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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
News
Zulum Calls for AI-Driven Security Reform at Kogi Summit, Urges Tackling of Root Causes of Insecurity
Zulum Calls for AI-Driven Security Reform at Kogi Summit, Urges Tackling of Root Causes of Insecurity
By: Michael Mike
Borno State Governor, Professor Babagana Zulum, has called for a fundamental overhaul of Nigeria’s security strategy, urging greater adoption of advanced technology and Artificial Intelligence (AI) to address escalating security challenges across the country.
Speaking at the Kogi Security Summit held in Abuja on Tuesday, Zulum warned that conventional security approaches are no longer sufficient to confront increasingly sophisticated criminal networks. He advocated the integration of modern surveillance systems, including drones, biometric tracking technologies, and predictive analytics to detect and prevent attacks before they occur.
“For us to address insecurity, we need to possess modern technological warfare. Technologies such as artificial intelligence and robotics are now being deployed globally to combat crime,” the governor said.
Beyond technological investment, Zulum emphasised the importance of citizen participation in security management, insisting that communities must take greater responsibility in intelligence sharing and local vigilance rather than relying solely on security agencies.
He further stressed that sustainable peace cannot be achieved without addressing the socio-economic drivers of insecurity. According to him, widespread poverty, unemployment, infrastructural decay, and environmental vulnerabilities continue to fuel recruitment into criminal groups.
“While it is critical to purchase equipment such as vehicles, MRAPs, drones and other facilities to confront insecurity, most importantly, without addressing underlying factors such as poverty, road infrastructure, agriculture, among others, insecurity will not end,” Zulum said, urging policymakers to channel part of security funding into development-focused interventions.
He added that “understanding the socio-economic and political dimensions of every crisis is very important. Increasing poverty, climate vulnerabilities, infrastructural deficit, illiteracy, among others, have to be addressed if we want security in our communities.”
Reiterating the link between peace, security, and development, the governor noted that no meaningful progress can be achieved in an atmosphere of instability.
“The security of lives and property is the cardinal objective of any administration. The nexus between peace and security cannot be overemphasised. It is only when there is security that there will be peace; and without peace, there will be no development,” he said.
Governor Zulum was accompanied at the summit by Hon. Engr. Bukar Talba, member representing Marte, Monguno and Nganzai Federal Constituency
Zulum Calls for AI-Driven Security Reform at Kogi Summit, Urges Tackling of Root Causes of Insecurity
News
Communal clash at illegal mining site leaves five injured in Zamfara
Communal clash at illegal mining site leaves five injured in Zamfara
By: Zagazola Makama
A violent clash between residents of Boko and Jaya villages in Zurmi Local Government Area of Zamfara state has left at least five persons injured following a dispute at a stone mining site.
Sources said the incident occurred on April 20 at about 11:00 a.m. at the Kwanza Stone Mining Site, located between the two communities.
According to the sources, the clash began when members of both villages engaged in illegal mining activities at the site, leading to a disagreement that escalated into violence, with both sides allegedly using firearms.
The sources said the injured victims include Sha’aibu Adamu, 30; Shakiru Suleiman, 26; Kasu Boko, 27; Abdullahi Dahiru, 25; and Ibrahim Usman, 25, all from the affected communities.
They added that the exact number of persons killed could not be immediately confirmed at the time of filing the report.
A joint security team comprising troops of Operation FANSAN YANMA. police personnel and community protection guards was swiftly deployed to the area to restore order.
The injured victims were evacuated to the General Hospital in Kaura Namoda for medical treatment.
Security authorities said normalcy had since been restored in the area, while efforts were ongoing to identify and arrest those involved in the violence.
They also confirmed that investigation into the incident had commenced.
Communal clash at illegal mining site leaves five injured in Zamfara
News
Security forces foil Kidnapping, flee after alarm in Gombe community
Security forces foil Kidnapping, flee after alarm in Gombe community
By: Zagazola Makama
Armed men suspected to be kidnappers have attempted to abduct residents in Unguwan Yamma, Amada area of Akko Local Government Area of Gombe state.
Sources said the incident occurred at about 3:20 a.m. when the attackers stormed the residence of one Alhaji Muhammad Abba, who narrowly escaped the attack.
According to the sources, the assailants proceeded to a neighbouring house where they abducted a child after the mother raised alarm.
The sources said the kidnappers, however, abandoned the child and fled the scene following the commotion.
A divisional patrol team, alongside hunters and local vigilantes, was immediately mobilised to the area and is currently on the trail of the suspects.
Police authorities said investigation was ongoing, while efforts had been intensified to apprehend the fleeing attackers and prevent further incidents in the area.
Security forces foil Kidnapping, flee after alarm in Gombe community
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