident occurred at about 6:30 p.m. when a group of engineers travelling from Kura to Makurdi encountered armed men who had blocked the road, intending to abduct passengers in a bus ahead of them.

According to a local source, soldiers on routine patrol were behind the engineers’ vehicle and immediately engaged the attackers in a gun duel, forcing the assailants to flee into the bush.

During the exchange of fire, Ochoche Otokolo Ekwu, the driver of the engineers’ vehicle, was hit by a stray bullet and died on the spot.

The source said the Divisional Police Officer of ‘D’ Division mobilised a patrol team alongside tactical units to the scene, where the corpse was evacuated and deposited at a mortuary in Makurdi.

The source added that security operatives are currently combing nearby bushes to track the fleeing suspects and prevent further attacks along the route.

Troops repel kidnapping attempt on Makurdi–Kura road, driver killed in crossfire

Continue Reading

News

Police Officer goes missing after signing out rifle in Katsina

Published

on

Police Officer goes missing after signing out rifle in Katsina

By: Zagazola Makama

A police officer has been declared missing in Katsina State after signing out a service rifle for duty and disappearing without a trace.

Zagazola gathered that the incident occurred on Nov. 23 when PC Ahmed Tukur attached to the Danmusa Division, reported for duty at about 6 p.m. and signed out an AK-47 rifle with breech number 13492 for standby duty.

Shortly after collecting the weapon, the officer left the station for an unknown location and has not been seen since.

A source told Zagazola that all efforts to contact him, including visits to his residence and reaching out to relatives, have yielded no clues about his whereabouts.

The source said the command has launched sustained efforts to trace the officer and recover the missing rifle, describing the situation as “a serious operational and security concern.”

Police Officer goes missing after signing out rifle in Katsina

Continue Reading

News

Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini

Published

on

Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini

By: Yahaya Wakili

Yobe State Governor Hon. Dr. Mai Mala Buni CON has said that the security challenges in the nation need to involve community leaders and individuals for intelligence gathering so as to cut off sources of illegal arms supply in the country.

He said by involving the community leaders and individuals for intelligence gathering, it will arrest the sponsors in order to restore peace and stability to Nigerians.

Governor Buni disclosed this today when he received members of the forest guards training and evaluation committee at the Government House, Damaturu.

Ably represented by his Deputy, Hon. Idi Barde Gubana (Wazirin Fune). He urged Nigerians to emulate the sacrifices made by our forefathers to end security challenges and build a better Nigeria.

The governor assured that recently the service chiefs have given assurance that they will do everything possible within their reach to bring to an end the current insecurity, especially in Northern Nigeria.

He informed the delegation that the Yobe state government has been working tirelessly to improve the security situation in the state.

Speaking earlier, the leader of the delegation, Major General H. I. Mabeokwu, told the governor that they were in Yobe State to brief the governor on the ongoing training of 865 forest guards in the state.

According to Major General Mabeokwu, the committee had earlier visited the Yobe state camp to monitor the ongoing training and inquired about the needs of the trainees and the standards set for the training.

“Your Excellency, we have made significant strides in not only training those forest guards but also raising their awareness about the importance of forest conservation.” Major General Mabeokwu said.

He commended the governor for his generosity in terms of welfare for the instructors and trainees as well as relocation and renovation of the training camp and facilities used to enhance the training.

The committee members comprise the Nigerian Army, Navy, DSS, NNSBS, and NPS across the security agencies.

Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini

Continue Reading

Trending

Verified by MonsterInsights